Business
Licence and operational updat
Licence and operational updat.
About this update from Cadogan Energy Solutions Plc
[{"type":"text","content":"\n RNS Number : 5046O Cadogan Petroleum PLC 09 March 2009 \n \n\nCadogan Petroleum plc\n('Cadogan' or the 'Company')\n\nLicence and operational update\n\nCadogan provides the following update with respect to the licence challenge regarding Pirkovskoe and the latest status on key operations.\n\nLEGAL UPDATE\n\n\n\nAs previously announced, on 25 February 2009, the Higher Administrative Court of Ukraine (the 'Court') found in favour of Poltavanaftogazgeologiya (PNGG) in the appeal hearing in relation to the transfer of the Pirkovskoe licence to Nadra Ukryainy (Nadra) in June 2007 (the 'Decision')\n\n\nNotwithstanding this decision, Cadogan's licence to operate the Pirkovskoe field remains valid and there has to date been no direct legal challenge to Cadogan's interest in this licence\n\n\nCadogan has been advised that new legal proceedings would need to be brought against Cadogan and would need to succeed before Cadogan's interests in its licences would be affected\n\n\nThe Ministry of Environmental Protection of Ukraine, has written a letter in support of Cadogan's position to the Court. \n\n\nCadogan is still awaiting the written text of the judgement relating to the Decision which is expected during March\n\n\nCadogan has yet to receive a date for the PNGG initiated appeal hearing with respect to the Zagoryanska licence\n\n\n\nAs noted above, Cadogan's licences remain valid and effective despite the Decision. The Board remains firmly of the view that the challenge to the antecedent licence is wholly unwarranted and, were it to succeed, would pose an unacceptable risk to Cadogan. Accordingly, the Board believes that it is in shareholders' interests to take all necessary steps to defend the Company's title to its licences all of which were acquired in accordance with all applicable regulations. Following extensive consultation with its legal advisers, the Board expects to lodge an appeal against the Decision at the Supreme Court of Ukraine. The Supreme Court of the Ukraine represents the highest judicial body in Ukraine.\n\nOPERATIONS UPDATE\n\nCadogan's operations are currently focused on the development of five wells, all of which are expected to yield test results within the...