Cadogan completes Share Purchase Agreement with Nadra Ukrayny and Eni for the
exploration and development of unconventional gas in Ukraine
Further to its announcement of 18 June 2012, Cadogan confirms that, together
with its joint venture partner Ukrainian state-owned National Joint Stock
Company Nak Nadra Ukrayny ("Nadra"), it has completed its Share Purchase
Agreement with Eni S.p.A ("Eni"), the Italian integrated energy company,
whereby Eni has acquired a stake in the joint venture established by Nadra and
Cadogan, Ukrainian company LLC Westgasinvest.
LLC Westgasinvest currently holds subsoil rights to nine unconventional (shale)
gas license areas in the Lviv Basin of Ukraine, totalling approximately 3,800
square kilometres of acreage. The Lviv Basin is considered to be one of the
most attractive basins in Europe for the exploration of unconventional gas,
being a continuation of the Lublin Basin in Poland which has already attracted
substantial interest from the hydrocarbon industry.
This Agreement was developed within the framework of the Cooperation Agreement
with Eni, signed in 2011.
Under the transaction, Eni acquires 50.01% of LLC Westgasinvest from the joint
venture parties and will fund an initial exploration program. Cadogan will
retain ownership of 15% of LLC Westgasinvest