Cadogan Petroleum in licence fight with Ukrainian authorities
18 September 2009
Ian Baron, the interim CEO brought in to clean up the tangle that is Cadogan Petroleum, who has barely recovered from being mugged in a Kiev street, now looks in danger of being mugged again, this time by the Ukrainian authorities.
Cadogan has announced that it has been made aware of a resolution dated 26 August 2009 and published today on the web portal of the Ukrainian Government which supports a proposal by the Ministry for the Protection of the Environment to annul and transfer its special permits and licence interests with respect to Pirkovskoe, Zagoryanska, Bitlyanska, Monastyretske and Krasnoyilske to Naftogas of Ukraine, a state-owned oil and gas company, with effect from 23 September 2009.
Cadogan Petroleum's statement said it has received no official notification of the resolution from any relevant authority, believes there is no legal basis for the action, and is taking all available steps to defend its interests.
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