Cadogan Petroleum Plc - Loan to Proger Managers & Partners srl - Arbitral Update

PR Newswire

London, August 7

 8 August 2022

This announcement contains inside information as defined under the Market Abuse Regulations n. 596/2014

Cadogan Petroleum Plc

(“Cadogan” or the “Company”)

Loan to Proger Managers & Partners srl - Arbitral proceeding

Cadogan Petroleum plc (“Cadogan”), the London Stock Exchange listed independent oil and gas company, reports that on August 1st, 2022, Mr. Marco Lombardi, the Director of Proger Managers & Partners S.r.l. sent out an announcement on the result of the arbitral proceeding between the aforementioned company together with MA.LO. s.r.l., TIFS Partecipazioni s.r.l. and Proger Ingegneria s.r.l., on the one hand and Cadogan Petroleum Holding B.V.  on the other hand.  

This announcement does not reflect the effective result of the arbitral proceeding and it represents inaccurate and incomplete information to the market. 

The Arbitral Committee:

-  rejected Proger’s principal claim, and declared that the Loan Agreement is valid and effective,

- deemed to qualify the Call Option as a preliminary contract under condition, but

- rejected Proger’s claim ex art. 2932 Italian Civil Code, stating that it is impossible to give an award producing the same effects of a final contract ex art. 2932 Italian Civil Code,

- this because of the duties established by the rules of the London Regulatory Authority and because of the need, possibly by both parties, to comply with the due proceedings before the formalization of the entry of Cadogan into the capital of Proger Ingegneria,

- subordinated the stipulation of the final contract to the precedent completion of the proceeding and bureaucratic process as per the British rules, stating that, otherwise,

- there is the obligation on Proger Ingegneria to return the payment received under the Loan Agreement,

- compensated all the expenses of the proceeding.

Therefore, the award stated, among other things, that if the condition does not become effective and if the final contract is not signed, Proger Ingegneria is under the obligation to return the payment received according to the Loan Agreement, which was confirmed as valid and effective, for capital and interests.  

Cadogan reserves the right to take all further actions and initiatives in any competent venue.

ENDS

About

Cadogan is an independent, diversified oil and gas company, which operates exploration and production licenses in Western Ukraine, conducts gas trading operations, and provides services to E&P companies.

For further information, please contact:

Cadogan Petroleum plc
Fady Khallouf                  Chief Executive Officer                 fady.khallouf@cadoganpetroleum.com
Ben Harber                      Company Secretary                      +44 0207 264 4366