Cadogan has signed an agreement with the Ministry for Environmental Protection of Ukraine with regard to their mutual cooperation in oil and gas exploration and development in Ukraine. The Ministry is responsible for the award of exploration and development licenses and production licenses and for prescribing special conditions and work obligations attached to these licenses.
Significantly, the agreement recognises Cadogan's exclusive right to the exploration and development of the Company's Zagoryanska, Pirkovskoe, Krasnoyilske, Bitlyanska and Monastyretske licenses, Cadogan's full compliance of procedures during their acquisition and the significant investments made by the Company in Ukraine.
Under the terms of the agreement the Ministry has agreed, inter alia:
Cadogan has for its part agreed, inter alia, to:
Mark Tolley, Chief Executive of Cadogan Petroleum, commented, "This agreement is an important milestone for Cadogan and further recognises and underscores our commitment to investing and developing the Ukrainian oil and gas industry. We are pleased that the government continues to show support for increasing domestic production and we look forward to working with the Ministry and all relevant state bodies to successfully commercialize our significant resource base."
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