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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cadogan Energy Solutions Plc | LSE:CAD | London | Ordinary Share | GB00B12WC938 | ORD 3P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.50 | 2.40 | 2.60 | 2.50 | 2.50 | 2.50 | 0.00 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Drilling Oil And Gas Wells | 8.47M | -1.56M | -0.0064 | -3.91 | 6.1M |
CADOGAN PETROLEUM PLC Cadogan Operations Update The Company has noted that the Ukrainian Government last week passed emergency budget legislation increasing production taxes for the oil and gas industry for the period 1 August 2014 to 31 December 2014. Tax on gas production from horizons shallower than 5,000m increases to 55 per cent, for those deeper than 5,000m it increases to 28 per cent (from 28 per cent and 15 per cent respectively). Tax on oil production from horizons shallower than 5,000m increases to 45 per cent (previously 39 per cent), for those deeper than 5,000m it increases to 21 per cent (previously 18 per cent). For gas wells put on stream after 1 August 2014, a coefficient of 0.55 will be applied against the rates for the first 2 years of production. The Company believes that at current production levels, given its current cash position of $47.0 million (excluding $1.0 million of the Group's share of cash and cash equivalent in joint ventures and excluding $5.0 million of yield-generating fixed income investments), the increase in rates until 31 December 2014 will not have a material effect on the Group's financial position, operations or work programme. The Board of Cadogan will continue to evaluate the impact of the changing fiscal environment and take such operational and financial measures as it may consider necessary to protect the interests of the Company and its shareholders. Further to the Company's operations update dated 15 May 2014, Cadogan now expects a slight delay for commencing drilling its first well in Debeslavetaska to November 2014 (previously late September), due to reverification of the drilling coordinates. Cadogan is pleased to report a further increase in stable production in Monastyretska to 50 bopd. Performance tests continue. Enquiries: Cadogan Petroleum Plc +380 (44) 591 0390 Bertrand des Pallieres Chief Executive Officer Laurence Sudwarts Company Secretary Cantor Fitzgerald Europe +44 (0) 20 7894 7000 David Porter Richard Redmayne
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