Business
Potential procurement irregul
Potential procurement irregul.
About this update from Cadogan Energy Solutions Plc
[{"type":"text","content":"\n RNS Number : 9908S Cadogan Petroleum PLC 29 May 2009 \n \nCadogan Petroleum PLC\n('the Company')\n\n\nPotential procurement irregularities\n\nOperational review ongoing\n\n\nIn the course of a review being undertaken by the Board, evidence has come to light of potential irregularities surrounding the procurement of and payment for certain assets and services contracted for by the Company. Potentially irregular payments identified to date are in the range US$5-7 million. The Board together with its legal advisers is conducting a full investigation of these matters and a further announcement of the outcome of that investigation will be made in due course. \n\nSeparately the operational review commissioned by the Board on 19th March is ongoing and relates to all aspects of the Company's reserves, assets and operations in Ukraine and potential future strategies for their development. It is expected that a further announcement of progress in this respect will be made in advance of the AGM.\n\n29 May 2009\nEnquiries\n\n\n\n\nPelham PR\n\n\n\n\n\n\n\nJames Henderson\n\n\n+44 20 7337 1501\n\n\n\n\nEvgeniy Chuikov\n\n\n+44 20 7337 1513\n\n\n\n\nPhilip Dennis\n\n\n+44 20 7337 1516\n\n\n\n\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCSEUESASUSEFI \n ","length":2994,"tagName":"div"}]