Last checked at 19 Mar 2009 15:45
19th March 2009
Cadogan Petroleum plc
("Cadogan")
Management changes
The Board of Cadogan announces that Mark Tolley has relinquished his role as Chief Executive and stepped down from the Board with immediate effect. In his place the Board has appointed Ian Baron as Interim Chief Executive for an initial period of three months. Ian (52) has over 30 years' international experience in the upstream petroleum industry, including in many countries in the former Soviet Union. He is founding partner of ESG Dubai Consulting, a firm which provides project management and advisory services to the oil & gas industry.
Ian is tasked with undertaking an immediate assessment of the Company's assets and activities in Ukraine.
Subject to any recommendations which Ian may make, the Board intends to continue the testing and assessment of the Company's development assets set out in the announcement dated 9th March 2009. During this period the Board will continue to exercise stringent control over costs and cash flow. Progress will be carefully monitored with a view to taking decisions to vary or terminate any operating activities, if appropriate, at the earliest stage possible.
Any matters to be disclosed under paragraph 9.6.13 of the Listing Rules will be announced in due course.
| Pelham PR | |
| James Henderson | +44 20 7337 1501 |
| Evgeniy Chuikov | +44 20 7337 1513 |
| Philip Dennis | +44 20 7337 1516 |