Eni, Cadogan may begin gas exploration in Ukraine this year.

By bne IntelliNews February 27, 2013
Italy's Eni, working within the frames of cooperation with the British oil and gas company Cadogan could sink a first prospecting well for shale gas in Ukraine as early as this year, Ukrainian Ecology and Natural Resources Minister Oleh Proskuriakov said. According to him, the Eni Company is spending USD 1mn on personnel training in Europe. As reported in August 2012, Eni S.p.A. oil and gas concern (Italy) has acquired 50.01% of the shares in Westgasinvest (Kolomyia, Ivano-Frankivsk region), the concern has announced. Eni signed a Share Purchase Agreement with Ukrainian state-owned National Joint Stock Company Nak Nadra Ukrainy and Cadogan Petroleum Plc to acquire a 50.01% interest and operatorship of the Ukrainian company LLC WESTGASINVEST. This agreement was developed within the frameworks of the Memorandum of Understanding between Eni and Nadra Ukrainy, and the Cooperation Agreement with Cadogan Petroleum, both signed in 2011. WESTGASINVEST currently holds subsoil rights to nine unconventional (shale) gas license areas in the Lviv Basin of Ukraine, totaling approximately 3,800 square kilometres of acreage. In its turn, the rights to Debelsavetske and Cheremkhovske licences have been already transferred to Cadogan. After closure of the deal Cadogan will retain the rights to ownership of 15% of Westgasinvest. Cadogan Petroleum explores and develops gas condensate fields on an area of 121 square kilometers in the Dnieper-Donets Basin

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