Eni will initially acquire a 30% interest in the Pokrovskoe license, with the option to acquire a further 30% interest in the future and acquire a 60% interest in the Zagoryanska license.
Eni will pay $38m initially and fund a $30m work program.
Eni will also pay Cadogan up to an additional $90m, depending on successful results from the programs and getting production licenses.
The company said that the transaction is expected to be completed on or around 30 June 2011.
The $30m work program on Pokrovska will be used to fulfil the work obligations on the license and will test the potential of the upper and lower Visean intervals which had strong indications of hydrocarbons in wells on the license.
