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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% | 2.25 | 2.00 | 2.50 | 2.25 | 2.25 | 2.25 | 30,000 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Drilling Oil And Gas Wells | 8.47M | -1.56M | -0.0064 | -3.52 | 5.49M |
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CADOGAN PETROLEUM PLC
Half Yearly Report for the Six Months ended 30 June 2015
(Unaudited and unreviewed)
Highlights
Cadogan Petroleum plc ("Cadogan" or the "Company"), an independent oil and gas
exploration, development and production company with onshore gas, condensate
and oil assets in Ukraine, announces its unaudited results for the six months
ended 30 June 2015.
* The continued efforts to preserve cash have been successful, moving the
Company closer to cash neutrality, notwithstanding an unfavorable scenario
* Production has continued from Debeslavetska, Cheremkivska and Monastyretska
licences and was 118 boepd (net) at the end of June. Average net production
for the reporting period was 88 boepd (versus 93 boepd in H1 2014), the
reduction being the result of a temporary halt to Monastyretska operations
while waiting for the renewal of the licence
* Monastyretska and Bytlyanska licences have been renewed until November 2019
and December 2019, respectively, and the renewal of the expired Zagoryanska
licence follows its normal due process
* The Ukrainian Hryvnia has further devalued against the USD, which is the
Group's reporting currency, resulting in a significant decrease in the
reported USD value of the assets in the country
* Guido Michelotti, a former eni executive with more than 30 years of
Exploration and Production ("E&P") experience, has been appointed CEO to
replace Bertrand des Pallieres who has moved to lead the Cadogan's growing
gas trading business
Enquiries:
Cadogan Petroleum +380 (44) 594 5870
Plc
Guido Michelotti Chief Executive
Marta Halabala Officer
Company Secretary
Cantor Fitzgerald +44 (0) 20 7894 7000
Europe
David Porter
Richard Redmayne
Board Statement
Introduction
The reporting period has not been easy for the oil and gas industry, in
general, and for companies operating in Ukraine in particular. The negative
impact of persistent low prices has been compounded in Ukraine by the
devaluation of the currency and the extension into 2015 of the harsh fiscal
regime introduced in 2014 as a temporary measure. After the end of our
reporting period, the government announced that the harsher regime will be
abolished and the relevant draft legislation submitted to parliament for vote.
It, unfortunately, may not apply to Joint Ventures and Debeslavetske and
Cheremkhivske gas production falls under this category.
In this challenging context the Group has continued to focus on controlling its
costs in order to preserve cash. A right-sizing program to further reduce the
number of staff has been started and at the same time a broader review of the
administrative expenses undertaken; as part of this exercise the Company has
moved its Ukrainian headquarters to a smaller office.
On the technical side the activity has focused on maintaining the licences and
efficiently producing from the existing fields within the Debeslavetska,
Cheremkhivska and Monastyretska licences. Revenues from production have been
negatively affected not only by the lower realised prices, but also by the
delays in securing the renewal of the Monastyretska licence and by the very
harsh fiscal regime imposed in 2014 and maintained throughout the reporting
period.
Operations
The E&P activity has focused on maintaining the licences' validity and on
safely and efficiently producing from the existing fields within the
Debeslavetska, Cheremkhivska and Monastyretska licences. At the end of the
reporting period production rate was increased to 118 boepd, but this has not
been enough to offset the negative impact of the delay of Monastyretska licence
approval. The average production in the reported period was 88 boepd slightly
below the 93 boepd of H1 2014.
In the Pirkovskoe licence, the work-over and testing activity on well PIRK-1
confirmed the presence of a hydrocarbon, but so far no commercial production
has been achieved.
Results of well Deb-15 have been integrated into the subsurface model to
enhance the calibration of both seismic attributes and electric logs and thus
de-risk the remaining exploration potential of the licence.
Trading
The trading activity has grown in the first half of the year, bringing the
volumes traded to around 125 million cubic meters of gas which is almost twice
the volumes traded in 2014. Cadogan has managed to capture the benefits of the
volatile environment of the Ukrainian gas market at the beginning of the year
within a disciplined risk management framework.
Financial position
At the date of this report, the Group had cash and cash equivalents of
approximately $47.5 million excluding $0.3 million of Cadogan's share of cash
and cash equivalents in the joint ventures, including $20 million of restricted
cash. The Directors believe that the capital available at the date of this
report is sufficient for the Company and the Group to continue operations for
the foreseeable future.
Outlook
The cost reduction efforts combined with the net margins generated by trading
will help the Company to preserve the cash at this difficult juncture for the
country and for the oil industry, so as to be ready to capture opportunities in
and outside of Ukraine as they materialise.
The Board remains confident that the democratic process in Ukraine will deliver
increased transparency and that the current economic difficulties will be
overcome with the support of international financial institutions. The harsher,
temporary fiscal terms introduced last year are expected to be withdrawn and
this will contribute to restoring the conditions for investing in the
exploitation of the marginal and technically challenging fields of Ukraine. At
the same time the crisis of the oil and gas industry triggered by the
persistent low oil prices is creating opportunities for companies like Cadogan
which have the cash, the experience and the know-how to operate in an efficient
manner.
The Board is of the opinion that the recent executive appointments, new CEO and
new Head of Trading, have strengthened the Company: their competencies in
upstream, M&A, financing and trading complement each other and will prepare
Cadogan to capture and manage the opportunities which will materialise in and
outside of Ukraine.
