LONDON (Thomson Financial) - Cadogan Petroleum Plc, the Ukrainian oil and
gas group, said it plans to list its shares on the London Stock Exchange next
month.
Cadogen said it will sell both new and existing shares to investors, with
proceeds from the offer to finance the group's field exploration and development
programme.
Cadogan holds 11 licenses covering 14 fields in Ukraine. It has proved and
probable reserves of around 80.4 million barrels of oil equivalent as at
end-January.
A Cadogan spokesman said the group hopes to raise $250 million from the
share offering, which is expected to take place towards the end of next month.
"We are now at an exciting stage of our development and have in place
detailed plans to achieve commercial production from our current proven reserves
in the near to medium-term and to conduct further appraisal and drilling
activity to convert our substantial resources, both contingent and prospective,
into reserves and production in the medium-term," said chief executive Mark
Tolley, who previously held senior roles at JKX Oil & Gas Plc and Sibir Energy
Plc.
Cadogan is aiming to start production from the Pirkovskoe field in the
second half of 2008, and from the Zagoryanska and Pokrovskoe fields in the first
half of 2009.
monicca.egoy@thomsonreuters.com
mbe/ejp
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