Press Release
1 October 2019
Cadogan Petroleum
Plc
(“Cadogan” or the “Company”)
Sale of
Gazvydobuvannya
Cadogan Petroleum plc (“Cadogan”), an independent, diversified
oil & gas company listed on the main market of the London Stock
Exchange, is pleased to announce that today it has reached an
agreement with Ukrinvest Group for the sale of Gazvydobuvannya LLC
for a total consideration of $2.8
million.
Gazvydobuvannya LLC is one of two wholly owned subsidiaries,
based in the East of Ukraine,
which does not hold licenses or physical assets and which
management has been actively seeking to sell.
Guido
Michelotti, CEO of Cadogan Petroleum plc, commented:
“The sale of Gazvydobuvannya LLC is part of Cadogan’s goal of
building a platform for growth in Ukraine through the prudent use of its cash
resources and the monetization of its legacy assets. The first
step of our production growth was delivered through the re-entry of
old wells, requiring minimal capital deployment. The second step
has been achieved by the success of well Blazh 10, a substantial
portion of which will be self-financed through the sale of this
company”.
ENDS
About
Cadogan is an independent, diversified oil and gas company,
which operates exploration and production licenses in Western Ukraine, conducts gas trading
operations, and provides services to E&P companies.
For further information, please
contact:
Cadogan Petroleum plc
Guido Michelotti
Chief Executive
Officer
+380 (44) 594 5870
Ben Harber
Company Secretary
+44 0207 264 4366
Cantor Fitzgerald Europe, Broker to Cadogan
Petroleum plc
David
Porter
+44 (0) 20 7894 7000