Operations Review
In 2015 the Group held working interests in eight (2014: nine) gas, condensate
and oil exploration and production licences in the East and West of Ukraine;
Zagoryanska licence expired in April and was not renewed due to an absence of
interest in the field development from eni. Subsequent to eni's withdrawal
Cadogan has taken all necessary actions to re-obtain the licence via one of its
wholly owned subsidiaries. All these assets are operated by the Group and are
located in either the Carpathian basin or the Dnieper-Donets basin, in close
proximity to the Ukrainian gas distribution infrastructure. The Group's primary
focus during the period continued to be on the re-evaluation of the existing
assets to define the best drillable prospects and enhancement of current
production results.
Summary of the Group's licences (as of 30 June 2015)
Working Licence Expiry Licence type(1)
interest (%)
Major
licences
70.0 Pokrovskoe August 2016 E&D
100.0 Pirkovskoe October 2015 E&D
99.8 Bitlyanska December 2019 E&D
Minor
licences
99.2 Debeslavetska(2) November 2026 Production
99.2 Debeslavetska(2) September 2016 E&D
53.4 Cheremkhivska(2) May 2018 Production
100.0 Slobodo-Rungerska April 2016 E&D
99.2 Monastyretska November 2019 E&D
(1) E&D = Exploration and Development.
(2) Debeslavetska and Cheremkhivska licences are held by WGI, in which the
Group has a 15% interest. The Group has 99.2% and 53.4% of economic benefit in
conventional activities in Debeslavetska and Cheremkhivska licences
respectively through Joint Activity Agreements ("JAA").
In addition to the above licences, the Group has a 15 percent interest in WGI,
which holds the Reklynetska, Zhuzhelianska, Cheremkhivsko-Strupkivska,
Debeslavetska Exploration, Debeslavetska Production, Baulinska, Filimonivska,
Kurinna, Sandugeyivska and Yakovlivska licences for unconventional activities.
Below we provide an update to the full Operations Review contained in the
Annual Financial Report for 2014 published on 30 April 2015.
Pokrovskoe licence
The Group holds a 70 per cent working interest in the Pokrovskoe licence area,
the remainder owned by Eni pursuant to a joint venture formed in July 2011 (the
"JV"). The exploration and development licence covers 49.5 square kilometres
and will expire in August 2016. The Group has already started the process of
the licence extension. Pokrovskoe wells' re-entering interest was confirmed by
a local operator and is planned after the licence extension is obtained.
The Pokrovskoe licence covers seven promising hydrocarbon bearing zones, two
already defined as drillable prospects, 2,200m deep. The qualification and
volumetric definition of five other identified leads are planned.
Pirkovskoe licence
The Group has a 100 per cent working interest in the Pirkovskoe exploration and
appraisal licence that covers 71.6 square kilometres and will expire in October
2015. The licence application for 20-years production period is in progress;
documents were already transferred to the State Commission of Reserves of
Ukraine for approval.
One promising hydrocarbon bearing zone has been identified and qualified as a
drillable prospect at a depth of circa 2,200m. In Pirk-1 the well re-entry
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activity continues and presently the work-over for testing the intervals of
Lower Visean and Tournaisian (around 5,100m deep) is ongoing. Regardless of the
evident gas and oil shows, a commercial inflow has not been obtained so far.
Operations are expected to continue until October 2015. Re-evaluation of
existing wells for re-entry potential is ongoing.
Bitlyanska licence area
The Bitlyanska exploration and development licence covers an area of 390 square
kilometres, and the Group's interest approximates to 99.8 per cent, varying
with production. The licence extension has been granted until December 2019.
In this licence area there are three hydrocarbon discoveries; namely
Bitlyanska, Borynya and Vovchenska. The Borynya 3 well re-entry confirmed the
presence of several promising gas bearing zones though no commercial production
was obtained. The well monitoring and scheduled pressure bleed-off is being
routinely performed.
Zagoryanska licence (licence renewal is in progress)
The Group had a 40 per cent working interest in the Zagoryanska licence area,
the remainder held by Eni pursuant to the JV. The exploration and development
licence covered 49.6 square kilometres and expired in April 2014.
Following disappointing results in 2012, an extensive revision and
reinterpretation of the 3D seismic and Geology and Geophysics ("G&G") studies
are still on-going to assess the potential of all the possible reserves, as
well as the re-entry in the existing wells. Cadogan is taking all the necessary
actions to obtain a 100 percent working interest in the renewed 20 years
production licence via one of its wholly owned subsidiaries. Zagoryanska wells'
re-entering interest was confirmed by a local operator and is planned after the
licence extension is obtained.
The gas production facility is under conservation condition as per Ukrainian
legislation and HSE best practices.
Minor fields
The Group has a number of minor licence areas located in western Ukraine. These
include the following:
* Debeslavetska Production licence area
The field is regularly producing around 11,000 scm of gas per day (68 boepd).
The new compressor unit and dehydration facilities confirmed the reduction in
fuel consumption and air emissions.
Existing wells production regimes and production optimisation study were
conducted, resulting in a plan for re-entering six wells. Activity start-up is
scheduled for August 2015.
* Debeslavetska Exploration licence area
The exploration licence surrounding the Debeslavetska Production licence area,
despite the disappointing results of the well Deb-15, is considered promising
in the shallow horizons for gas production potential, and two other prospects
have been confirmed.
* Cheremkhivska Production licence area
The production licence is currently producing 2,500 scm of gas per day (15
boepd). This licence is considered promising with the same target opportunities
as Debeslavetska and its shallow gas exploration potential is under further
evaluation.
