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Proger offers Cadogan Petroleum growth at a good entry price, says CEO Michelotti

Cadogan Petroleum PLC’s (LON:CAD) chief executive Guido Michelotti explains the reasons behind the convertible loan to Italian engineer Proger.

It  offers growth at a managed level of risk with a good entry price, he told Proactive.

Accountant PWC has carried out extensive due diligence on Proger’s business plan and concluded it is realistic.

The loan is also convertible at valuation of Proger at the start of 2017, so already some upside is built in says Michelotti.

Cadogan’s oil production from UKraine, meanwhile, is stable at around 230 barrels per day while the Blazh-10 exploration well is on track to hit target depth in April.

 

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