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26 Feb 2009 16:36
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26 February 2009
Cadogan Petroleum plcΒ
("Cadogan"Β or the "Company")Β
Licence Update
Cadogan today provides anΒ update regarding itsΒ PirkovskoeΒ special permit ("Licence").
On 25 February 2009,Β a hearing of the Higher Administrative Court of Ukraine (the "Court") took place regardingΒ the Company's successful appeal on 29 September 2008 related to the Pirkovskoe license challenge initiated as a result ofΒ the dispute between NadraΒ Ukryainy (Nadra)Β andΒ PoltavnaftogazgeologiyaΒ (PNGG)Β in relation to theΒ transfer of the license from PNGG to Nadra inΒ JuneΒ 2007Β (see note below).
Further to the court proceedingsΒ on 25Β February,Β the CourtΒ verbally resolvedΒ (the "Resolution")Β to cancelΒ the resolution of theΒ Kharkiv Appellate Administrative Court dated 29 September 2008Β and upheld the resolution of theΒ Poltava Regional Commercial Court of 12 June 2008.Β TheΒ writtenΒ text ofΒ the said Resolution, including further detailsΒ as to the basis of the decision,Β will be delivered by the Court during March 2009.Β
The court proceedings held on 25 FebruaryΒ 2009Β were not concerned with the legitimacy of the license held by Cadogan andΒ the companyΒ continues toΒ carry outΒ appraisal and development on theΒ PirkovskoeΒ gas fieldΒ as the legitimate owner of the license.Β Cadogan has been advised that new legal proceedings would need to be brought against Cadogan and would need to succeed before Cadogan's interests in its licences would be affected.Β The position of Cadogan in the court proceedings was fully supported by the Ministry of Environmental Protection of Ukraine and the General Prosecutor Office,Β
The Company is continuing to investigate the situation as a matter of utmost importance in conjunction with its legal advisers.
Note:Β LegalΒ Dispute History
On 17 June 2008, theΒ Poltava CourtΒ madeΒ aΒ written ruling, following a hearing on 12 June 2008, in favour of PNGG, a subsidiary of the Group's joint venture partner Nadra, a state owned company, in relation toΒ anΒ earlier licence held by PNGG, relating to the Pirkovskoe field. TheΒ Poltava CourtΒ ruling: (a) declared as invalid the licences re-registered to Nadra (these were subsequently re-registered to the Group); and (b) recognised as valid the earlier licences held by PNGG.
Cadogan submitted appeals against the 17 June 2008 decision of theΒ Poltava CourtΒ to theΒ Kharkiv CourtΒ and the hearings took place on 13 August 2008Β in respect of Pirkovskoe. TheΒ Kharkiv CourtΒ ruled in favour ofΒ Cadogan, allowing its application to appeal against theΒ Poltava Court.
On 29Β SeptemberΒ 2008 the Kharkiv Administrative Court of Appeal ("Kharkiv Court") granted the appeal filed by Cadogan in full and cancelled the written rulings ofΒ theΒ PoltavaΒ Regional Commercial CourtΒ ("Poltava Court") of 17Β JuneΒ 2008.Β
Enquiries:
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Cadogan Petroleum |
+44 20 7245 0801 |
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Mark Tolley |
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Peter Biddlestone |
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Pelham PR |
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JamesΒ Henderson |
+44 20 7743 6673 |
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Evgeniy Chuikov |
+44 20 3008 5506 |
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Philip Denis |
+44 20 7743 6363 |
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