Cadogan Petroleum Operations Update

 
TIDMCAD 
 
Press Release 
 
              30 January 2023 
 
This announcement contains inside information as defined under the Market Abuse 
Regulations n. 596/2014 
 
                         Cadogan Energy Solutions Plc 
 
                         ("Cadogan" or the "Company") 
 
Cadogan Energy Solutions plc ("Cadogan"), the London Stock Exchange listed 
independent energy company is pleased to provide the following operational 
update post year end. 
 
2022 has been a high challenging year for Cadogan due to the invasion of 
Ukraine by Russia and its direct and subsequent consequences on the Ukrainian 
economy and infrastructure. The operational activities of the Company in 
Ukraine have been directly impacted. 
 
In the first half of 2022, the production was suspended for 3 weeks in March 
2022 and was resumed after securing the employees, the assets, the financial 
transactions and the sales process. 
 
In the second half of 2022, there have been several production stoppages due to 
the reduction of crude oil consumption by oil refineries caused mainly by the 
Russian strikes or by power outage due to similar strikes of the electricity 
infrastructure. 
 
As a consequence, the net oil production for 2022 was 117,793 bbl and averaged 
323 bpd which is 8% below the production of 2021. The Company is currently 
analyzing several solutions to overcome these constraints for its crude oil 
production in 2023. 
 
In 2022, the Company completed studies and data reprocessing and 
reinterpretation of old 2D seismic of Blazhiv field launched at the end of 
2021, and received the required data for field skeleton structural and tectonic 
modeling. 
 
All activities were executed without LTI or TRI, with a total of over 1,570,000 
manhours since the last incident. Besides, the Company has successfully passed 
ISO audit whereas ISO 14001 and 45001 certification were re-validated by 
respective authority for the new term. 
 
In 2022, the Kyiv Administrative Court and further on the Supreme Court have 
not taken into consideration the Company's arguments regarding the Bitlyanska 
license award approval and rejected the claims. 
 
The litigation case with the Ukrainian Tax Administration has been ended in 
favor of the position defended by Cadogan. 
 
                                     ENDS 
 
About 
 
Cadogan is an independent, energy company, which operates an exploration and 
production license in Western Ukraine, conducts gas trading operations, and 
provides services to E&P companies. The aim of the Company is to be a 
diversified energy group making investments offering energy solutions and 
alternative services with a lower environmental impact. 
 
For further information, please contact: 
 
Cadogan Energy Solutions plc 
Fady Khallouf                 Chief Executive Officer 
f.khallouf@cadogan-es.com 
Ben Harber                       Company Secretary                       +44 
0207 264 4366 
 
 
 
END

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January 30, 2023 02:06 ET (07:06 GMT)

Cadogan Energy Solutions (AQSE:CAD.GB)
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