small oilie but with a nav of 35p compared to share price of 10p..bid rumours of 50p a share.

well done mitzy

my pleasure kate.

Taking off now.

Someone well after these in the auction, wonder if a bidder is around? Been some massive buys last few weeks if you look at trades, bombed out and worth alot more than present price.

there are alleged bid rumours of 1.50 for MRP too!

I think alot of these stocks have been sold down way too low, CAD and GKP look 2 real good punts. I need to research CAD More tonight, GKP as I've said yesterday, a very good fund manager has been screaming at us to get in for Wednesdays presentation to city institutions.

maybe, but markets are treacherous at the moment ..... and to repeat, only buy on fundamentals, and NOT on bid rumours

Well I'm quite happy to make 20% today when all the banks are tanking again.

showed or banked?

Still holding cynic worth 15p sometime this week imo.

ah, so only showing then .... lol!

18p..?

Showing Here..!

for one night only and by popular request - lol!

Funny enough Showing Here used to be my nicname on iii.

Up another 25% target for all those interested is 30p.

Been topping up all day I'm exhausted now.

I've picked up a few thanks mitzy! some in my isa as well.

i note sp touched what i take to be 200 dma on chart above, and has since fallen back a touch

The red line is the 50ma.

same comment applies

I'm super bullish on these, this chart screams buy, dare I say 40p area is a possibility...

just watch that 50 dma .... it shouldn't be that much of a resistance, but nevertheless.....

Hi all

I'm still bullish but reckon they will be bought out for 30p in 6 weeks time.

these just being walked up to sensible levels it would appear. They want them today though.

mitzy , you looked at CHAR ? a few getting into that one and apparently cash twice current market cap, some of these small oilers are absolute no brainers.

No I've not looked at Char bit short of cash at the moment after topping up here .

kate + mitzy
i hear (read anyway) what you say, but as far as i can see, CHAR (and Cad too i think) only has licences and no proven wells, so you are still buying blue sky and nothing more ..... ditto falklands-based oilies.

it is true that sp is going up, and i would certainly be the last one to decry trading the trend/momentum, so i can only advise against greed and/or vague hope of t/o ..... if the market turns at all ugly, as could very easily happen, there will be a lot of blood on the carpet.

I'm holding CAD and HOIL.

at least we all know HOIL has oil, and an awful lot of it!

I blinking hope so.

yes pure momentum trades but they are all bombed out and bouncing, I see Zak Mir rates the CAD chart with a 26p target.

i wonder why 26p, as i can't see anything obvious ..... perhaps it's based on the GANN theory of x% rise from the bottom

that said, current price is 13.5 / 17.0, which if typical for this stock is truly horrendous

Never seen a spread quite like this, it's crazy !, you woud have to make a 35% profit just to get a few quid, ridiculous !.

yes this spread is a farce, we need some dma traders to narrow it!

Just bought some RKH as they are presenting soon apparently. Got legs this sector at last.

CAD again nearly all buys through plusmarkets today, many not put off by the spread it seems,

01/04/2009 13:02:22 16.99 1,417 O 240.75
01/04/2009 13:00:30 16.99 131 O 22.26
01/04/2009 12:50:32 16.99 20,000 O 3,398.00
01/04/2009 12:45:09 16.99 6,368 O 1,081.92
01/04/2009 12:43:05 16.99 732 O 124.37

damn fools then

not when it hits 20p!

Volume falling away looks like it has run out of steam.

not looking to be heading that way at the moment, and a 3p spread (+/-25%) makes this share a farce to trade

spread is now 4p!!

Normal service has been resumed.

you mean you think a 3p spread is acceptable?

No it is not its a absolute disrace imo.

now closed to 2p, but still 12.5%

that CHAR going very well, proper spread unlike this!

What happened here..?

At least the spread has narrowed.

The chart suggests further rises..

mitzy CAD looks a bit wobbly take care.

I've taken a tiny punt on this coming right on a good drilling update...mighty risky I must say !, but thay have 61 million pounds in the bank and the sp ... market value is : at 21 million...that's a big difference....even if they pulled out of the Ukraine and that is a big doubt ; they would have a big lump sum of money left...and there should be a drilling update soon...these used to be 200p at one stage, now 11 or 12p !.

I'm happy to hold rf.

Drilling update next week ?

