Response to Press Speculation

RNS Number : 5766Z

Cadogan Petroleum PLC

22 July 2008

 



22 July 2008

CADOGAN PETROLEUM PLC

('Cadogan' or the 'Company')

RESPONSE TO PRESS SPECULATION

Cadogan (LSE: CAD) notes the recent press speculation in the Ukrainian media concerning an alleged ruling from a Ukrainian local court in favour of a subsidiary of Nadra Ukraine which calls into question the validity of the Company's Pirkovskoe and Zagoryanska licences.  Cadogan has not been notified of any issues concerning these licences. Cadogan was neither aware of, nor party to, the reported Ukrainian court proceedings and has received no notification of any such proceedings or ruling from any relevant authority.

Cadogan is not aware of any grounds upon which claims seeking to contest its title to the relevant assets can be made. Cadogan 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.

The Company is investigating the situation as a matter of utmost importance.  In the light of these circumstances, the Company has requested the temporary suspension of dealings in its shares until the status of the alleged court ruling has been established. 

A further announcement will be made in due course.

Enquiries:

Cadogan Petroleum	[phone]
Mark Tolley
Peter Biddlestone
Pelham PR
James Henderson	[phone]
Alisdair Haythornthwaite	[phone]
Evgeniy Chuikov	[phone]

 

END

 

 

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