LONDON--Cadogan Petroleum PLC (CAD.LN), confirmed Monday that,
together with its joint venture partner Ukrainian state-owned
National Joint Stock Company Nak Nadra Ukrayny, it has entered into
a Share Purchase Agreement with Eni S.p.A, whereby Eni has acquired
a stake in the joint venture established by Nadra and Cadogan,
Ukrainian company LLC Westgasinvest.
MAIN FACTS:
-Under the transaction, Eni will acquire 50.01% of LLC
Westgasinvest from the joint venture parties and will fund an
initial exploration program. Cadogan had already transferred
ownership of its two west Ukraine licenses, Debeslavetska and
Cheremkhivska to the joint venture. Following the conclusion of the
transaction Cadogan will retain ownership of 15% of LLC
Westgasinvest.
-This Agreement was developed within the framework of the
Cooperation Agreement with Eni, signed in 2011.
-The transaction remains conditional on achieving certain
conditions precedent including Ukraine anti monopoly clearance over
the next 90 days.
-Cadogan remains the operator for its existing conventional
activities at Debeslavetska and Cheremkhivska and will keep the
economic benefit from the conventional activities on these two
licenses.
-Cadogan Petroleum shares at 0850 GMT flat at 33 pence, valuing
the company at GBP76.3 million.
-Write to Razak Musah Baba at razak.baba@dowjones.com