Cadogan Petroleum GPS Litigation Update
April 16 2013 - 2:00AM
UK Regulatory
TIDMCAD
CADOGAN PETROLEUM PLC
Agreement reached with GPS
Further to the announcements of 15 February and 5 March 2013, Cadogan Petroleum
Plc is pleased to announce that Cadogan and Global Process Systems LLC ("GPS")
have reached an agreement concerning the purchase of two gas processing plants
by GPS for the sum of $29.5 million. Upon Cadogan's receipt of the sale price
the agreement will represent a full and final settlement of all claims and
liabilities between them.
This agreement has been reached on a commercial basis and upon completion,
expected to occur by 17 April 2013 following satisfaction of various conditions
precedent, will enable both parties to bring this matter to a close without the
need for further lengthy legal proceedings.
Cadogan Petroleum Plc +380 44 584 4979
Bertrand des Pallieres
Chief Executive Officer
Cantor Fitzgerald Europe +44 (0) 207 107 8239
David Porter
Richard Redmayne
Bankside Consultants +44 (0) 207 367 8888
Simon Rothschild
END
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