BDO acted as reporting accountant on the Class 1 disposal of shares in two of its subsidiary companies holding oil and gas field assets to Eni Ukraine Holdings B.V.
The transaction represented a farm-out by way of disposal of up to 60%25 of Pokrovoskoe Petroleum B.V. and 60%25 of Zagoryanska Petroleum B.V. The initial consideration was %2474m (including %2432m to fund a work programme), with contingent consideration of a further %2490m. Cadogan Petroleum plc is an independent oil and gas exploration, development and production company with onshore gas, condensate and oil assets in Ukraine. The Group is listed on the London Stock Exchange, headquartered in Kiev and supported by operational offices in eastern and western Ukraine together with a representative office in London.