This has got to be one of the craziest drops of a main market sp....when this was floated there was a market cap of 531 million pounds and a 230p price at flotation....it is now 11.75p with I think around 69 million still in the coffers (with expenditure this will drop).....they have 3 or 4 different licenses and one is in dispute.....does that mean that this company is worth 12p or so ?, I find this hard to believe.....with a positive drilling update, could there be a dramatic upsurge in the sp ? strong possibility in my view !...any thoughts anybody ?, and the spread is being narrowed at the moment !.

I certainly hope so--I bought a few for the same reason as you but the market does not agree with us and it's not easy to sell again. I sold a few on Selftrade but Hoodless didn't want to sell any online! long term hold with fingers crossed??

No problems here.

15p to buy at 14p on the bid things are definetely changing.

16p to buy on the offer.

Interesting chart..

Perhaps my little punt might come off (miracles sometime happen !).

I thought it might rf..!

About time this one moved.

Spread now 4p incredible..still the chart looking great.

Offer almost 20p but the bid is 15p.

do you have L2?
if so, and you want to trade, i'ld guess you could deal well inside those parameters, though volume for the whole day is only 13k
all goes to show the probs and illiquidity of amoeba-minnows

No I dont have l2 but I paid 10p for these 3 weeks back and sitting on 50% profit most trades on Plus.

then take profits!

Oil drilling update any moment now....could go either way...but the sp is still incredibly low....whether my punt will come right or not is guesswork but at the moment I'm up but the spread is horrendous !.

I managed to sell these through selftrade but can't sell online through Hoodless so I hope they continue up!!

Read todays RNS..

all looks pretty bleak to me

Surprise me..!

Just bailed out before sp plunge...made a nice little profit...might be back when things settle down a little .....the spread is nuts !.

well mitzy, i hope you took my advice and at least top-sliced yesterday.
imo, this has always been a mug's punt as the stock is hopelessly illiquid and the spread always ridiculous

The time to get in was when the sp was around 12p....not 16 or 18p....this might rise tomorrow but who knows ?, they do have capital, but if they exit Ukraine, that will be eaten into....anyway I've made a nice little earner in the words of "Arthur Daley" !

when the spread is always around 20/25% it makes no sense at all to put money in

I'll tell you what !....I wouldn't do it again...it was a punt like betting on horses !.

Out of this early today with a modest profit and topped up my GKP. Result.

Post on TMF.

Looks like this could take off very soon.

http://boards.fool.co.uk/Message.asp?mid=11541585


.

On the up again today.

Near 15% up now.

L2 is 1 v 2 @ 15/17

Not without risk this stock (plenty of it), but certainly someone is keen to buy some.

Read RNS yet another E & O dud?

If there was a contest for the crappiest update : this one is a good entry....ridiculous stock !.

This looks interesting after todays announcement, i'll take a peek in the morning so long as they don't run away.

I had the finger on the buy button...hesitated at 22p...did not....could curse...blast it !....

Just posted by a very well respected poster on ADVFN
David adams - 12 Oct'09 - 18:39 - 40052 of 40066
"Cadogan noted that while it was actively pursuing a programme to return cash to shareholders, it was also looking at a number of initiatives in Ukraine, including a potential farm-out of some of its assets as well as other strategic relationships."
CAD could return around 42p a share after closing the share premium account and then leave around 6 wells dotted around the Ukraine. Looks about as good a punt as you can get on the market at the moment. Half a dozen wells valued at 0p! Could be argued CAD are worth way way north of 100p.

to my amazement, i see sp was about 200 in july last year ..... and seemingly doing its darnedest to get back to that level in one day! ..... sp has gone crazy, at least for now

agreed cynic - i got in just in time not sure how long will hold - maybe quick profit and out but would not be surprised to see this hit 40p or more today - watching carefully - GL

And now the sp is ?....33p .....aaggghhhhh !....could kick myself for not buying on opening...

very difficult to call ..... have just had a look at it on L2 .... seems to have been suspended with sp at 27/30 ..... important RNS being put out perhaps?

note on L2 says "auction" but that may be just a catch-all

Well at 8am : could only buy at best so was not too sure about what price I was going to get !.....but there could be a dramatic change in fortunes for this company about to happen....sp too far up now for me and suspended ?...

starting to look like rocket+stick syndrome .... now 22.75/25.0 with more than enough stock on offer ..... reckon you had a lucky escape RF!

now he tells us..............aaaaaaaaarrrrrrrrrrrrrrrrrr!!

