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

Cadogan Energy SolutionsAnnouncement

17/05/2017 13:05

17 May 2017

 Publication of Report on Payments to Governments

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 2016, 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 2016:

Production taxes

Payments to governments in relation to revenue or production generated under
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.

We did not include into the summary corporate income tax payments and licence
fees paid because in 2016 they were below the threshold of £86 thousand
($131 thousand based on average exchange rate for the year).

Payments summary

 Payments to governments made during the year ended 31 December 2016: 
                                         Production taxes  Total 
 Governments                                        $'000  $'000 
 Ukraine                                                         
 State treasury: State budget                         954    954 
 Total Ukraine                                        954    954 
 Grand Total                                          954    954 
                                                                 
 Payments to governments by project type made during the year ended 31 December 2016: 
                                         Production taxes  Total 
                                                    $'000  $'000 
 Ukraine                                                         
 Debeslavetska Production licence area                488    488 
 Monastyretska licence area                           292    292 
 Cheremkhivska Production licence area                174    174 
 Slobodo-Rungurska licence area                         -      - 
 Total Ukraine                                        954    954 

For further information, please contact:

Cadogan Petroleum plc

Guido Michelotti, Chief Executive Officer
+380 (44) 594 5870

Ben Harber, Company Secretary
+44 0207 264 4366

Cantor Fitzgerald Europe

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

This information will be available shortly on the National Storage Mechanism.



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