Business
Company Update
Company Update.
About this update from Cadogan Energy Solutions Plc
[{"type":"text","content":"\n RNS Number : 2102H Cadogan Petroleum PLC 16 February 2010 \n \n\n16 February 2010\nCadogan Petroleum PLC \n(\"Cadogan\" or the \"Company\")\nCompany Update\nBitlyanska licence\nCadogan is pleased to report that the Ministry of Environment of Ukraine has granted an extension to the Bitlyanska license for a further five years. The license will now expire on 23 December 2014. The Bitlyanska license is located in western Ukraine and is the permit on which the Borynya 3 well was drilled last year. As advised to shareholders on 12 October 2009 drilling of the Boryna 3 well was terminated at a depth of 5,325m for further evaluation. The well demonstrated that an active hydrocarbons system is present over an extended interval having encountered several discrete gas bearing intervals over which good quality logs and LWD data were obtained. This data is being evaluated pending further operations on the well.\nFarm-out programme\nAs part of the Company's strategic re-structuring, a farm-out program has been initiated on four of our licenses (Bitlyanska, Pirkovskoe, Porkovskoe and Zagoryanska), through which Cadogan is seeking partners to take an equity interest in these areas in return for contributing the future work programme. The farm-out process is being facilitated by IndigoPool, who will assist the Company in the marketing and presentation of information on the licenses. Initial indications of interest have already been received.\nCancellation of share premium account\nFollowing the passing of a special resolution of members of the Company at a General Meeting held on 11 November 2009, the High Court of Justice of England and Wales approved the cancellation of the Company's share premium accounts pursuant to a court order dated 9 December 2009. Such court order was subsequently registered with the Registrar of Companies on 17 December 2009.\nEnquiries:\nCadogan Petroleum PLC +44 20 7245 0801\nIan Baron\nStefan Bort\nPelham Bell Pottinger\nEvgeniy Chuikov +44 20 7337 1513\nPhillip Dennis +44 20 7337 1516  ...