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

Westgasinvest (“WGI”), a company participated by Eni Ukraine Holdings BV, 50.01%, NJSC “Nadra Ukrayny”, 34.99%, and Cadogan Ukraine Holdings Limited 15%., is the license holder of Cheremkhivsko-Strupkivske license.

Cheremkhivsko-Strupkivske (“Cher”) license was awarded in 2002 to NJSC “Nadra Ukrayny”’s subsidiary SE “Zahidukrgeologia“ and transferred to WGI in 2012 within the context of the Eni-operated shale gas project. A subsidiary of Cadogan owns a 54.2% interest in the license.

Cadogan also conducts trading operations, which include the import of gas from Slovakia and Poland and local purchasing and sales including the physical delivery of natural gas, and operate a service business which includes work-over, construction, permitting and other services provided for E&P companies.

Cadogan holds a 90% interest in Exploenergy s.r.l. (“Exploenergy”), an Italian Company which has filed applications for two exploration licenses located in the Po Valley region, a proven hydrocarbon basin.

History

Cadogan was incorporated in October 2004 following which initial funding was raised from equity investors with a view to financing the appraisal of upstream oil and gas opportunities. The Pirkivska and Pokrovska hydrocarbon licenses interests in East Ukraine were acquired in December 2005.

From September 2006, after the first of several further rounds of equity fund raising, the Group acquired its first interests in West Ukraine, including Debeslavetska and Cheremkivsko-Strupkivska, its first production licenses. In June and September 2007, license interests in the Blazhivske and Monastyretske fields were acquired. In January 2008, Cadogan acquired its interest in the Zagoryanska license area, and also in January 2008 the Group acquired interests in Malynovetska and Mizhrichenska license areas oil and gas assets including the operations’ base in Kolomyia, western Ukraine.

In early 2011, the company went through a change in management and a subsequent change of shareholders. The new strategy and management’s focus led to major changes, including opening to international partnership and opportunities.

In October 2011, Eni entered in a Joint Venture (Cadogan Operator) in Pokrovska and Zagoryanska for exploiting the Visean and Turnesian deep horizons.

In June 2012, Cadogan entered in a Joint Venture (15%) with ENI operator (50.01%) and Nadra (34.99) in Westgasinvest, securing the access to nine unconventional licenses in the shale gas prospective Lviv Basin.

In 2012, the Services and Trading activities were started, primarily to generate a return of the available financial resources while preparing Service business for potential spin-off at the right time.

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