Business
Formal resolution of licence
Formal resolution of licence.
About this update from Cadogan Energy Solutions Plc
[{"type":"text","content":"\n RNS Number : 5062U Cadogan Petroleum PLC 18 October 2010 \n \n\n 18 October 2010\nCadogan Petroleum plc -\nFormal resolution of Pirkovskoe and Zagoryanska licence issues\nFurther to the announcement made on Monday 13 September, the Board of Cadogan Petroleum plc (\"Cadogan\") is pleased to confirm that the Higher Administrative Court of Ukraine (\"the Court\") has formally approved the terms of the previously announced settlement agreement entered into by Cadogan with NSJC Nadra Ukraine (\"Nadra\") and its subsidiary company Poltavanaftogazgeology (\"PNGG\"). The Ministry of Environmental Protection and the State Geoservice were also parties to this approval. As a result, the Court has discontinued the case between PNGG and Nadra over the previous ownership of the licence for the Pirkovskoe field. The approval of the Court was a pre-condition of the settlement agreement and now enables Cadogan and Nadra to finalize the full sale and purchase agreement for the wells on the Zagoryanska license, as previously announced. This sale and purchase agreement contains conditions precedent that require the parties to withdraw or terminate all legal actions against each other with respect to the Pirkovskoe and Zagoryanska licenses.\nIan Baron, Cadogan's CEO stated \"The approval of this agreement by the Court confirms full support for settlement of all currently outstanding matters with respect to Cadogan's licenses. We now look forward to developing our business in Ukraine and continuing our cooperation with the State Authorities in a transparent and mutually beneficial manner.\"\n\n\n\n\nEnquiries\n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nCadogan Petroleum plc\n\n\n+44 20 7245 0801\n\n\n\n\nIan Baron, Chief Executive Officer\nStefan Bort, Company Secretary\n \n\n\n \n\n\n\n\nMatrix \nRobin Henshall\nJames Pope\n\n\n+44 20 3206 7000\n\n\n\n\n \n\n\n \n\n\n\n\n \n\n\n\n\nBankside\n\n\n+44 20 7367 8888\n\n\n...