Cadogan in Ukraine partnership with ENI

13th Apr 2011 11:14

Oil and gas explorer Cadogan Petroleum has reached an agreement with ENI for the Italian oil major to acquire interests in two of Cadogan's eastern Ukrainian licences.Eni will initially acquire a 30% interest in the Pokrovskoe licence, with the option to acquire a further 30% interest in the future. Eni will also acquire a 60% interest in the Zagoryanska licence."The announcement of this major transaction signifies a turning point for Cadogan," said chairman Simon Duffy. "With Eni as a strategic partner, the company can more rapidly develop the potential in these licences and can embark on other significant oil & gas opportunities that are present in Ukraine."