REG-Cadogan Petroleum: Operations Update

Cadogan Energy SolutionsAnnouncement

22/11/2022 07:15

Press Release
                                                                                                       
              22 November 2022

This announcement contains inside information as defined under the Market
Abuse Regulations n. 596/2014

Cadogan Petroleum plc (changing to Cadogan Energy Solutions Plc)

(“Cadogan” or the “Company”)

Cadogan Petroleum plc (“Cadogan”), the London Stock Exchange listed
independent energy company is pleased to provide the following operational
update.

All of our employees are safe. The Company continues to daily monitor the
situation and take the appropriate actions to ensure their safety and their
essential needs.

After the decision of the Supreme Court in Kiev in favor of the position
defended by the Company, the litigation case with the Tax Administration has
been ended. This will not have any financial impact on the 2022 accounts as
the successful outcome was anticipated in the 2020 and 2021 annual accounts.

The Company continued defending its positions for the 20-year Bitlyanska gas
license and filed a claim at the Cassation Court.  

The projects for gas exploration and production developed by our subsidiary
Exploenergy in Italy (90% Cadogan) are included in the eligible areas
identified by the Plan for Sustainable Energy Transition in Eligible Areas
(PITESAI). The administrative process is ongoing.

ENDS

About

Cadogan is an independent, energy company, which operates exploration and
production licenses 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 Petroleum plc
Fady Khallouf                 Chief Executive Officer 
              fady.khallouf@cadoganpetroleum.com
Ben Harber                       Company Secretary
                      +44 0207 264 4366



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