* Slobodo-Rungerska licence area
This licence includes several old shallow oil wells, now abandoned or
temporarily shut-in. The Delta-1 well was re-entered and treated with a
chemical formation washing that marginally improved the well performance.
However, the significant water content (around 50 percent) and low formation
productivity quickly made production uneconomical. The well was shut down, and
a review of the field development strategy (including deeper exploration
targets) is ongoing.
* Monastyretska licence area
In April 2015 the exploration and development licence was extended until
November 2019. The Blazh 1 well production was resumed at the end of April and
is currently producing at a rate of circa 50 boepd, among the highest rates
since inception. Negotiations with a local operator for the acquisition of two
further existing wells, with the aim to bring them back to production, are
ongoing.
A re-evaluation of the reserves and resources for all licences based on the
work-over results and on ongoing studies has started and is expected to be
completed by year-end.
Service Company
activities
Cadogan's 100 percent owned subsidiary, Astro Service LLC, is proactively
looking for service opportunities to be delivered to the local E&P market. In
particular, Astro Service has participated in a tender for a contract for the
abandonment and restoration of wells, the result of which is expected in the
second part of the year.
Financial Review
Overview
In 2015 in addition to E&P activities the Group continued to focus on managing
the cost base by implementing a number of cost optimisation initiatives as well
as operating a relatively new energy trading business.
Trading operations included the importing of gas from the European Union
countries and local purchasing and sales activities with physical delivery of
natural gas and diesel. Furthermore, the Group continued to operate its service
business that includes drilling, construction and other services provided to E&
P companies.
Revenue has increased to $40.6 million in the first half of 2015 (30 June 2014:
$1.6 million, 31 December 2014: $32.6 million) due to gas and diesel trading
operations, which represent $39.6 million of total revenues; revenues from
production have slightly declined to $0.8 million (30 June 2014: $1.1 million,
31 December 2014: $2.4 million) mainly due to the price decrease and the
Blazhiv 1 well being temporary shut in due to the delay in the Monastyretska
licence extension.
Revenue from the service business, which includes drilling and construction
services, decreased to $0.2 million (30 June 2014: $0.4 million, 31 December
2014: $0.8 million) mainly due to the postponement of service contracts by
clients as a result of the situation in Ukraine.
The cash position of $55.1 million at 30 June 2015, including restricted cash
of $20 million, has increased from $48.9 million at 31 December 2014, mainly
due to to the advances paid by the gas customers. The net working capital has
slightly decreased to $51.8 million at 30 June 2015 from $53.7 million at 31
December 2014.
Income statement
* Loss before tax was $4.5 million (30 June 2014: $3.7 million, 31 December
2014: $59.1 million), of which $4.2 million (30 June 2014: $0.8 million, 31
December 2014: $54.7 million) is a share of losses of joint ventures. The
share of losses in Joint Ventures mainly arises on translation of Balance
Sheet items from UAH to USD, being the presentation currency of the Group.
* Revenues of $40.6 million (30 June 2014: $1.6 million, 31 December 2014:
$32.6 million) are comprised of $39.6 million in gas and diesel sales of
trading reportable segment, $0.8 million of E&P reportable segment and $0.2
million sales of service reportable segment. Cost of sales represents $35.7
million of purchases of gas for trading operating segment, $0.9 million of
production royalties and taxes, depreciation and depletion of producing
wells and direct staff costs for exploration and development and $0.1
million relates to the service segment. Gross profit has increased to $3.8
million (30 June 2014: $0.4 million, 31 December 2014: $2.8 million).
* Other administrative expenses of $3.6 million (30 June 2014: $3.6 million,
31 December 2014: $7.0 million) comprise other staff costs, professional
fees, Directors' remuneration and depreciation charges on non-producing
property, plant and equipment and provision for the performance payments in
relation to trading.
* Reversal of impairment of other assets of $1.5 million (30 June 2014: $0.6
million, 31 December 2014: $0.9 million) represent a release in relation to
an impairment of Ukrainian VAT.
* Share of losses in joint ventures of $4.2 million (30 June 2014: $0.8
million, 31 December 2014: $54.7 million) mainly represent translation loss
which arose primarily on translation of non-current assets of
Gazvydobuvannya LLC (Pokrovskoe licence) from UAH to USD, being the
presentation currency of the Group.
* Net foreign exchange loss of $0.9 million (30 June 2014: loss $1.5 million,
31 December 2014: gain of $3.0 million) mainly relates to the revaluation
of the USD-denominated monetary assets of the Group's UK entities which
have GBP as a functional currency.
Cash flow statement
The Consolidated Cash Flow Statement shows operating cash inflow before
movements in working capital of $0.5 million (30 June 2014: $4.1 million, 31
December 2014: $3.9 million). Cash inflows from movements in working capital in
2015 of $15.9 million mostly represent a decrease in trading receivables and
prepayments of $5.1 million, decrease in trading inventories of $4.7 million,
and an increase in prepayments received and trading payables of $4.1 million in
relation to trading reportable segment and $2.0 million of change in working
capital for other reportable segments. In addition, the Group has incurred
capital expenditure of $0.1 million (30 June 2014: $0.3 million, 31 December
2014: $0.5 million) on intangible Exploration and Evaluation ("E&E") assets and
$0.4 million (30 June 2014: $0.7 million, 31 December 2014: $1.6 million) on
Property, Plant and Equipment ("PP&E").
In 2015 the Group financed its trading operations with short-term borrowings
and as at 30 June 2015 the outstanding amount was $5.7 million (30 June 2014:
$nil, 31 December 2014: $17.3 million). Borrowings are represented by a credit
line drawn in UAH at a Ukrainian bank, a 100 percent subsidiary of a UK bank.
