Cadogan Energy strikes €10m settlement agreement

Exploration and production firm Cadogan Energy said on Friday that it has signed a settlement agreement with Proger Management, Proger Ingegneria, Ma.Lo and TIFS Partecipazioni.

Cadogan Energy subsidiary, Cadogan Petroleum, said the agreement concluded all litigation activity resulting from the Loan Agreement and Call Option Agreement signed by the parties back in February 2019.

As a result of the settlement, the London-listed group will receive €10.0m before 31 January 2025, with payment to be made in a single instalment.

"Once this amount has been received, Cadogan will exit from the above-mentioned contracts, will end all the litigation procedures, and the pledge contract over the corresponding shares in Proger Ingegneria, signed the 21st March 2019, will be considered dissolved," said Cadogan.

As of 1130 GMT, Cadogan shares had surged 66.67% to 4.0p.

Reporting by Iain Gilbert at Sharecast.com