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  3. Cadogan Share Price
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  5. Operational Update

Pin to quick picksCadogan Regulatory News (CAD)

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Share Price Information for Cadogan (CAD)

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Operational Update

19 Apr 2017 16:08

Cadogan Petroleum Plc - Operational Update

Cadogan Petroleum Plc - Operational Update

PR Newswire

London, April 19

Cadogan Petroleum Plc

(“Cadogan” or the “Company”)

Operational update

Cadogan Petroleum plc announces that its application to obtain a 20 year production licence for the Zagoryanske field has not been approved by the local authority of the Poltava Regional Council. The licence application was not approved due to the ongoing disagreement between the state and local authorities on the distribution of royalties. The Poltava Regional Council has not approved a licence application since January 2016.

This rejection, which follows an earlier request of resubmission due to legislative change in the award process, comes three years after the original filing. Since then, the original documents submitted have become invalid and cannot be resubmitted due to the Company no longer being the licence holder. Furthermore, after three years the Company looses its right to apply for the licence.

Cadogan has reviewed the available options and decided it is not in the Company’s interest to challenge this rejection or re-submit the same application again. The Company retains the option of submitting a new application in the future and/or of participating in an auction. Cadogan also maintains the ownership of the wells, which could be rented to a new licence owner, if the licences are awarded in the interim.

Guido Michelotti, CEO, commented:

“We wrote down the value of the asset in 2013 and this news has no impact on the Company’s balance sheet. Though the news is frustrating, our focus remains on delivering value from the Company’s producing licences and other reserves potential in Ukraine, while also continuing with our wider strategy to reload the asset portfolio across different geographies”.

ENDS

For further information, please contact:

Cadogan Petroleum Plc

Guido Michelotti , Chief Executive Officer +380 (44) 594 5870

Ben Harber, Company Secretary +44 (0) 207 264 4366

Cantor Fitzgerald Europe +44 (0) 207 894 7000

David Porter

Sarah Wharry

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Date   Source Headline
7th Jul 20117:00 amRNSTransaction on Licences
5th Jul 20114:40 pmRNSSecond Price Monitoring Extn
5th Jul 20114:35 pmRNSPrice Monitoring Extension
20th Jun 20117:00 amRNSRe GPS SETTLEMENT
16th Jun 20117:00 amPRNAGM Statement
27th May 201112:07 pmPRNNotice of EGM
25th May 20119:43 amPRNDirector/PDMR Shareholding
25th May 20119:39 amPRNDirector/PDMR Shareholding
17th May 20117:00 amPRNInterim Management Statement
9th May 20112:14 pmPRNDirector/PDMR Shareholding
28th Apr 20113:42 pmPRNDirector/PDMR Shareholding
28th Apr 201112:09 pmPRNDirector/PDMR Shareholding
27th Apr 201111:15 amPRNChange of Registered Office
27th Apr 20119:55 amPRNAnnual Financial Report
27th Apr 20117:00 amRNSFinal Results
13th Apr 20117:00 amRNSGlobal Process Systems Inc - Settlement update
13th Apr 20117:00 amRNSEni strategic alliance
6th Apr 20115:05 pmPRNHolding(s) in Company
4th Feb 20113:22 pmRNSService Contract
4th Feb 20112:17 pmRNSHolding(s) in Company
4th Feb 20112:14 pmRNSHolding(s) in Company
1st Feb 201111:16 amRNSDirector/PDMR Shareholding
31st Jan 20115:12 pmRNSHolding(s) in Company
31st Jan 20115:05 pmRNSHolding(s) in Company
21st Jan 201112:15 pmRNSHolding(s) in Company
17th Jan 20119:41 amRNSHolding(s) in Company
13th Jan 201110:28 amRNSHolding(s) in Company
13th Jan 201110:23 amRNSHolding(s) in Company
5th Jan 20119:17 amRNSPayment Received
29th Dec 20109:57 amRNSHolding(s) in Company
23rd Dec 20107:00 amRNSTrading Statement
22nd Dec 20104:40 pmRNSSecond Price Monitoring Extn
22nd Dec 20104:35 pmRNSPrice Monitoring Extension
22nd Dec 201011:47 amRNSDirector Declaration
17th Dec 20102:40 pmRNSHolding(s) in Company
17th Dec 201011:00 amRNSLitigation settlement agreement
8th Dec 201012:00 pmRNSTrading Statement and Drilling Update
6th Dec 20109:37 amRNSHolding(s) in Company
25th Nov 20105:01 pmRNSDirector/PDMR Shareholding
23rd Nov 20104:25 pmRNSHolding(s) in Company
19th Nov 20107:00 amRNSInterim Management Statement
10th Nov 20109:21 amRNSHolding(s) in Company
4th Nov 20107:00 amRNSDirectorate Change
29th Oct 20104:22 pmRNSHolding(s) in Company
28th Oct 201011:10 amRNSHolding(s) in Company
28th Oct 201011:06 amRNSHolding(s) in Company
22nd Oct 20105:07 pmRNSHolding(s) in Company
22nd Oct 20105:07 pmRNSHolding(s) in Company
19th Oct 20103:49 pmRNSHolding(s) in Company
18th Oct 20107:00 amRNSFormal resolution of licence issues
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