The credit line is secured by $20 million of cash balance placed at a UK bank.
Balance sheet
The cash position of $55.1 million at 30 June 2015, including restricted cash
of $20 million, has increased from $48.9 million at 31 December 2014 due to the
prepayments received from clients for gas supplies.
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Intangible E&E assets of $14.0 million (30 June 2014: $4.6 million, 31 December
2014: $18.3 million) represent the carrying value of the Group's investment in
E&E assets as at 30 June 2015. The PP&E balance of $2.8 million at 30 June 2015
(30 June 2014: $31.2 million, 31 December 2014: $3.8 million) reflects the cost
of developing fields with commercial reserves and bringing them into
production.
Investments in joint ventures of $10.1 million (30 June 2014: $52.5 million, 31
December 2014: $14.3 million) mainly represent the carrying value of the
Group's investments in Pokrovska licences and Westgasinvest LLC (costs related
to Zagoryanska licence have been fully impaired).
Trade and other receivables of $8.9 million (30 June 2014: $5.3 million, 31
December 2014: $17.9 million) include $5.1 million trading prepayments and
receivables, $1.6 million receivable from joint ventures in respect of
management charges (30 June 2014: $1.8 million, 31 December 2014: $1.9 million)
and VAT recoverable of $1.4 million (30 June 2014: $0.3 million, 31 December
2014: $1.7 million) to be recovered through gas trading operations.
In October 2014 the Group started to use the short-term facility in Ukraine for
its trading operations. The $5.7 million outstanding as of 30 June 2015
represents UAH 121.5 million borrowed in UAH to purchase natural gas and
diesel.
The $8.4 million of trade and other payables as of 30 June 2015 (30 June 2014:
$2.5 million, 31 December 2014: $5.1 million) represent $6.2 million (30 June
2014: $nil, 31 December 2014: $2.5 million) worth of advances received from
clients for future supplies of natural gas and $2.2 million (30 June 2014: $2.5
million, 31 December 2014: $2.3 million) of other creditors and accruals.
Commitments
There has not been any significant change in the commitments and contingencies
reported as at 31 December 2014 (refer to pages 78 and 79 of the Annual
Report).
Key performance indicators
The Group monitors its performance in implementing its strategy with reference
to clear targets set out for four key financial and one key non-financial
performance indicators ('KPIs'):
* to increase oil, gas and condensate production measured on number of
barrels of oil equivalent produced per day ('boepd');
* to increase the Group's oil and gas reserves by de-risking possible
resources and contingent reserves into 2P reserves. This is measured in
million barrels of oil equivalent ('mmboe');
* to decrease administrative expenses;
* to increase the Group's basic earnings per share; and
* to maintain no lost time incidents.
The Group's performance during the first six months of 2015 against these
targets is set out in the table below, together with the prior year performance
data. No changes have been made to the sources of data or calculations used in
the period/year.
Unit 30 June 30 June 31 December 2014
2015 2014
Financial KPIs
Average production (working boepd 88 93 99
interest basis) (1)
2P reserves (2) mmboe 0.6 2.6 0.6
Administrative expenses (3) $ 3.6 3.6 7.0
Basic loss per share (4) cent (1.9) (1.6) (25.6)
Non-financial KPIs
Lost time incidents (5) incidents - - -
(1) Average production is calculated as the average daily production during the
period.
(2) Quantities of 2P reserves as at 30 June 2014, 31 December 2014 and 30 June
2015 are based on Gaffney, Cline & Associates' ("GCA") independent reserves
report on 2P reserves as at 31 December 2009, dated 16 March 2010, as adjusted
for the actual production during 2015 and actual production and
reclassification to contingent resources.
(3) Administrative expenses for the six months ended 30 June 2015 of $3.6
million includes $0.9 million of provision for trading costs.
(4) Basic loss per Ordinary share is calculated by dividing the net loss for
the year attributable to equity holders of the parent company by the weighted
average number of Ordinary shares during the period.
(5) Lost time incidents relate to injuries where an employee/contractor is
injured and has time off work.
Treasury
The Group continually monitors its exposure to currency risk. It maintains a
portfolio of cash and cash equivalent balances mainly in US dollars ('USD')
held primarily in the UK and holds these mostly in call deposits. Production
revenues from the sale of hydrocarbons are received in the local currency in
Ukraine ('UAH') and to date funds from such revenues have been held in Ukraine
for further use in operations rather than being remitted to the UK. Funds are
transferred to the Company's subsidiaries in USD to fund operations, at which
time the funds are converted to UAH. Some payments are made on behalf of the
affiliates from the UK.
Going concern
After making enquiries, the Directors have a reasonable expectation that the
Company and the Group have adequate resources to continue in operational
existence for the foreseeable future. Accordingly, they continue to adopt the
going concern basis in preparing the Condensed Consolidated and Company
Financial Statements. For further detail refer to the detailed discussion of
the assumptions outlined in note 2(b) to the Condensed Consolidated Financial
Statements.
Risks and uncertainties
There are a number of potential risks and uncertainties, which could have a
material impact on the Group's long-term performance and could cause the actual
results to differ materially from expected and historical results. Executive
management review the potential risks and then classify them as having a high
impact, above $5 million, medium impact, above $1 million but below $5 million,
and low impact, below $1 million. They also assess the likelihood of these
risks occurring. Risk mitigation factors are reviewed and documented based on
the level and likelihood of occurrence. The Audit Committee reviews the risk
register and monitors the implementation of improved risk mitigation procedures
via Executive management.
