Court Action - Replacement

26 Jun 2009 17:58



The following replaces Cadogan's previous announcement, Headlined - Court Action, RNS number 6222U released today at 16.34pm. This release corrects the jurisdictions where freezing orders were obtained in respect of the court action, in the second paragraph.

Cadogan Petroleum

("Cadogan" or "the Company")

Court Action

The Board of Cadogan today announces that the Company and three of its subsidiaries have commenced litigation in the High Court in London, against former executive directors, Mark Tolley and Vasyl Vivcharyk, and against seven other defendants, including companies controlled by the former executives, two suppliers to Cadogan and certain individuals associated with those suppliers.

The High Court has granted worldwide "freezing orders" against the former executives and their companies. Cadogan has also obtained similar freezing orders from courts in New Zealand, Canada, Cyprus, France and Jersey.

The actions are the first steps in a major campaign to obtain redress for the Company arising from the previously announced internal investigation of potential irregularities surrounding the procurement of and payment for certain assets and services contracted for by the Company. This investigation is continuing and further announcements will be made in due course.

Enquiries: