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

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

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http://www.directorstalk.com/eni-cadogan-could-sink-first-shale-gas-prospecting-well-in-ukraine-in-2013/