Cadogan suspended one month after float over licence issues

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    Date: Tuesday 22 Jul 2008

    LONDON (ShareCast) - Ukraine-focused oil group Cadogan Petroleum has suspended trading in its shares just a month after it floated due to concerns over the validity of its licences.

    In a statement, Cadogan said it noted the local press reports of an alleged ruling from a Ukrainian local court in favour of a subsidiary of Nadra Ukraine that calls into question the validity of its Pirkovskoe and Zagoryanska licences.

    Cadogan added it has has not been notified of any issues concerning these licences and is not aware of any grounds upon which claims seeking to contest its title to the relevant assets can be made, but is investigating the situation as a matter of utmost importance.

    It has requested the temporary suspension of dealings in its shares until the status of the alleged court ruling has been established, but says it is fully confident in its title to the assets concerned and would contest vigorously any claim to the contrary. Joint Venture operations with Nadra Ukraine are continuing as normal.

    Cadogan Petroleum raised £139m net from its float at 230p in June.

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