Cadogan Petroleum PLC - oil & gas company that operates exploration & production licenses in western Ukraine - Says it has agreed, at the request of Proger Managers & Partners srl, to postpone a loan reimbursement until Friday next week. Cadogan holds about 22% interest in Proger. As at February 25, being the maturity date, Cadogan said the reimbursement due was EUR14.9 million, including the interest accrued.
Cadogan provided Proger's parent company with a EUR13.4 million loan in February 2019 to subscribe to a capital increase in Proger, a Rome-based engineering company. The agreement also provided an option to convert the loan into an anticipated indirect 22% equity interest in Proger, but Cadogan did not exercise this option prior to the loan maturity date.
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By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Cadogan (CAD)