20th Dec 2019 10:37
(Alliance News) - Cadogan Petroleum PLC on Friday said that the Ukrainian licensing authority has granted final approval of its application for a 20-year production license for the Blazhiv field, formerly Monastyretska, in west Ukraine.
Blazhiv is in the Lviv region in the west of Ukraine. The company said that "the licence is part of the Carpathian fold belt and is surrounded by long-standing oil production regions".
Shares in the oil & gas firm fell in November after Cadogan said production operations were suspended as the authorities were unable to approve the license due to "temporary internal procedural reasons".
Shares in Cadogan on Friday morning were trading 13% higher at 5.50 pence per share.
The company said it has already paid the license fees and production operations have commenced.
By Ife Taiwo; [email protected]
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