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Cadogan Petroleum Plc - Monastyretska license

Cadogan Petroleum Plc - Monastyretska license

Cadogan Petroleum Plc - Monastyretska license

PR Newswire

Press Release                                                                                                                      19 November 2019

This  announcement contains inside information as defined under the Market Abuse Regulations  n. 596/2014

Cadogan Petroleum Plc

(Cadogan” or the “Company”)

 Monastyretska license

Cadogan Petroleum plc (“Cadogan”), an independent, diversified oil & gas company listed on the main market of the London Stock Exchange, announces that for temporary internal procedural reasons the licensing authority in Ukraine, the SGS, has not been able to provide final approval for the 20-years production license for  Monastyretska.

All intermediate approvals for the production license, including that of the regional Council of L’viv, had been secured in due time. The exploration licenses for Monastyretska has expired at midnight on the 18th November.

In the intervening period, the Company has started preparing the field and the wells for a temporary suspension of its production operations, which cannot continue without a valid permit.  Suspension is not expected to last long and the company is ready to resume production as soon as the license is awarded.

Further announcements will follow in due course.

ENDS

About
Cadogan is an independent, diversified oil and gas company, which operates exploration and production licenses in Western Ukraine, conducts gas trading operations, and provides services to E&P companies.

For further information, please contact:

Cadogan Petroleum plc

Fady Khallouf                    Chief Executive Officer                  [email protected]
Ben Harber                         Company Secretary                        +44 0207 264 4366

Cantor Fitzgerald Europe, Broker to Cadogan Petroleum plc

David Porter                                                                                       +44 (0) 20 7894 7000

Quick facts: Cadogan Petroleum Plc

Price: 4.9

Market: LSE
Market Cap: £11.55 m
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