Cadogan Petroleum: Preliminary Results for the Year Ended 31 December 2011
Cadogan Petroleum plc is an independent oil and gas exploration, development and production company with onshore gas, condensate and oil assets in Ukraine.
The Group has undergone significant management changes during the year, including the appointment of Zev Furst as Chairman and Bertrand Des Pallieres as Chief Executive Officer.
Other developments during 2011 included the following:
-The completion of a major transaction with Eni S.p.A (“Eni”) resulting in Eni owning 60% of the Group’s
interest in the Zagoryanska licence and 30% of the Group’s interest in the Pokrovskoe licence
-A $30 million (excluding VAT) drilling programme on the Pokrovskoe field
-A three‐well work‐over programme on the Zagoryanska field
-Total capital expenditure of $21.3 million (2010: $12.1 million) during the year
-Net cash and cash equivalents at year end of $65.0 million (2010: $36.4 million)
