Cadogan holds a 90% interest in Exploenergy s.r.l. (“Exploenergy”), an Italian Company which has filed applications for two exploration licenses located in the Po Valley region, a proven hydrocarbon basin. The licences are near to existing field discoveries. Two leads have been identified on the licenses, with combined, un-risked prospective resources estimated to be in excess of 60 bcf of gas. Both applications are in an advanced stage of their approval process.
