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Cadogan Petroleum swings the axe

By Daily Mail Reporter
Updated: 03:50 EDT, 13 October 2009

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Ukraine-focused oil and gas firm Cadogan Petroleum (up 5.5p at 20p) said it has axed almost 340 workers this year.

It has begun selling excess equipment after carrying out an inventory audit.

The total headcount has been cut from 463 in January and will be just 128 by December.

The company, with assets exclusively located onshore in the Dnieper-Donets and Carpathian basins in Ukraine, said it was examining a number of initiatives, including a potential farm-out of some of its assets as well as other strategic relationships.

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