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Cadogan Falls as Eni Decides Not to Invest More in Ukraine

March 19 (Bloomberg) -- Cadogan Petroleum Plc, a London-listed oil and gas explorer in Ukraine, fell to the lowest since January after Eni SpA decided not to invest more in a project in the eastern European country.

Cadogan slid 7.8 percent to 25.25 pence, the lowest since Jan. 16, as of the market close. After results from two wells, the company said today that Eni won’t exercise its option to buy an additional 30 percent in Pokroskvoe Petroleum BV.

Explorers are looking for oil and gas in Ukraine to lessen Europe’s dependence on Russia for energy. Cadogan has interests in license areas covering 14 fields in Ukraine.

Drilling became stuck in an attempt to extend one of the wells after it uncovered the presence of hydrocarbons, the company said.

To contact the reporter on this story: Brian Swint in London at bswint@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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