The Group has analysed the following categories as key risks:
Risk Mitigation
Operational risks
Health, Safety and Environment ("HSE")
The oil and gas industry by its nature The Group maintains a HSE system in place
conducts activities that can be and demands that management, staff and
seriously impacted by health, safety contractors adhere to it. The system
and environmental incidents. Serious ensures that the Group meets Ukrainian
incidents can have not only financial legislative standards in full and achieves
implications but can also damage the international standards to the maximum
Group's reputation and the opportunity extent possible.
to undertake further projects.
Drilling operations
The technical difficulty of drilling The incorporation of detailed sub-surface
wells in the Group's locations and analysis into a robustly engineered well
equipment limitations can result in design and work programme, with
the unsuccessful completion of the appropriate procurement procedures and
well. competent on site management, aims to
minimise risk.
Production and maintenance
Some of the Group's facilities have All plants are operated at standards above
been inherited and, although fully the Ukrainian minimum legal requirements.
checked, were not installed under our Operative staff are experienced and
supervision and there is a risk of receive supplemental training to ensure
plant failure. that facilities are operated and
maintained at a high standard.
There is a risk that production or Service providers are rigorously reviewed
transportation facilities can fail due at the tender stage and are monitored
to the poor performance of the Group's during the contract period.
suppliers and control of some
facilities being with other
governmental or commercial
organisations.
Work over and abandonment
Certain wells owned by the Group were Work programmes are designed to assess the
drilled by the State and other private status of the wells and any work that is
companies and will be worked over. not safe or is not technically feasible
There is a risk that Cadogan's will be abandoned. Qualified professionals
activities fail because of problems will be used to design a step-by-step
inherited with these sites. approach to re-entering old wells.
Any well stock that is not considered All sites that are abandoned will be
satisfactory for purpose or poses an restored and re-cultivated to meet or
environmental hazard will need to be exceed standards required by the relevant
abandoned. environmental control authorities and in
compliance with recognised international
standards.
Sub-surface risks
The success of the business relies on All externally provided and historical
accurate and detailed analysis of the data is rigorously examined and discarded
sub-surface. This can be impacted by when appropriate. New data acquisition is
poor quality data, either historical considered and adequate programmes
or recently gathered, and limited implemented, but historical data can be
coverage. Certain information provided reviewed and reprocessed to improve the
by external sources may not be overall knowledge base.
accurate.
Risk Mitigation
Sub-surface risks (continued)
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Some local contractors may not acquire Detailed supervision of local contractors
data accurately, and there is by Cadogan management is followed. Plans
frequently the limited choice of are discussed well in advance with both
locally available equipment or local and international contractors in an
contractors of a desirable standard. effort to ensure that appropriate
equipment is available.
Data can be misinterpreted leading to All analytical outcomes are challenged
the construction of inaccurate models internally and peer reviewed.
and subsequent plans. Interpretations are carried out on modern
geological software. A staff training
programme has been put in place.
Area available for drilling operations If not covered by 3D seismic or fitting
is limited by logistics, over 2D seismic lines, the eventual well's
infrastructures and moratorium. This dislocation will not be accepted.
increases the risk for setting optimum
well coordinates.
Financial risks
The Group may not be successful in The Group performs a review of its oil and
achieving commercial production from gas assets for impairment on an annual
an asset and consequently the carrying basis. The Group considers on an annual
values of the Group's oil and gas basis whether to commission a Competent
assets may not be recovered through Person's Report ("CPR") from an
future revenues. independent reservoir engineer. The CPR
provides an estimate of the Group's
reserves and resources by field/licence
area. As no new production has been
achieved during 2014, management has
decided not to commission a new CPR during
2014.
As part of the annual budget approval
process, the Board considers and evaluates
projects for the forthcoming year and
considers the appropriate level of risk.
The Board has approved a work programme
for 2015. Further attempts to bring in
partners and mitigate the Group's risk
exposure are underway.
There is a risk that insufficient The Group manages the risk by maintaining
funds are available to meet adequate cash reserves and by closely
development obligations to monitoring forecasted and actual cash
commercialise the Group's major flow, as well as short and longer funding
licences. requirements. Management reviews these
forecasts regularly and updates are made
where applicable and submitted to the
Board for consideration.
The farm-out campaign to maintain current
cash balances and mitigate risk will
continue through 2015.
The Group could be impacted by failing These risks are mitigated by employing
to meet regulatory reporting suitably qualified professionals who,
requirements in the UK, and statutory working with advisers when needed, are
tax and filing requirements in both monitoring regulatory reporting
Ukraine and the UK. requirements and ensuring that timely
submissions are made.
The Group operates primarily in Clear authority levels and robust approval
Ukraine, an emerging market, where processes are in place, with stringent
certain inappropriate business controls over cash management and the
practices may from time to time occur. tendering and procurement processes.
This includes bribery, theft of Group Adequate office and site protection are in
property and fraud, all of which can place to protect assets. Anti-bribery
lead to financial loss. policies are also in place.
Risk Mitigation
Financial risks (continued)
The Group is at risk from changes in Revenues in Ukraine are received in UAH
the economic environment both in and expenditure is made in UAH, however,
Ukraine and globally, which can cause the prices for hydrocarbons are implicitly
foreign exchange movements, changes in linked to USD prices.
the rate of inflation and interest
rates and can lead to credit risk in The Group continues to hold most of its
relation to the Group's key cash reserves in the UK mostly in USD.
counterparties. Cash reserves are placed with leading
financial institutions that are approved
by the Audit Committee. The Group is
predominantly a USD denominated business.
