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23 June 2008

Sayenko Kharenko advises UBS on GBP 138 million IPO by the leading oil and gas company

Sayenko Kharenko has acted as a Ukrainian legal counsel to UBS, the sole global coordinator and bookrunner of the initial public offering by Cadogan Petroleum PLC, an independent oil and gas exploration, development and production company with onshore gas and condensate assets in Ukraine. Cadogan Petroleum intends to use the net proceeds of the IPO of approximately GBP 138 million (over USD 272 million) to pursue its field appraisal and exploration, as well as the development of a drilling program for its major fields. Cadogan Petroleum PLC holds 11 licenses for the development of 14 fields in Ukraine.

The Company plans to commence the development of «Pyrkovske» field in the second half-year of 2008, and «Zagoryanske» and «Pokrovske» fields in the first half year of 2009. Sayenko Kharenko IPO team was led by partner Michael Kharenko, senior associate Nazar Chernyavsky and associate Yuryi Draganchuk.

«Even though the global IPO market has slowed down, the success of the initial public offering of Cadogan Petroleum evidences increased interest from international investors in the Ukrainian energy sector», – says Michael Kharenko, partner at Sayenko Kharenko.

Earlier this year the firm advised on the second largest IPO in Ukraine, which amounted to USD 371 million, involving Myronysvky Khiboprodukt, one of the largest poultry and grain businesses in Ukraine. Other highlights include an IPO by one of the largest property development company «Kyiv Donbas» as well as a number of private placements by Ukrainian companies.

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