OREANDA-NEWS. August 30, 2010. Oil & Gas Cadogan Petroleum, an onshore explorer for oil and natural gas in Ukraine, has made profits of GBP 0.6mn in 1H2010, according to the company report posted on Aug 26. The company’s revenues decreased by 22.9% yoy in 1H2010 to GBP 0.2mn. In spite of the fact that the company has problems with a renewal of its licenses, it stands ready to invest a further USD 6.3mn in the development of wells in Ukraine.

Millennium Capital considers the news as neutral for the company. The moderate financial results and its intention to invest are offset by a continued ambiguity as regards the renewal of the company’s key license. The license for Pirkovske field expired in June. Its extension is crucial for the company.