Cadogan Petroleum plc is an independent oil and gas exploration, development and production company with onshore gas, condensate and oil assets in Ukraine. During the year ended December 31, 2011, the Company held working interests in nine gas, condensate and oil exploration and production licences in the east and west of Ukraine. The Company�s focus is on the four licences, which is located, Zagoryanska, Pokrovskoe, and Pirkovskoe in the DnieperDonets basin of east Ukraine and Bitlyanska, in the Carpathian Basin of west Ukraine. The Zagoryanska licence covers an area of 49.6 square kilometers. The Pokrovskoe licence area covers 49.5 square kilometers and is located in the Dnieper Donets basin. Pirkovskoe field covers 71.6 square kilometers and holds 2.4 million barrels of oil equivalent of proved and probable reserves. The Bitlyanska exploration and development licence covers an area of 390 square kilometers.