Cadogan reaches agreement with GPS for gas plant purchase

Cadogan Petroleum and Global Process Systems (GPS) have reached an agreement concerning the purchase of two gas processing plants by GPS for 29.5m dollars.

Upon Cadogan's receipt of the sale price, the agreement will represent a full and final settlement of all claims and liabilities between them.

The company said that the agreement had been reached on a commercial basis and upon completion, expected to occur by April 17th 2013, will enable both parties to bring the matter to a close without the need for further lengthy legal proceedings.

Cadogan is an independent oil and gas exploration, development and production company with onshore gas and condensate assets in the Ukraine.

Its share price was up 13.27% to 16p at 08:35 on Tuesday.

MF