REG-Cadogan Energy Solutions Plc: Consolidated report on payments to governments

Cadogan Energy SolutionsAnnouncement

15/05/2023 07:15

15 May 2023

Cadogan Energy Solutions plc (the "Company")

Consolidated report on payments to governments

Cadogan Energy Solutions plc presents below its consolidated report on
payments to governments for the year ended 31 December 2022, for activities
related to exploration, development and extraction of oil and gas resources.

The Company has prepared the following consolidated report in accordance with
DTR 4.3A of the Financial Conduct Authority Disclosure and Transparency Rules
and in compliance with the Reports on Payments to Governments Regulations 2014
(SI 2014/3209), as amended by the Reports on Payments to Governments
(Amendment) Regulations 2015 (SI 2015/1928).

Basis of preparation

The Company discloses below payments made to governments of the Group's
subsidiaries involved in extractive activities. The term 'government' includes
a department, agency or entity that is controlled by the government authority.

Reporting currency

Where payments have been made in currencies other than the reporting currency
(USD), the exchange rate existing at the time the payment is made has been
used.                             

Payment types disclosed at project level

"Project" is defined as "operational activities governed by a single contract,
licence, lease, concession or similar legal agreements and form the basis for
payment liabilities with a government". Where multiple such agreements are
substantially interconnected, this was considered a project for the purpose of
this report.

The payments are presented on a cash basis, net of any interest and penalties
on late tax payments or on underpaid tax.

There were no payments in kind made to a Government during the year.

The following payment types are disclosed for legal entities involved in
extractive activities for the year ended 31 December 2022:

Production taxes

Payments to governments in relation to revenue or production generated under
hydrocarbon (oil) production license agreements.      

Excluded amounts

Taxes levied on consumption such as value added taxes, personal income taxes,
sales taxes, property and environmental taxes have not been included in this
report.

Payments summary

                                                        
 Payments to governments made during the year ended 31 December 2022: 
                               Production taxes  Total  
 Governments                         $'000       $'000  
 Ukraine                                                
 State treasury: State budget        3 741       3 741  
 Total Ukraine                       3 741       3 741  
 Grand Total                         3 741       3 741  
                                                        
 Payments to governments by project type made during the year ended 31 December 2022: 
                               Production taxes  Total  
                                     $'000       $'000  
 Ukraine                                                
 Blazhivske license area       3 741             3 741  
 Total Ukraine                       3 741       3 741  
 Grand Total                         3 741       3 741  

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



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