'Good progress' on Cadogen oil deal

17th May 2011 11:49

Independent oil and gas company Cadogan Petroleum, said good progress has been made in plans to sell large stakes in its East Ukrainian operations.In April the firm announced plans to sell a 60% interest in its Zagoryanskafield and an initial 30% interest in the Pokrovskoe field to Italian energy company Eni SpA.Cadogan said it intends to to seek shareholder approval of the transaction by the end of May and hope to complete the deal in early July 2011.In a statement the company said its cash balance as of 17th May was £22.9m,with monthly revenue from all active fields is running at £0.5m per month.