REG-Cadogan Petroleum: Report on Payments to Government

Cadogan Energy SolutionsAnnouncement

11/05/2021 07:05

11 May 2021

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 2020, 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,
licence, 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 2020:

Production taxes

Payments to governments in relation to revenue or production generated under
hydrocarbon (oil) production licence 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 2020: 
                               Production taxes  Total  
 Governments                         $'000       $'000  
 Ukraine                                                
 State treasury: State budget              1 298  1 298 
 Total Ukraine                             1 298  1 298 
 Grand Total                               1 298  1 298 
                                                        
 Payments to governments by project type made during the year ended 31 December 2020: 
                               Production taxes  Total  
                                     $'000       $'000  
 Ukraine                                                
 Monastyretska licence area                1 298  1 298 
 Total Ukraine                             1 298  1 298 
 Grand Total                               1 298  1 298 

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



Copyright (c) 2021 PR Newswire Association,LLC. All Rights Reserved