Business
AGM Statement
AGM Statement.
About this update from Cadogan Energy Solutions Plc
[{"type":"text","content":"\n \n Cadogan Petroleum plc \n\n (\"Cadogan\" or \"the Company\") \n\n AGM STATEMENT \n\nAt the Annual General Meeting scheduled for 2pm on Thursday 16 June Simon\nDuffy, Chairman, will update shareholders as follows:\n\n\"Since the announcement of the anticipated investment in two of our east\nUkraine assets by ENI S.p.A, (\"Eni\"), the major integrated Italian energy\ncompany, good progress has been made in fulfilling the conditions precedent for\ncompletion of the transaction. The Ukraine Anti Monopoly Commission has given\napproval for the transaction to proceed and the internal restructuring\nnecessary has been largely completed. In addition a circular has been issued to\nshareholders convening a General Meeting, which will follow the AGM later\ntoday, at which the Board is seeking approval of the transaction. This\ntransaction should complete in early July. In line with our agreement, Eni has\nbecome progressively more involved in line with the increase in operational\nactivity and we are in the process of seconding Eni personnel into our\norganisation.\n\nGood progress has been made on the ground on our joint projects. At our\nPokrovska asset, a drilling and services contract has been awarded to Saipem\nS.p.A to deepen the Pokrovska - 1 well, which was suspended in December 2010.\nSite preparation is complete, with drilling operations scheduled to start in\nJuly. It is anticipated that the drilling and preliminary testing programme\nwill be completed by the end of Q3 2011, with an extended testing programme to\nfollow. After this well, the rig will move to the Pokrovska - 2 location to\nsidetrack the existing well or to drill a new well. Our Zagoranska asset is\nalso included in the Eni agreement and a programme has commenced to workover\nseveral of the recently acquired wells on this field. A suitable rig has been\nidentified and site preparations on Zagoranska -1 location are well advanced\nand rig operations are scheduled to start in July.\n\nCadogan and Eni are also working together to identify other upstream\nopportunities in Ukraine and to facilitate this, we recently entered into a\nco-operation agreement.\n\nWith regard to our other six assets, on our Pirkovska asset in east Ukraine a\nworkover is planned later this year on the Pirkovska - 1 well. In west Ukraine,\nwe also have several work programmes underway, fo...