KIEV, Dec. 25 – Cadogan Petroleum Plc, a British oil and gas producer with Ukrainian assets, is to invest $76.2 million (GBP50.8 million) in capital expenditure in 2009 and $56.7 million (GBP37.8 million) in 2010, deferring $179 million (GBP119.3 million) of capital expenditure in total over those two years.

"For various operational reasons, first production from Pirkovskoe and Zagoryanska is not now expected until Q1 2009," said the company.