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Date: Wednesday 18 Jun 2008

LONDON (ShareCast) - Cadogan Petroleum has bagged net proceeds of £139m from its London float, valuing the Ukraine focused oil and gas firm at £531.5m.

The group, which started trading today after selling over 66.4m shares at 230p each, will use the net proceeds to pursue its field appraisal, exploration and development drilling programme.

It also plans to put some of the cash towards financing the business until it can fund its future cash requirements from internally generated cash flow.

Cadogan has significant working interests in 11 licence areas covering 14 fields in Ukraine and, as at 31 January 2008, had proved and probable net reserves of approximately 80.4m barrels of oil equivalent.

Admission is expected to become effective and unconditional dealings to begin on 23 June.

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