Cadogan Petroleum Sale of Gazvydobuvannya
02 October 2019 - 1:29AM
UK Regulatory
TIDMCAD
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
END
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