Foreign exchange risk is considered a
normal and acceptable business exposure
and the Group does not hedge against this
risk for its E&P operations.
For trading operations, the Group matches
the revenues and the source of financing.
The Group is at risk that the We monitor the credit quality of our
counterparty will default on its counterparties and seek to reduce the risk
contractual obligations resulting in a of customer non-performance by limiting
financial loss to the Group. the title transfer to product until the
payment is received, prepaying only to
known credible suppliers
The Group is at risk that fluctuations The Group mostly enters into back-to-back
in gas prices will have a negative transactions where the price is known at
result for the trading operations the time of committing to purchase and
resulting in a financial loss to the sell the product. Sometimes the Group
Group. takes exposure to open inventory positions
when justified by the market conditions in
Ukraine.
Corporate risks
Should the Group fail to comply with The Group designs a work programme and
licence obligations, there is a risk budget to ensure that all licence
that its entitlement to the licence obligations are met. The Group engages
will be lost. proactively with the government to
re-negotiate terms and ensure that they
are not onerous.
Ukraine is an emerging market and as The Group minimises this risk by
such the Group is exposed to greater maintaining the funds in international
regulatory, economic and political banks outside Ukraine and by continuously
risks, more than other jurisdictions. maintaining a working dialogue with the
Emerging economies are generally regulatory authorities.
subject to a volatile political
environment that could adversely
impact Cadogan's ability to operate in
the market.
The Group's success depends upon The Group periodically reviews the
skilled management as well as compensation and contract terms of its
technical and administrative staff. staff.
The loss of service of critical
members of the Group's team could have
an adverse effect on the business.
We confirm that to the best of our knowledge:
(a) the Condensed set of Financial Statements has been prepared in accordance
with IAS 34 'Interim Financial Reporting';
(b) the interim management report includes a fair review of the information
required by DTR 4.2.7R (indication of important events during the first six
months and description of principal risks and uncertainties for the remaining
six months of the year);
(c) the interim management report includes a fair review of the information
required by DTR 4.2.8R (disclosure of related parties' transactions and
changes therein); and
(d) the condensed set of financial statements, which has been prepared in
accordance with the applicable set of accounting standards, gives a true and
fair view of the assets, liabilities, financial position and profit or loss of
the issuer, or the undertakings included in the consolidation as a whole as
required by DTR 4.2.4R.
This Half Yearly Report consisting of pages 1 to 24 has been approved by the
Board and signed on its behalf by:
Marta Halabala
Company Secretary
27 August 2015
_______________________________________________________________________________________
Cautionary Statement
The business review and certain other sections of this Half Yearly Report
contain forward looking statements that have been made by the directors in good
faith based on the information available to them up to the time of their
approval of this report. However they should be treated with caution due to
inherent uncertainties, including both economic and business risk factors,
underlying any such forward-looking information and no statement should be
construed as a profit forecast.
Condensed Consolidated Income Statement
Six months ended 30 June 2015
Six months ended 30 Year ended
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August 28, 2015 08:23 ET (12:23 GMT)
June 31 December
2015 2014 2014
$'000 $'000 $'000
Notes (Unaudited) (Unaudited) (Audited)
CONTINUING OPERATIONS
Revenue 3 40,603 1,573 32,623
Cost of sales 3 (36,758) (1,215) (29,813)
Gross profit 3,845 358 2,810
Administrative expenses:
Other administrative expenses (3,604) (3,585) (7,002)
Impairment of oil and gas assets - - (5,134)
Reversal of other assets impairment 1,486 609 877
(2,118) (2,976) (11,259)
Share of losses in joint ventures 6 (4,243) (834) (54,664)
Net foreign exchange (losses)/gains (953) (1,457) 3,036
Other operating income 43 321 547
Operating loss (3,426) (4,588) (59,530)
Investment revenue 81 179 852
Finance (costs)/income (1,128) 667 (468)
Loss before tax (4,473) (3,742) (59,146)
Tax (28) 112 (166)
Loss for the period/year (4,501) (3,630) (59,312)
Attributable to:
Owners of the Company 4 (4,495) (3,609) (59,271)
Non-controlling interest (6) (21) (41)
Loss per Ordinary share cent cent cent
Basic 4 (1.9) (1.6) (25.6)
Condensed Consolidated Statement of Comprehensive Income
Six months ended 30 June 2015
Six months ended 30 Year ended
June 31 December
2015 2014 2014
$'000 $'000 $'000
(Unaudited) (Unaudited) (Audited)
Loss for the period/year (4,501) (3,630) (59,312)
Other comprehensive loss
Items that may be reclassified subsequently
to profit or loss
Unrealised currency translation differences (6,647) (29,590) (28,153)
Other comprehensive loss (6,647) (29,590) (28,153)
Total comprehensive loss for the period/year (11,148) (33,220) (87,465)
Attributable to:
Owners of the Company (11,142) (33,199) (87,424)
Non-controlling interest (6) (21) (41)
(11,148) (33,220) (87,465)
Condensed Consolidated Statement of Financial Position