Bought in....I know I must be bonkers !.....hoping for a rise because if the Rns is correct then there must be some serious upside still to come....plenty of cash this company....risky....but with upside rather than downside ?

thinking of doing the same R/F waiting to see if we have a little more down side still to come think next bye or sell will show the path 1v1

Bought in this morning @25.74p...had been watching this for a while...good luck all!

now then BB, i've had enough shit stirring from you already this morning! .... not my fault if you act like a demented lemming and jump in at the top only to find that you have actually jumped off the cliff

23.5/24.5 at time of writing

looking like this might just go back down to 20p on charts if so would be a very good bye ,hoping to bye soon as

"good bye" may well be more apposite than "good buy"

Rebound coming now ....possibly....

if you're a buyer, then you're a far braver man than me gunga din

morning cynic nice to see you've not lots it , how is the empire doing have you reached the second million any thing good to say about this or better still wt the down side

well - i reckon this will bounce - good time to buy - we will see at end of day - GL whatever anyone does

according to some on this BB i only run a virtual biz and only own virtual shares, but then said person/peeps is a virtual toad/witch!!

looking back, i see i was asked to comment a few months back ..... arguably things have changed with the recent rns, but imo, strengthened by todays wild gyrations, this stock is best left to the fools and horses or the adrenalin junkies or similar

Yes it could be goodbye ! but hoping this'll do well in the med/long term !

My name might as well be Rodney!!!!!

Hey mr clever clogs cynic, your only griping cause you missed a 30% profit this morning and would be who about it all day, as it is you missed it and so those who took a chance are lemmings!!! I can't be a lemming as they only have one jump............aswti cheek...

so smarty-pants, at what price did you buy and sell? ..... no porkies please! - lol!

currently 23.0/24.0

i'm not going into that at the moment................lol just making a comment..

I did not time my entry into this right but the rns is so short : there has to be a follow up of resumption of operations, I'm surprised that it's back to opening price !.

roughandtumbleone - 13 Oct'09 - 20:36 - 1525 of 1526 Guys and Girlies, Just a little bit of perspective here. Prior to the announcement yesterday afternoon regarding the licence approvals, the company came out yesterday morning stating they wanted the simplist and most straight forward way of returning cash to shareholders. They also have started selling assets they do not require and they have 38M pounds of cash at the bank. Then in the afternoon, the uncertainity relating to the three main licence objections has been resolved and CAD have had confirmation that the licences are valid. Just basic NAV values exceed the current sp. The cash per share equates to approximately the current closing spp this evening and that is assuming that there can be no value pinned to any of CAD's other assets, licences of ventures. Today's share price swing was unbelievable but from an investors point of you, this stock is a no brainer. The likely scenerio is for a sizeable amount of cash as a "special cash payment", the company still trades and concentrates on its core operations and "farms out" other none core assets and projects. Just take a look at the charts and see where CAD has fallen from and though today's retrace back from 34p to just under 20p was unbelievable, the upside here is huge. I do see a much higher share price than 34p, let alone 19.5! IMO DYOR and all that jazz! Good luck. R&T PS here's an extract from the restarted doing some research before buying a share. if you did todays events wouldnt faze you. This is a no brainer. And funds are still buying

http://www.investegate.co.uk/Article.aspx?id=200910131646447136A

after close rns - GL

Sold out at a loss...what was to be a quick buck turned out to be a quick disaster...%^&*($----..... ....should have gone to spec savers....euhh...sorry,.. listened to Cynic ...

sorry to hear that RF, but i am afraid this is the prob with all these amoeba companies and especially oilies ...... don't feel like the lone ranger as i suspect there are many who jumped into CSH, CHAR, ENEG et al, who have been similarly battered

Don't keep on cynic!!!! lol i'm in the same boat but can afford to wait as only very small investments.

My plan was to jump in at the start yesterday as I knew it was going to shoot up ...keep them for an hour or so and out, but I made the mistake of catching a falling knife : always hurts...my own fault...doing well on plenty of others at the moment...will learn from this ...

I haven't got your e-mail Cynic, was it important??

