Cadogan Petroleum production falls

Declining production and growing losses have seen Ukraine-focused oil and gas company Cadogan Petroleum fall sharply in Friday morning trading.

The group has announced losses for the six months to the end of June of $7.1m, worse than the $5.8m seen in the same period of the previous year.

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Cadogan is also involved in a lengthy legal battle with a firm called Global Process Systems dating back to 2009 under which it is owed $37.5m. So far it has only received $7.5m so has now had to take further action to recover the outstanding amount.

Cadogan Petroleum shares were down 7.4% at 9:29 and have fallen 58% in the last 12 months.

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