British oil and gas company Cadogan Petroleum plc., which owns 15% in the project for shale gas extraction of Zakhidgazinvest LLC (Lviv region), has agreed with Italy's Eni and Nadra Ukrainy, which hold 50.01% and 34.99% respectively in this project, on withdrawing from the project jointly with Eni.

According to Cadogan, it will receive from Eni a reward of $1.715 million for the transfer of its stake in Zakhidgazinvest to Nadra Ukrainy and the refusal of the preemptive right to purchase Eni's shares in Zakhidgazinvest, as well as for the transfer of shares of the company managing the licenses for gas production on Debeslavetske and Cheremkhivsko-Strupkivske deposits to Zakhidgazinvest.

Cadogan notes that previously these assets have seriously depreciated, therefore the impact of such a transition to the financial balance of the companies will be insignificant.

According to Cadogan, the current level of production at Debeslavetske field, taking into account the company's share in Zakhidgazinvest, is 58 barrels of oil equivalent per day (boepd net) with the 2P/3P reserves as of June 30, 2018 being 47/147 Kboe. Production operations at Cheremkhivsko-Strupkivske field remain suspended until Zakhidgazinvest receives an extension of its mining license, the British company added.