Business
Notice of EGM
Notice of EGM.
About this update from Cadogan Energy Solutions Plc
[{"type":"text","content":"\n \nCADOGAN PETROLEUM plc (\"CADOGAN\",\"THE COMPANY\" OR \"THE SELLER\")\n\nFARM-OUT BY WAY OF DISPOSAL OF UP TO 60% OF POKROVSKOE PETROLEUM B.V. AND 60%\nOF ZAGORYANSKA PETROLEUM B.V. TO ENI UKRAINE HOLDINGS B.V. (\"DISPOSAL\")\n\n \n\nPosting of circular\n\nFurther to the announcement dated 13 April 2011 detailing the proposed disposal\nof up to 60% of Pokrovskoe Petroleum B.V. (\"Pok BV\") and 60% of Zagoryanska\nPetroleum B.V. (\"Zag BV\") to Eni Ukraine Holdings B.V. (\"the Buyer\"), the\nCompany has today posted a circular to Shareholders convening a General Meeting\nto approve the proposed disposal (\"Circular\").\n\nThe General Meeting is scheduled for 2.30 pm on 16 June 2011 at The Royal\nSociety of Chemistry, Burlington House, Piccadilly, London W1J OBA (or as soon\nthereafter as the Annual General Meeting, convened at the same venue on that\nday, concludes or is adjourned).\n\nCapitalised terms used, but not defined, in this announcement shall have the\nsame meaning as set out in the Circular.\n\n\nDetails of the Disposal\n\nPursuant to the terms of the Disposal Agreement, the Buyer will initially\nacquire a 30% interest in the share capital of Pok BV (the direct parent\ncompany of Gazvydobuvannya, the holder of the Pok Licence), with the option to\nacquire a further 30% interest in the future. The Buyer will also acquire a 60%\ninterest in the share capital of Zag BV (the direct parent of\nAstroinvest-Energy, the holder of the Zag Licence). Both licences relate to the\nGroup's operations in Eastern Ukraine. The initial consideration will comprise\na cash payment of USD38 million and 100% of the funding of the Pok Agreed\nAppraisal Work Programme in an amount of USD30 million (with the Buyer funding\nthe VAT on the work programme of up to USD6 million). At Completion, CPHL will\nassign to the Buyer 30% of the benefit of the Pok Loan and 60% of the benefit\nof the Zag Loan. Subject to successful results from the Pok Agreed Appraisal\nWork Programme and award of production licences for both the Pokrovskoe field\nand the Zagoryanska field, the Buyer will pay the Group further amounts of up\nto USD90 million. \n\nThe Company's strategy is to increase value for Shareholders by establishing\ncommercial reserves from strategic positions in high potential oil and gas\nfields in Ukraine and to realise that value at the appro...