Six months ended 30 June 2015
Six months ended 30 June Year ended
31 December
2015 2014 2014
$'000 $'000 $'000
Notes (Unaudited) (Unaudited) (Audited)
ASSETS
Non-current assets
Intangible exploration and 5 14,049 4,637 18,289
evaluation assets
Property, plant and equipment 2,791 31,169 3,846
Investments in joint ventures 6 10,082 52,522 14,325
Other financial assets ventures - 3,763 -
26,922 92,091 36,460
Current assets
Inventories 7 2,687 2,196 9,940
Trade and other receivables 8 8,895 5,329 17,891
Cash and cash equivalents 55,105 47,908 48,927
66,687 55,433 76,758
Total assets 93,609 147,524 113,218
LIABILITIES
Non-current liabilities
Deferred tax liabilities (307) (447) (288)
Long-term provisions (37) (512) (55)
(344) (959) (343)
Current liabilities
Short-term borrowings 9 (5,664) - (17,327)
Trade and other payables 10 (8,437) (2,475) (5,068)
Current provisions (479) (12) (647)
(14,580) (2,487) (23,042)
Total liabilities (14,924) (3,446) (23,385)
Net assets 78,685 144,078 89,833
EQUITY
Share capital 13,337 13,337 13,337
Retained earnings 219,105 279,262 223,600
Cumulative translation reserves (155,638) (150,428) (148,991)
Other reserves 1,589 1,589 1,589
Equity attributable to equity 78,393 143,760 89,535
holders of the parent
Non-controlling interest 292 318 298
Total equity 78,685 144,078 89,833
Condensed Consolidated Cash Flow Statement
Six months ended 30 June 2015
Six months ended 30 June Year ended
31 December
2015 2014 2014
$'000 $'000 $'000
(Unaudited) (Unaudited) (Audited)
Operating loss (3,426) (4,588) (59,530)
Adjustments for:
Depreciation of property, plant and equipment 267 394 938
Impairment of oil and gas assets - - 5,134
Share of losses in joint ventures 4,243 834 54,664
Impairment of inventories - 32 253
Reversal of impairment of VAT recoverable (1,486) (641) (727)
Loss on disposal of property, plant and 18 157 211
equipment
Effect of foreign exchange rate changes 861 (243) (4,892)
Operating cash flows before movements in 477 (4,055) (3,949)
working capital
Decrease/(Increase) in inventories 4,758 882 (7,242)
Decrease/(Increase) in receivables 8,231 2,803 (10,285)
Increase/(Decrease) in payables and provisions 2,880 (967) 1,424
Cash from/(used in) operations 16,346 (1,337) (20,052)
Interest paid (1,168) - (218)
Income taxes paid (7) (2) (373)
Net cash inflow/(outflow) from operating 15,170 (1,339) (20,643)
activities
Investing activities
Investments in joint ventures - (2,800) (3,024)
Purchases of property, plant and equipment (362) (670) (1,611)
Purchases of intangible exploration and (174) (310) (468)
evaluation assets
Proceeds from sale of property, plant and - 108 84
equipment
Acquisition of financial assets - (5,000) -
Proceeds from financial assets - 1,295 -
Interest received 81 179 852
Net cash used in investing activities (455) (7,198) (4,167)
Financing activities
Proceeds from short-term borrowings 1,569 - 17,327
Repayment of short-term borrowings (9,245) - -
Net cash used in financing activities (7,676) - 17,327
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August 28, 2015 08:23 ET (12:23 GMT)
Net increase/(decrease) in cash and cash 7,039 (8,537) (7,483)
equivalents
Effect of foreign exchange rate changes (861) (39) (74)
Cash and cash equivalents at beginning of 48,927 56,484 56,484
period/year
Cash and cash equivalents at end of period/year 55,105 47,908 48,927
Condensed Consolidated Statement of Changes in Equity
Six months ended 30 June 2015
Cumulative
Share Retained translation Other reserves Non-controlling
capital earnings reserves Reorganisation interest Total
$'000 $'000 $'000 $'000 $'000 $'000
As at 1 January 2014 13,337 282,871 (120,838) 1,589 339 177,298
Net loss for the period - (3,609) - - (21) (3,630)
Exchange translation - - (29,590) - - (29,590)
differences on foreign
operations
As at 30 June 2014 13,337 279,262 (150,428) 1,589 318 144,078
Net loss for the period - (55,662) - - (20) (55,682)
Exchange translation - - 1,437 - - 1,437
differences on foreign
operations
As at 1 January 2015 13,337 223,600 (148,991) 1,589 298 89,833
Net loss for the period - (4,495) - - (6) (4,501)
Exchange translation - - (6,647) - - (6,647)
differences on foreign
operations
As at 30 June 2015 13,337 219,105 (155,638) 1,589 292 78,685
Notes to the Condensed Financial Statements
Six months ended 30 June 2015
1. General information
Cadogan Petroleum plc (the 'Company', together with its subsidiaries the
'Group'), is incorporated in England and Wales under the Companies Act. The
address of the registered office is 1st Floor, 40 Dukes Place, London, EC3A
7NH. The nature of the Group's operations and its principal activities are set
out in the Operations Review on pages 4 to 6 and the Financial Review on pages
7 to 9.
The financial information for the year ended 31 December 2014 does not
constitute statutory accounts as defined in section 434 of the Companies Act
2006, but is derived from those accounts. Statutory accounts for the year ended
31 December 2014 have been delivered to the Registrar of Companies. The
auditor's report on those accounts was not qualified. The auditor's report did
not contain a statement under section 498(2) (unable to determine whether
adequate accounting records had been kept) or 498(3) (failure to obtain
necessary information and explanations) of the Companies Act 2006.
This Half Yearly Report has not been audited or reviewed in accordance with the
Auditing Practices Board guidance on 'Review of Interim Financial
Information'.
A copy of this Half Yearly Report has been published and may be found on the
Company's website at www.cadoganpetroleum.com.
