KIEV, Sept. 1 - Cadogan Petroleum is planning in the second half of 2008 to invest up to GBP 99.4 million ($180.9 million according to the current exchange rate) compared to GBP 24.1 million in the first half of 2008 into the development of oil and gas fields in Ukraine, according to a report of the company posted on the London Stock Exchange.

Cadogan is intending to complete drilling of the Pirkovska No.2 and Borynia No.3 wells, and to conduct testing of the Pokrovska No.3 exploratory well, receiving the initial results in the third quarter of 2008, as well as complete testing of the Zahorianska No. 3 well in the fourth quarter of 2008.