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Cadogan Petroleum agrees US$2.8mln Gazvydobuvannya sale

“The sale of Gazvydobuvannya LLC is part of Cadogan’s goal of building a platform for growth in Ukraine through the prudent use of its cash resources and the monetization of its legacy asset.”

Cadogan Petroleum Plc - Cadogan Petroleum agrees US$2.8mln Gazvydobuvannya sale

Cadogan Petroleum Plc (LON:CAD) has revealed a US$2.8mln deal to sell the Gazvydobuvannya legacy asset.

It is a wholly-owned subsidiary in East Ukraine which does not hold licenses or physical assets. The company’s management has been actively looking to sell the business.

READ: Cadogan Petroleum boosted by production growth

“The sale of Gazvydobuvannya LLC is part of Cadogan’s goal of building a platform for growth in Ukraine through the prudent use of its cash resources and the monetization of its legacy asset,” said Guido Michelotti, Cadogan chief executive.

“The first step of our production growth was delivered through the re-entry of old wells, requiring minimal capital deployment.

“The second step has been achieved by the success of well Blazh 10, a substantial portion of which will be self-financed through the sale of this company.”

Quick facts: Cadogan Petroleum PLC

Price: 3.1 GBX

LSE:CAD
Market: LSE
Market Cap: £7.57 m
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