REG-Cadogan Energy Solutions Plc: Operations Update

Cadogan Energy SolutionsAnnouncement

30/01/2025 07:00

Press Release
                                                                                                    
              30 January 2025

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 company, is pleased to provide the following operational update
post year end.

In 2024, Cadogan continued to face challenges arising from the ongoing war in
Ukraine, and specifically the Russian attacks targeting the Country's energy
infrastructure.

Notwithstanding these constraints, the Company ensured that all wells at
Blazhiv field remained operational, avoiding oil production shutdowns. As a
result, production grew by 12% compared to the 2023 levels. The net oil
production was 129,272 bbl, corresponding to a daily production average of 353
bpd.

In 2024, the update of the Blazhiv license reserves assessment was completed.
As reported last year, the Blazhiv field contains 3.05 million boe of 3P
reserves and additionally 0,64 million boe of 2C contingent resources. The
results of this assessment indicate a robust position with a strong reserves
base.

In 2024, the Group implemented its initiative on Blazhiv wells to convert the
non-commercial associated gas into electricity by installing a 0.85 MW
gas-to-power generator. This generator will become operational in March 2025.

Furthermore, in 2024, the Group has accelerated its diversification in the
electricity sector. Cadogan has started investments in new power generation
opportunities in Ukraine, with a total installed capacity of approximately 12
MW. The projects are expected to be operational in Q3 2025.

Cadogan remains steadfast in its commitment to environmental protection by
actively working to reduce its greenhouse gas emissions. In addition to the
previous initiatives, in 2024, the Group purchased green certificates,
ensuring that the electricity consumed for its operations in Ukraine is
entirely sourced from renewable energy.

All activities were executed without LTI or TRI, with a total of 1,874,000
manhours since the last incident. Cadogan has also successfully passed ISO
audit whereas ISO 14001 and 45001 certifications were re-validated by the
respective authority for the new 3-year term.

In December 2024, Cadogan and Proger entered in a Settlement Agreement for
their litigations on the Loan Agreement signed in February 2019. Cadogan
received an amount of 10,000,000 euros on January 27(th), 2025. Consequently,
Cadogan exited from the Loan Agreement and notifications are currently being
made to end the Arbitration procedure and the claim at the Appeal Court of
Rome. This important and significant transaction will be included in the 2024
accounts with an impairment of the Loan value ( -5.7 million USD) in the 2024
balance sheet and in the P&L.

ENDS

About

Cadogan Energy Solutions 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. Cadogan is currently
developing several power generation projects in Western Ukraine to be
operational in 2025. 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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