BB ..... thank goodness you only have a small stake at risk ...... it would even go against my nature to wish that certain unmentionable backers of these stocks have been well and truly mullahed

=======

e-mail not important at all - merely comment and observation ..... it's strange, but had this prob reaching you before, though have sent via this strange MAM system ..... do you get other stuff from MAM that way? ..... perhaps try sending me one

you may not have timed your entry well RF but it was probably a mistake to sell-out. Whilst I agree with cynic about PI's getting burnt and the MM's are expert at this (how many bought GKP at 109p yesterday) if you hold-on long enough with such an illiquid stock such as this then at some point down the road it will probably have another massive day rise.

I nearly pulled it off.... anyway....on to pastures new...Perhaps but I still don't understand the finance-assets situation here...what are they doing now ?..pulling out..drilling ?, producing ?,..... an update on this bizarre situation here would help, plus litigation never helps an sp...

... like today?

i bought just before this went up dramatically - sold half at near the peak thinking i was being clever - wish i sold the lot now at near peak price!! as cynic says above mms have a giraffe at pi expense i will leave the half i have left for another pay day when hopefully it will shoot up again - GL all

good news out... RNS Number : 8662A Cadogan Petroleum PLC 15 October 2009  15 October 2009 Cadogan Petroleum PLC ("Cadogan" or the "Company") GPS Settlement Agreement Cadogan announces that it has resolved the disputes that existed between the Company and Global Process Systems LLC ("GPS") concerning contracts for the fabrication and delivery of two gas treatment plants for a total purchase price of US$54.5 million. The key commercial terms of the settlement provide for GPS exclusively to market the plants for a 10 month period and, if a sale is achieved, for Cadogan to receive in stage payments an aggregate cash consideration of US$38.5 million. If the plants are not sold within this period, then GPS has agreed to take the plants to stock and Cadogan will receive in stage payments an aggregate cash consideration of US$37.5 million. The settlement also provides for the release by GPS of a US$11 million contractual claim against Cadogan for what would otherwise have been the balance of the consideration for the plants. Cadogan continues to pursue claims against all the other parties to the litigation, commenced by Cadogan in London, which has been the subject of previous announcements by the Company. Enquiries: Cadogan Petroleum +44 20 7245 0801 Ian Baron Stefan Bort Pelham PR James Henderson +44 20 7337 1501 E

Yes but there are too many shares around. You can almost buy anything you want

Main market stock....isable....this is a puzzler, is this one...if they could sort out this litigation and get on with drilling again...investors might come back...me included...but at the moment we need these matters to be cleared up.

good question rr - imo from research and general attitude of news esp. licenses granted i think they will sell off x% & then restart drilling again - happy to be corrected - at this price about as safe as you can get with any share - GL

from another bb ref whos next to pay up......'Here's the list 1) Cadogan Petroleum Plc (2) Cadogan Petroleum Holdings Ltd (3) LLC Astroinvest-Ukraine (4) US Enco Ukraine Claimants - and - (1) Mark Tolley (2) Marksman International Ltd (3) Natural Resource Ltd (4) Vasyl Vivcharyk (5) VPV Oil Investments LLC (6) Smith Eurasia Ltd (7) Vladimir Shlimak (8) SonicGauge Inc (9) Global Process Systems LLC (10) Global Process Systems Inc (11) Clint Elgar (12) Anthony Wright (13) Wayne Goranson (14) AOE Energy Inc (15) Philip March still a few bob to come in from court cases......'

from another bb : 'well I never knew they had so many cases pending, if cad only average 2m from each case thats an extra 30m or so, add that to the 38m we have in the bank and the 24m due to be paid for the gas plants, deduct the 12m operating costs for the next 2 years thats leaves us with 80m which equates to just over 34p per share. This is all without assets and equipment and as Stephan Bort told me CAD would rather have the licenses than the 81m cad were disputing in court in the ukraine, so the licenses must be worth in excess of 81m so if we are patient we should do well out of this imo'

imo jigsaw is coming together nicely now - will be worth imo anywhere between 30p & 1 / share - some have said more

thanks gibby, there is a silver lining then, just remains to see when..

yep i reckon - this one testing my patience though - but i'll stick it out!! cheers

Another one that I got into at the wrong time..ah well, live and learn. gl

Interesting, suggests a valuation 4 times the current shareprice.

http://registration.ft.com/registration/barrier?location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Fb9d270ec-8fdc-11df-91b6-00144feab49a&referer=http%3A%2F%2Fwww.iii.co.uk%2Finvestment%2Fdetail%3Fdisplay%3Ddiscussion%26code%3Dcotn%3ACAD.L%26it%3Dle

very good rns release from these today.
Got production from a well previously thought not viable,bonus.
Good recovery potential.

