Cadogan Regulatory News (CAD)

29 Sep 2008 07:00



September 29, 2008

CADOGAN PETROLEUM PLC

("Cadogan")

LICENCE UPDATE

Cadogan today provides a further update regarding its Pirkovskoe and Zagoryanska special permits ("licences").

On September 26, 2008, following an open court hearing in the presence of a representative of the Ministry of Environmental Protection of Ukraine ("the Ministry"), the Poltava Regional Administrative Court ("the Court") granted Cadogan's claims in full and found the Ministry's Orders No. 396 dated July 28, 2008 and No. 397 dated July 28, 2008, which nullified Cadogan's licences, unlawful and invalid.

The Court's judgments, implementing a permanent injunction against the nullification of Cadogan's licences, will take effect after the expiration of the period for filing an appeal.

The judgments of the Court may be appealed by the Ministry in the Kharkiv Administrative Court of Appeal, which it can do within 10 days of receiving the Court's decisions in writing. The court must issue its decision in writing within 5 days. The Ministry then has a further 20 days from the date the appeal is lodged to provide the Kharkiv Court with a motion for its appeal claim.

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