29/09/2008
Ukraine-focused Cadogan Petroleum has won its appeal over licences in the Pirkovskoe and Zagoryanska fields.
The fully listed company had appealed against a ruling in the Poltava Regional Commercial Court in June, which declared as invalid licences re-registered to Nadra, Cadogan’s state-owned joint venture partner and recognised as valid earlier licences held by PNG, a Nadra subsidiary. The Kharkiv Administrative Court of Appeal has granted Cadogan’s appeals in full and cancelled the Poltava court’s ruling.
At 103p, down from 200p in June, but up from 77.5p earlier this month, Cadogan shares value the company at £238 million.
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