just bought some more!!

http://www.oilbarrel.com/nc/news/display_news/article/with-its-legal-and-political-problems-largely-resolved-cadogan-petroleum-makes-a-fresh-start-by-achi/860.html

When we wrote about Cadogan Petroleum, the LSE main board listed group focused on Ukraine, last May it seemed to be in a real mess. The company floated two years.The IPO was meant to signal the beginning of a new period in the companys history. The company had acquired licences in Ukraine that had promising prospects. But one year on there was a legal challenge to two of the companys licences. These troubles were compounded by poor operational performance the company was producing hardly anything --and commercial judgements by the then management.

In March 2009 a new management team led by Ian Baron, who was formerly at Dragon Oil, was brought in as Acting CEO. He launched a strategic review. This found, amongst other things, serious procurement irregularities. The company started litigation in the High Court in London against a number of parties in June 2009 including the former Chief Executive Officer and the Chief Operating officer both of whom had resigned. The company also started legal action to get back sums owed by suppliers to the tune of US$44.6 million. Ian Baron and his team reviewed all operations and reduced the head count of employees by 70 per cent to 130.

However, while all this was going on Weiss Asset Management, a fund management company based in New York started buying shares in Cadogan (at 7p initially) and got its stake up to around 29 per cent. Backed by this Weiss called for an AGM to reduce the board from seven members to three, all of whom it wanted to appoint. In other words Weiss was aiming to get control of the company without making a full offer for it. Weiss is not an oil and gas a company. It was thought Weiss wanted to break up the company and get its hands on Cadogans cash. The company still has 26.4 million left over from the IPO.

By the time the AGM was held in June 2010 a White Knight came along in the form of Swiss concern SAE Capital Holdings S.A which has oil and gas interests. This group bought out Weiss. Along with releasing its interim results for the six months ending June 30 2010, Cadogan also announced that Alessandro Benedetti and Bertrand des Pallieres from SAE were joining its board as non-executive directors.

The interims do show that a new chapter for Cadogan has begun: The company said: Following the recommendation of the board, the decision taken by shareholders at the companys Annual General Meeting on June 2010 not to return capital but to build on the work undertaken by the new management team, has allowed the company to move ahead in developing its assets in the Ukraine.

Cadogan has eight licences for gas, condensate and oil exploration and development licences in the FSU country. The primary focus is on what the company calls the four major licences, which are Bityanska, Pokrovskoe, Zagoryanska, and Pirkovskoe. These are located either in the Carpathian Basin in west Ukraine or the Dnieper-Donets basin in east Ukraine. This is where the groups main reserve and resource potential lies. In each of these Cadogan holds a working interest of over 90 per cent. The minor licences included Debeslavetska and Cheremkhivska.

Baron, now officially CEO rather than Acting CEO told oilbarrel.com: To be perfectly frank, the previous management team did not really understand the substructure of the permits. The restructuring of the technical team undertaken by the new management has the allowed the company to undertake several initiatives which are proving beneficial.

Following the extensive testing on the Zagoryanska 3 well, the well was tied in by pipeline to a sales point in the Ukraine gas transportation system.This project cost US$216,000 and was completed on time and budget. Initial production from the well is currently around 50,000 cubic metres a day (MCM) (1.75 million scf/day) of gas and 15 cubic metres/day (120 barrels a day) of condensate.

The Pokrovska 1 well which was suspended in March 2009 to conserve cash and enable further seismic analysis will be deepened by 800 metres to test a target identified on the 3D seismic data.

Three new wells will be drilled on the Debeslavetska field over the next three months at a total cost of US$1.08million using the groups drilling rig. Gas production continues at Cheremkhivska field at 7,000 cubic metres a day (245,000 scf/day).

All this means that within three months Cadogan should have output of around 550 barrels of oil equivalent a day (boepd). Now, the company has not released a reserves figure with the interim results. But at the time of the Weiss assault on the groupany it was stated that contingent resources were 110 million barrels of oil/condensate and 2.5 trillion cubic feet of gas.

