Possible combination with Ascent Resources PLC

Cadogan Energy Solutions

29/03/2016 07:01

RNS Number : 2930T

Cadogan Petroleum PLC

25 March 2016

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION

CADOGAN PETROLEUM PLC

Statement regarding possible combination with Ascent Resources plc

Cadogan Petroleum plc ("Cadogan" or the "Company") notes the announcement by Ascent Resources plc ("Ascent") dated 24 March 2016 and confirms that it has made a highly preliminary approach regarding a possible combination with Ascent. There can be no certainty that an offer will be made or as to the terms of any offer.

Cadogan acknowledges that in accordance with Rule 2.6(a) of the UK City Code on Takeovers and Mergers (the "Code"), by no later than 5.00 pm on 21 April 2016, the Company must either announce a firm intention to make an offer under Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. Cadogan notes that this deadline can be extended with the consent of the UK Takeover Panel (the "Panel") in accordance with Rule 2.6(c) of the Code.

Further details cannot be provided at this stage due to the highly preliminary status of events. Further announcements will be made as soon as the need arises.

Enquiries:

Cadogan Petroleum plc
+380 (44) 594 5870
Guido Michelotti, Chief Executive Officer
Marta Halabala, Company Secretary
Cantor Fitzgerald Europe
+44 (0) 20 7894 7000
David Porter
Sarah Wharry


Rule 2.10 Disclosures

In accordance with Rule 2.10 of the Code, the Company confirms that, as at close of business on 23 March 2016, the Company had 231,091,668 ordinary shares of 3 pence each in issue and held outside treasury.

The International Securities Identification Number for the Company's ordinary shares is GB00B12WC938.

This information is provided by RNS

The company news service from the London Stock Exchange

  END

OFDSEMFMIFMSEED