Cadogan Signs Agreement for Oil & Gas Exploration in Ukraine

Source: www.gulfoilandgas.com 10/15/2008, Location: Asia

Cadogan announced the signing of an agreement with the Ministry for Environmental Protection of Ukraine with regard to their mutual cooperation in oil and gas exploration and development in Ukraine. The Ministry is responsible for the award of exploration and development licences and production licences and for prescribing special conditions and work obligations attached to these licences.

Significantly, the agreement recognises Cadogan's exclusive right to the exploration and development of the Company's Zagoryanska, Pirkovskoe, Krasnoyilske, Bitlyanska and Monastyretske licences, Cadogan's full compliance of procedures during their acquisition and the significant investments made by the Company in Ukraine.

Under the terms of the agreement the Ministry has agreed, inter alia:

- to provide support to Cadogan in issuing special permits for the commercial production of mineral resources on the Licences(transfer of exploration licences to production licences) following compliance by Cadogan with its work obligations; and

- that both shall protect Cadogan's exploration and development rights on the Licences in the event of any third party claim or application to challenge or invalidate them.

Cadogan has for its part agreed, inter alia, to:

- ensure the maximum possible engagement of Ukrainian enterprises in the exploration and development activities, including specialised entities controlled by the Ministry;

- perform the exploration and development of the Fields in strict compliance with applicable, and notably ecological and environmental, legislation; and

- to finance fully the exploration and development of the Licences

Mark Tolley Chief Executive of Cadogan Petroleum commented: "This agreement is an important milestone for Cadogan and further recognises and underscores our commitment to investing and developing the Ukrainian oil and gas industry. We are pleased that the government continues to show support for increasing domestic production and we look forward to working with the Ministry and all relevant state bodies to successfully commercialise our significant resource base."


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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