REG-Cadogan Energy Solutions Plc: Operations Update

Cadogan Energy SolutionsAnnouncement

11/02/2026 07:02

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") is pleased to provide the following
operational update post year end.

2025 has been an important and challenging year for Cadogan. Like in the
previous years, the Group's operations in Ukraine have been conducted under
war time conditions with continued bombing against the Country's energy
infrastructure and its subsequent consequences on the local economy.          
 Despite the persistent challenges, Cadogan maintained safe operations
throughout the year, and was able to overcome the obstacles to develop its
power generation projects.

In the oil production activities, comprehensive hydrodynamic surveys of all
wells at the Blazhiv field were completed. The results of these surveys led to
update the hydrodynamic model and a refinement of production indicators. The
net oil production amounted to 117,408 barrels, corresponding to an average
production rate of 321 barrels per day. This represents a 9% decrease compared
to the prior year, due to the temporary production shutdowns required to
conduct these surveys, the short-term interruptions related to the equipment
maintenance and disruptions in energy supplies. The average sales price
dropped down and was around 47$ per bbl.

In 2025, Cadogan invested in the electricity sector and developed the new
power generation projects, totalling 12.3 MW, including infrastructure
equipment to connect to the grids (gas and electricity). The first tranche of
4.6 MW became operational on January 30(th), 2026.  This is a significant
milestone in Cadogan's strategy shifting the business model to a multi-energy
group and entering the power generation sector for the first time in the
Company's history. The remaining 7.7 MW are in the final stages of completion
and are expected to become operational in the coming weeks.

The gas-to-power project (0.85 MW), together with the associated gas
infrastructure utilizing the non-commercial gas from oil production, has been
fully completed and is awaiting final regulatory approval, after which
operations will commence imminently. The project timeline was extended due to
unforeseen administrative delays related to grid connection and permitting.
This project will allow to drop significantly the CO2 emissions related to the
oil production activities. In 2025, the use of purchased green certificates
has allowed to reduce the intensity ratio by 4%. In 2026, the start of
operations of the gas-to-power will contribute to reduce this ratio by over
70% for this activity.

In Italy, the Group has been granted two gas exploration licenses in Northern
Italy. The preliminary studies necessary for the preparation of the
exploration operations were started in 2025 and will be completed in 2026.

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

ENDS

About

Cadogan is an independent multi-energy group, listed on the Main Market of the
London Stock Exchange, operating an exploration and production license in
Ukraine, with two gas exploration licenses in Northern Italy. Cadogan is now
an operator in the power generation sector. The Company's goal is to expand
its investments across the energy value chain with a focus on energy solutions
and services with a reduced environmental footprint.

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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