Global Process Systems Inc - Settlement update (7895E)
13 April 2011 - 4:00PM
UK Regulatory
TIDMCAD
RNS Number : 7895E
Cadogan Petroleum PLC
13 April 2011
Cadogan Petroleum plc ("Cadogan") ("the Company")
Global Process Systems Inc ("GPS")
Settlement update
Under the terms of the previously advised settlement agreement
between the Company and Global Process Systems Inc ("GPS"), a
further payment of $10m was due to be paid to the Company on 14
February 2011 but has not yet been received. A cure period will
expire on 18 April 2011. Under the terms of the agreement, GPS took
the gas plants back into stock and undertook to pay the Company
$37.5 million. To date, $7.5 million of this sum has been received,
with the balance due in three equal tranches, each of $10 million,
during 2011. The Company retains legal title to the plants until
the final payment has been received.
The Company is in discussions with GPS regarding the overdue
payment. Pending a conclusion of these discussions, release of
Cadogan's preliminary financial results have been delayed but will
occur as soon as practical and, in any event, prior to the end of
April.
Ends
Enquiries
Cadogan Petroleum Plc + 44 20 7487 8301
Ian Baron, CEO
Gordon Stein, CFO
Stefan Bort, Company
Secretary
Matrix +44 20 3206 7000
Robin Henshall
James Pope
Bankside Consultants +44 20 7367 8888
Simon Rothschild
This information is provided by RNS
The company news service from the London Stock Exchange
END
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