UPDATE 1-Cadogan starts legal action against 2 ex-directors

* Starts legal action against ex CEO and former COO

* Gets "freezing order" against the ex execs and their firms

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LONDON, June 26 (Reuters) - Cadogan Petroleum Plc (CADP.L) said on Friday it had started litigation in the High Court in London against its former chief executive and chief operating officer after an internal probe into potential accounting irregularities.

Cadogan said it had named former CEO Mark Tolley and ex-COO Vasyl Vivcharyk and seven other defendants in the case.

"The actions are the first steps in a major campaign to obtain redress for the company arising from the previously announced internal investigation of potential irregularities surrounding the procurement of and payment for certain assets and services," Cadogan said in a statement.

Cadogan said in May that it had identified potential irregular payments of between $5 million and $7 million related to procurement. [ID:nBNG405789]

Ukraine-focused Cadogan said the seven other defendants include companies controlled by the former executives, two suppliers to Cadogan and some individuals associated with those suppliers.

"The High Court has granted worldwide 'freezing orders' against the former executives and their companies," Cadogan said in a statement.

The company said its investigation was continuing.

Tolley stepped down as chief executive on March 19, while Vivcharyk resigned as chief operating officer on June 9. [ID:nWLA0291] (Reporting by Julie Crust; editing by xxx)