The figures could become proven and probable rather than contingent before a lot longer. They could also be upgraded as a result of Zagoryanska. There could also be some farm outs. But the company now has sufficient cash flow to pay the G and A Bills.It is a good start to the companys new life. The group will be helped the fact that some of the money owed by suppliers is about to come in and that licence issues have been resolved. There is still the 26.4 million in cash in the bank.

As Baron, commenting on the results, said: The work undertaken over the past 12 months has significantly strengthened the groups technical and commercial position in Ukraine, although Cadogan stills needs to demonstrate its full potential.

great find! CAD should prove a great recovery story once the market wakes up.

reacting well to the rns, now the squabbling is over with the license's bar the paper work perhaps we can get a sensible sp going.

Looking great.

worth watching, chart breakout territory.

All a bit quiet here given the chart looks very good. Found an interesting scribble from the other side which is worth pointing out.

230p IPO gave them 139 mill of cash and assets at 230p

CAD now has approx 39 mill cash after GPS payout at 23p

"Based upon the Offer Price, the market capitalisation of Cadogan at the
commencement of conditional dealings will be approximately 531.5 million"

LOOKS LIKE CAD SHOULD BE WORTH ABOUT 431 MILLION THEN AS OPPOSED TO 53 MILLION WHICH IS EQUAL TO A SHAREPRICE OF AROUND:

**** 180 pence ****

and the market says, just goes to show wtfdyk - fa!

watch these fly on that news just out.

+0.25p - wowee .... now look at the long term chart!

SL started increasing stake which hopefully will take the slack from QVT getting out.

Long term chart would attract attention if/when it gets its head above 24p, should move fast then.

very big late trade reported. Chatter TNK/BP looking for farm in partner Ukraine and CAD in late stage talks to 3 interest parties re farm out of 3 licences. Time to look closer here.

http://ukrainian-energy.com/articles/market_comments/172/

hmmm some large trades today, maybe residue of qvt or hbk that needed to be shifted prior to according to city chatter 40p+ t/o bid next month - i wonder!? we will see

pure gold kate.

Superb day.

very good, just a little more will b/e for me, I bought at the top of last spike.....no surprises there......whats the prognosis for this one then mitz??

yes Balerboy its a freak out with first stop 50p and who knows 100p in 12 months time..?

what a great day - a satisfactory day at the office of cad lol!! kerrchinnngggggarooooo!! been a long wait but who cares about that now - gla

roll on the much hyped (recently too!) 70p+ - 50p should be a walk in the park soon!!! lol

need some more cash for my 5p jjb's if they stay at todays level or more - yeeeeeee haaaaaaaaaaaaaa!!

I need a pee to break even...............lol

Egyptian crisis pushing up oil next stop $110.

meantime Cad is cheap.

Up 10% next stop 40p.

Debt freee and ready to go.

i have been so busy elsewhere not really keeping an eye on cad as sure it will keep heading north - so good news carries on here - did i read somewhere today briefly that they are now talking around 100p for cad or did i dream it! lol
anyhow after the long wait here it is picking up real good
gla

baler 155 above - i am sure you must of had your pee by now - several times over - lol! & kerrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrchinnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnngggggggggggggggggggggggggggggggggggggggggggpeeeeeeeeeeeeeeeeeeeeeeeeeearooooooooooooooooooooooooooooooooooooooo!!!

that applies to rrl also!! yeeeeeeeeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaa

It has been on brokermans blogg and so has oilex - you will all probably think "OH SHE'S NOT IS SHE". HA HA!!

lol.. yes ta!! sold out at 42 at mo but holding fast to rrl...gla

Looking great as usual.

Anyone know what's causing the recent surge.

Anyone?

Not me.

Matrix say buy and 112p target.

Break out

nice update though wasted in this dog market. Longer term CAD should be a great recovery play for 230p ipo.

before the stockmarket rout as well:


