Cadogan Petroleum PLC (LON:CAD) told investors it has not received payment or a supplemental proposal from Proger Managers & Partners (PMP) for the repayment of a loan.
PMP has therefore been in default since February 25, the company said.
“With effect from today, Cadogan will engage all the necessary legal actions to protect the interests of the company and all of the company’s stakeholders via the competent authorities,” it added.
As of February 25, Proger owed €14.85mln comprising principal and accrued interest.