Cadogan Petroleum Shares Rise on Exit from Westgasinvest
12 Noviembre 2018 - 4:51AM
Noticias Dow Jones
By Oliver Griffin
Shares in Cadogan Petroleum PLC (CAD.LN) rose Monday after it
said it reached an agreement with ENI SpA (ENI.MI) on its exit from
Westgasinvest LLC in Ukraine.
Under the terms of the agreement, Cadogan will receive $1.7
million from ENI and commit to not exercising its pre-emptive
rights on ENI's transfer of its shares to Nadra Ukrayny.
Cadogan will also transfer its own 15% interest in Westgasinvest
to Nadra Ukrayny. It will also transfer its shares of the company
operating certain licenses to Westgasinvest.
CEO Guido Michelotti said the agreement would allow Cadogan to
withdraw from its gas operations, which are uneconomic under the
current 70% royalty regime.
Shares at 1014 GMT were up 4.6% at 8 pence.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
November 12, 2018 05:36 ET (10:36 GMT)
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