REG-Cadogan Petroleum: Report on Payments to Government

Cadogan Energy SolutionsAnnouncement

15/05/2020 07:05

15 May 2020

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 2019, 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,
license, 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 2019:

Production taxes

Payments to governments in relation to revenue or production generated under
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 summary                                                  
 Payments to governments made during the year ended 31 December 2019: 
                                           Production taxes  Total 
 Governments                                          $'000  $'000 
 Ukraine                                                           
 State treasury: State budget                         2,263  2,263 
 Total Ukraine                                        2,263  2,263 
 Grand Total                                          2,263  2,263 
                                                                   
 Payments to governments by project type made during the year ended 31 December 2019: 
                                           Production taxes  Total 
                                                      $'000  $'000 
 Ukraine                                                           
 Blazhiv (ex-Monastyretska) license area              2,203  2,203 
 Debeslavetska Production license area                   60     60 
 Total Ukraine                                        2,263  2,263 
 Grand Total                                          2,263  2,263 

ENDS

About

Cadogan is an independent, diversified oil and gas company, which operates
exploration and production licenses in Western Ukraine, conducts gas trading
operations, and provides services to E&P companies.

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

Cantor Fitzgerald Europe         Broker to Cadogan Petroleum plc

David
Porter                                                                                                
+44 (0) 20 7894 7000



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