Cadogan successfully appeals against court ruling in Ukraine
14-08-08 The European Bank for Reconstruction & Development (EBRD) has successfully appealed against the Poltava Region Commercial Court and a ruling it made in June that could lead to the cancellation of Cadogan Petroleum's exploration licences in the Pirkovskoe and Zagoryanska gas fields.
The EBRD, on behalf of Cadogan and other shareholders in the company, informed the Ukrainian Prime Minister Julia Timoshenko of the situation on 7 August, citing that neither Cadogan nor any affiliated parties were informed about the court procedures and received no ruling from any relevant authority.
"The EBRD is pleased to note that on 13 August, the Kharkiv Appellate Administrative Court in Ukraine ruled in favour of Cadogan, allowing its application to appeal against the Poltava Region Commercial Court earlier decision and suspending it pending the resolution of the appeal," the company said.
The next decision of the Kharkiv Appellate Administrative Court regarding the Zagoryanska licence is expected to betaken soon.
Source: http://www.upstreamonline.com
