REG-Cadogan Petroleum: Report on Payments to Governments

Cadogan Energy SolutionsAnnouncement

08/05/2018 07:05

08 May 2018

 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 2017, 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 2017:

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 to governments made during the year ended 31 December 2017: 
                                        Production taxes  Total  
 Governments                                  $'000       $'000  
 Ukraine                                                         
 State treasury: State budget                       1,207  1,207 
 Total Ukraine                                      1,207  1,207 
 Grand Total                                        1,207  1,207 
                                                                 
 Payments to governments by project type made during the year ended 31 December 2017: 
                                        Production taxes  Total  
                                              $'000       $'000  
 Ukraine                                                         
 Debeslavetska Production licence area                523    523 
 Monastyretska licence area                           438    438 
 Cheremkhivska Production licence area                246    246 
 Total Ukraine                                      1,207  1,207 

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

David Porter/Nick Tullock

+44 (0) 20 7894 7000
 

This information will be available shortly on the National Storage Mechanism



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