Cadogan Petroleum still working on restoring value to Ukraine assets
11 November 2009
Cadogan Petroleum today said that it was continuing to reduce expenditure whilst re-evaluating its oil and gas assets in Ukraine.
In an market update covering the period between July and November, Cadogan said it was also exploring both a return of capital and alternative ways of maximising value from its existing assets.
The troubled company is currently in the middle of a review in order to slash costs, sell excess equipment and work out why its wells in eastern Ukraine have been so poorly performing. It is also in litigation over attempts by the authorities in Ukraine to challenge its Pirkovska and Zagoranska licenses.
On a positive note, the company has resolved a dispute with Global Process Systems LLC over the contracts for the fabrication and delivery of two gas treatment plants for a total purchase price of US$54.5 million. Here, Cadogan should receive staged payments worth between US37.5 million and US$37.5 million once the plants are sold by GPS and has also been let off a potential US$10.9 million contractual claim against it.
In eastern Ukraine, all of the company's wells are currently suspended with the exception of Pirkovskoe 1, which remains on extended testing. The company is now looking to farming-out interests in certain assets to reduce capital expenditure and balance the risk profile of the portfolio.
Finally, Cadogan said it was exploring ways to return cash to shareholders and examining a number of initiatives to see whether it could realise additional value from its investments in Ukraine.
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