Business
Final Results
Final Results.
About this update from Cadogan Energy Solutions Plc
[{"type":"text","content":"\n \nRNS Number : 4715F Cadogan Petroleum PLC 27 April 2011 \n \n\nCADOGAN PETROLEUM PLC\n Preliminary Results for the Year Ended 31 December 2010\n\n \nCadogan Petroleum plc an independent oil and gas exploration, development and production company with onshore gas, condensate and oil assets in Ukraine, announces its preliminary results for the year ended 31 December 2010.\nPrincipal Developments\nDevelopments in 2010\n· Extension received on the Pirkovskoe licence to 2015\n· Farm-out campaign being pursued to conserve existing cash and spread the risks associated with further exploration and development\n· Resolution of Pirkovskoe and Zagoryanksa licences issues \n· Total capital expenditure of £7.8 million (2009: £23.5 million) during the year \n· Net cash and cash equivalents at year end of £23.5 million (2009: £30.5 million)\n \n \nEnquiries\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCadogan Petroleum plc\n\n\n+44 20 7487 8301\n\n\n\n\nIan Baron, Interim Chief Executive Officer\n\n\n\n\n\n\n\nGordon Stein, Chief Financial Officer\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nStefan Bort, Company Secretary\n\n\n\n\n\n\n\n \n \n\n\n\n\nBankside\n\n\n\n\n\n\n\nSimon Rothschild\n\n\n+44 20 7367 8888\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMatrix\n\n\n\n\n\n\n\nRobin Henshall\n\n\n+44 20 3206 7000\n\n\n\n\nJames Pope\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nChairman's Statement\n\nIntroduction and strategic alliance with Eni\nI am delighted to be able to report that, since shareholders approved the resolutions at the 2010 Annual General Meeting giving the Board a clear mandate to pursue its operational strategy in Ukraine, significant progress has been made. The Group has completed the rationalisation of its operations in Ukraine and is now in a position to develop its assets more aggressively. Licence issues, one of the factors that have hindered the Group's potential since the IPO in June 2008, have now been resolved. \nIn addition, on 13 April 2011, the Company announced a very significant agreem...