Buy cadogan Petroleum at 52p
by Lucian Miers, East Londons most feared short seller
You dont have to be a genius right now to notice spot that oilers who ply their trade away from the Middle East are in demand. Choosing the right ones to invest in, however, is not so easy , as the sector varies hugely in quality. Still, I have given it a go and come up with two that I like and believe will reward investors. The larger one I will address next week, the smaller is cadogan Petroleum (CAD), price 52p market cap 120 million)
cadogan, an oil and gas exploration company with assets solely in the Ukraine, was floated in June of 2008 by UBS at 230p in what, with the benefit of hindsight, was one of the most disastrous and ill conceived IPOs of recent times. 145 million was raised, valuing the company at 530 million and an extensive drilling programme was commenced. A matter of weeks later the shares were temporarily suspended as litigation commenced over the ownership of three key licences. A year later the entire executive board departed as allegations of improper use of the companys money surfaced and within two years CADs shares had lost 93% of their value (the low was around 13p in April last year). By then the company had galloped through around 100 million of its cash and announced disappointing drilling results in three of its Eastern Ukraine prospects. It then had to delay the release of its 2009 accounts as the previous year was restated. CAD was another wild east fiasco and its reputation was in tatters.
Recently, however, the situation has improved and the shares have recovered to 52p, a 52 week high (but still only 22% of the 2008 IPO price). The dispute over the licences has been settled in CADs favour: money has been recovered from the former chief executive and $30 million is receivable this year to settle a dispute relating to the sale of two gas plants commissioned by CAD. This is in addition to net cash of 26.4 million on the books in August last year.
CAD is now producing enough gas to cover general and administrative overheads and has a number of opportunities in the pipeline. Ian Barron the Chief Executive who has dug CAD out of its mess on a consultancy basis has signed a proper employment contract and 29% shareholder Shon Invest SA is supportive. I am told that the worst days of attempting to do business in the Ukraine are over and that things are improving out there. If this is,and continues to be the case then cadogans shares should continue their rise. I have bought with a target price of 115p, half the price of the 2008 IPO.
Posted by Lucian Miers on Apr 8, 05:12 PM in Comment

pretty decent source. Cad and ENI on the verge of announcing a very large shale gas project in the Ukraine. Already announced in recent rns they are looking at co-operating on projects. Expect news soon, Chevron may well be involved.

tieing in with a possible announcement we have housebroker MATRIX on the bid and funnily enough furthest down the offer, get my drift? Ladies and gentlemen get ready.

Break out at last on great news.

wait till the next news hits the wires these will do 60% in a day.

Will do ronny.

Massive news just out of Ukraine

Shell paying $800m for shale gas hunt in Estern Ukraine:

http://www.upstreamonline.com/sectors/explorationproduction/article275643.ece

News out, could be worth a punt >>>>>>>>>>


Cadogan Petroleum awarded $21m in High Court ruling

Cadogan Petroleum said the High Court in London has awarded it $21 million, inclusive of interest, relating to its litigation against Global Process Systems.

The money was to be paid by March 4, Cadogan said. If not paid by that date, interest would accrue at a rate of 8% a year, or $4,600 a day, Cadogan said

The court dismissed a counterclaim from Global Process Systems for about $7.5 million.

At the request of the company, a decision by the court on further damages estimated at about up to $10.5 million has been adjourned pending sale of the plants.

"In the meantime the Company continues to retain legal title to the plants and will allow GPS to continue marketing these on a non-exclusive basis," it said.

GPS has also been ordered to pay the Company's legal costs relating to the Judgment Debt and 50% of the costs of trial. All other costs issues are reserved to the resumption of the adjourned hearing for the balance of damages, Cadogan said.

Mr Justice Eder turned down the application of GPS for permission to appeal his judgment. GPS could renew its application for permission to appeal with the Court of Appeal, Cadogan said

From "iii" poster - reply to my concern at the recent drop.>>>>>>>>>>>


Thank you for your email of 23 January, we note your concerns stemming from a frustration that we all share given the somewhat disappointing results in 2012. The share price of the Company, as you will appreciate, is not under our control but we do not feel it is an accurate reflection of the resilience of the Company, the strength of our balance sheet or the dedication and professionalism of our hard-working team. Nor, we feel, is it reflective of the current and future potential of the Company.

Broadly speaking the company has made progress over the past year although the results of the drilling campaigns undertaken (as already reported) have not been as positive as hoped. We can assure you that the Board is committed to making a success of the Company. We remain confident that we have the right team in place, all of them working hard, to ensure this commitment is fulfilled. We will announce any developments in line with our disclosure obligations to all shareholders and will endeavour to be more communicative going forward.

I hopes this goes some way to reassuring you and addressing your valid concerns.

Kind Regards
Cadogan Petroleum Plc

Eni, Cadogan could sink first shale gas prospecting well in Ukraine in 2013
26th Feb
http://www.directorstalk.com/eni-cadogan-could-sink-first-shale-gas-prospecting-well-in-ukraine-in-2013/