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Date: Friday 20 Jun 2008

LONDON (ShareCast) - Shares in Cadogan Petroleum fell on their London debut after the Ukraine focused oil and gas firm raised £139m on the main market.

It sold over 66.4m shares through a global offer at 230p each, but the price soon slipped 17% to 190p before recovering almost as quickly to steady at around 215p on Wednesday, valuing the business at £497m.

The slip might have given chief executive Mark Tolley a scare as the initial sell-off knocked more than £1m off the value of his £6m stake.

Cadogan, which ran up £11m of expenses in getting the float away, plans to use the net proceeds to pursue its field appraisal, exploration and development drilling programme.

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

The group 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.

Alternative investment fund Altima Partners’ 8.5% stake makes it Cadogan’s biggest shareholder, with HBK Master Fund and US hedge fund QVT Financial holding 7.1% and 6.2% respectively.

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

Crystal Amber Fund, which will invest in undervalued companies, issued 60,000,000 shares at a placing price of 100p per share, to raise £60m on AIM.

Crystal Amber plans to invest mainly in UK listed companies with a market capitalisation of between £100m and £1,000m.

“We are delighted that investors have supported the launch of the Fund,” said non-executive chairman William Collins.

“In current markets, we believe there is value to be unlocked and we will do our utmost to deliver it for our shareholders,” he added.

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