REG-Cadogan Petroleum: Publication of Report on Payments to Governments <Origin Href="QuoteRef">CADP.L</Origin>

Cadogan Energy SolutionsAnnouncement

15/09/2016 12:23

15 September 2016

Cadogan Petroleum plc (the "Company")

Consolidated report on payments to governments

Cadogan Petroleum plc presents below its consolidated report on payments to
governments for the year ended 31 December 2015, for activities related to
exploration, development and extraction of oil and gas resources.The report
has been prepared 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).

Payment types are disclosed at the level of operational activities governed by
a single contract, license or similar legal agreements and form the basis for
payment liabilities with a government. The payments are presented on a cash
basis, and do not contain interests and penalties on late tax payments or on
underpaid tax as all payments were made in due time There were no payments in
kind made to a Government during the year.

For the year ended 31 December 2015 the Group disclosed in the report
production taxes which are payments to governments in relation to revenue or
production generated under license agreements.

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 to government below the threshold of £86 thousand ($131 thousand
based on average exchange rate for the year) were excluded from the report as
permitted by the regulations.

In the year ended 31 December 2015 the Group operated only in Ukraine, so
there were payments only made to Ukrainian government.

Payments summary

 Payments to governments made during the year ended 31 December 2015: 
                                         Production taxes  Total 
 Ukrainian government                               $'000  $'000 
 State treasury: State budget                       1,205  1,205 
 Total                                              1,205  1,205 
                                                                 
 Payments to governments by project type made during the year ended 31 December 2015: 
                                         Production taxes  Total 
                                                    $'000  $'000 
 Ukraine                                                         
 Debeslavetska Production license area                765    765 
 Monastyretska license area                           241    241 
 Cheremkhivska Production license area                193    193 
 Slobodo-Rungurska license area                         5      5 
 Total                                              1,205  1,205 

Cadogan Petroleum
plc                                 
            +380 (44) 594 5870
Guido Michelotti, Chief Executive Officer
Marta Halabala, Company Secretary 

Cantor Fitzgerald Europe                                    
       +44 (0) 20 7894 7000
David Porter
Sarah Wharry



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