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

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!!