Business
Response to Press Speculation
Response to Press Speculation.
About this update from Cadogan Energy Solutions Plc
[{"type":"text","content":"\n RNS Number : 7692Z Cadogan Petroleum PLC 24 July 2008 \n \n24 July 2008\n\nCADOGAN PETROLEUM PLC\n('Cadogan' or the 'Company')\n\nRESPONSE TO PRESS SPECULATION\n\n\nFurther to Cadogan's announcement on 22 July 2008 concerning the press speculation regarding Cadogan's Pirkovskoe and Zagoryanska special permits ('licences'), the Company wishes to clarify the following as a result of its investigation of this matter to date:\n \n\n \n1. Reports that Cadogan’s interests in any of its licences have been nullified by a court ruling are incorrect.\n \n2. As a result of its investigations, Cadogan has now established that court rulings in the Poltava Regional Commercial Court (which is a court of first instance) were recently made in relation to earlier licences held by its joint venture partner NJSC Nadra Ukraine, a state-owned company ('Nadra'), in relation to the Pirkovskoe and Zagoryanska fields. Specifically, on 17 June 2008, the Poltava Regional Commercial Court made written rulings, following on from a hearing on 12 June 2008, in favour of Poltavanaftogazgeology (“PNG”), a subsidiary of Nadra, in relation to these earlier licences. The respondents in the legal proceedings were the State Geological Service and the Ukraine Ministry of Environmental Protection (the 'Ministry'), although the Ministry was not represented in court. The State Agency of Environmental Protection in Poltava Region and Nadra were named as third parties to the legal proceedings. Only Nadra was present in court as a third party.\n \n3. Cadogan was not a party to the proceedings, was not aware of them, and was not notified of them by any relevant authority. Although the court rulings were made in writing on 17 June 2008, they have not yet been made publicly available in the appropriate government registries.\n \n4. The earlier licences were obtained by PNG in 2002. The rights deriving from these licences were re-registered from PNG to its parent company Nadra during the second quarter of 2007. During the second half of 2007, these licences were further re-registered into joint ventures between Cadogan and Nadra. The court rulings declared as invalid the licences re-regist...