Released: 24/02/2016
CADOGAN PETROLEUM PLC
Cadogan is pleased to announce that it has entered into separate technical service agreements with LLC "Brend-Vik LTD", a Ukrainian geoscience consultancy firm, and GM&P a Milan based petroleum consultancy firm. These agreements are instrumental to pursuing Cadogan's strategy of refocusing the E&P business on low cost, close-to-production targets, both in Ukraine and internationally. Guido Michelotti, Cadogan's CEO commented "we are delighted to announce these partnerships as they supplement Cadogan's skills with a wealth of experience in all segments of the E&P cycle. This experience will assist Cadogan's management in re-assessing the existing Ukrainian portfolio while screening for opportunities, both in Ukraine and internationally, which will allow the company to grow and diversify its asset base".
Notes:
Cadogan Petroleum plc ("Cadogan"), is an independent oil and gas exploration, development and production company with onshore gas, condensate and oil assets in Ukraine.
LLC "Brend-Vik LTD" (www.brend-vikltd.com) is a Ukrainian company highly experienced in geoscience and reservoir engineering which provides consultancy services primarily on exploration and project development studies. They have a highly experienced team which conjugates a deep knowledge of Ukrainian fields with the western standards and best practices.
GM&P (www.gaspetrolio.com) is a Milan based, petroleum company with significant experience of serving IOC's and independent operators in the E&P business in a variety of petroleum provinces. The company was founded and is chaired by Mr G. Moscato, a former Chairman of ENI and provides a full spectrum of services in the E&P domain.
Enquiries:
| Cadogan Petroleum plc | +380 (44) 594 5870 |
| Guido Michelotti, Chief Executive Officer Marta Halabala, Company Secretary | |
| Cantor Fitzgerald Europe | +44 (0) 20 7894 7000 |
| David Porter Sarah Wharry |