2. Basis of preparation
The annual financial statements of the Group are prepared in accordance with
International Financial Reporting Standards ('IFRS') as issued by the
International Accounting Standards Board ('IASB') and as adopted by the
European Union ('EU'). These Condensed Financial Statements have been prepared
in accordance with IAS 34 Interim Financial Reporting, as issued by the IASB.
The same accounting policies and methods of computation are followed in the
condensed financial statements as were followed in the most recent annual
financial statements of the Group, which were included in the Annual Report
issued on 30 April 2015.
The Group has not early adopted any amendment, standard or interpretation that
has been issued but is not yet effective. It is expected that where applicable,
these standards and amendments will be adopted on each respective effective
date.
The Group has adopted the standards, amendments and interpretations effective
for annual periods beginning on or after 1 January 2015. The adoption of these
standards and amendments did not have a material effect on the financial
statements of the Group.
(a) Assessment of the political situation in Ukraine
Since 2014, Ukraine has been in a political and economic turmoil. Crimea, an
autonomous republic of Ukraine, was effectively annexed by the Russian
Federation. Political unrest and separatist movements in Eastern Ukraine
evolved into armed conflict and full-scale military activities in certain parts
of the Luhansk and Donetsk regions, effectively resulting in a loss of control
over these territories by the Government of Ukraine. These events led to a
significant deterioration of the relationship between Ukraine and the Russian
Federation.
Active military conflict and inability to implement substantial and effective
economic reforms have led to a significant fall in a gross domestic product,
decline of international trade, deterioration of the state's finances and
significant devaluation of the Ukrainian Hryvnia against major foreign
currencies. The ratings of Ukrainian sovereign debt have been downgraded by all
international rating agencies with a negative outlook for the future. All these
factors have had a negative effect on the Ukrainian companies and banks,
hampering their ability to obtain funding from domestic and international
financial markets. In addition, Ukraine has a large external debt refinancing
requirement in the next few years, while its foreign reserves reached a
critically low level.
The National Bank of Ukraine ("NBU") introduced a range of measures aimed at
limiting the outflow of foreign currencies from the country, inter alia, a
mandatory sale of 75 percent of foreign currency earnings, certain restrictions
on purchases of foreign currencies on the interbank market and on usage of
foreign currencies for settlement purposes, limitations on remittances abroad,
as well as limitations for individuals for foreign currency purchases and bank
withdrawals. In addition, the Government of Ukraine has been making efforts in
attracting significant external financing, primarily from the International
Monetary Fund, as well as negotiating terms and conditions with external
creditors as to the curtailing and restructuring the terms of repayment of the
principal amount of external debt.
Stabilisation of the economic and political situation depends, to a large
extent, upon the success of the Ukrainian Government's and NBU's efforts, and
further economic and political developments, as well as the impact of these
factors on the Group, its customers and contractors are therefore currently
difficult to predict.
(b) Going concern
The Directors have continued to use the going concern basis in preparing these
condensed financial statements. The Group's business activities, together with
the factors likely to affect future development, performance and position are
set out in the Operations Review. The financial position of the Group, its cash
flow and liquidity position are described in the Financial Review.
The Group's cash balance at 30 June 2015 of $55.1 million (31 December 2014:
$48.9 million) excluding $0.4 million (31 December 2014: $0.5 million) of
Cadogan's share of cash and cash equivalents in joint ventures. It includes $20
million of restricted cash held in a UK bank which represents security of
borrowings. The Directors believe that the funds available at the date of the
issue of these financial statements are sufficient for the Group to manage its
business risks successfully.
The Group's forecasts and projections, taking into account reasonably possible
changes in operational performance, start dates and flow rates for commercial
production and the price of hydrocarbons sold to Ukrainian customers, show that
there are reasonable expectations that the Group will be able to operate on
funds currently held and those generated internally, for the foreseeable
future.
As the Group engages in oil and gas exploration and development activities, the
most significant financial risk faced by the Group is delays encountered in
achieving commercial production from the Group's major fields. The Group also
continues to pursue its farm-out campaign, which, if successful, will enable it
to farm-out a portion of its interests in its oil and gas licences to spread
the risks associated with further exploration and development.
After making enquiries and considering the uncertainties described above, the
Directors have a reasonable expectation that the Company and the Group have
adequate resources to continue in operational existence for the foreseeable
future and consider the going concern basis of accounting to be appropriate
and, thus, they continue to adopt the going concern basis of accounting in
preparing the financial statements. In making its statement the Directors have
considered the recent political and economic uncertainty in Ukraine.
(c) Foreign currencies
The individual financial statements of each Group company are presented in the
currency of the primary economic environment in which it operates (its
functional currency). The functional currency of the Company is pounds
sterling. For the purpose of the consolidated financial statements, the results
and financial position of each Group company are expressed in US dollars, which
is the presentation currency for the consolidated financial statements.
The relevant exchange rates used were as follows:
1 US$ = GBP Six months ended 30 Year ended
(MORE TO FOLLOW) Dow Jones Newswires
August 28, 2015 08:23 ET (12:23 GMT)
June 31 Dec 2014
2015 2014
Closing rate 1.5720 1.7048 1.5534
Average rate 1.5239 1.6692 1.6481
1 US$ = UAH Six months ended 30 Year ended
June 31 Dec 2014
2015 2014
Closing rate 21.4515 11.8333 16.0960
Average rate 21.5125 10.6536 12.1705
The effect of foreign currency sensitivity on shareholders' equity is equal to
that reported in the statement of comprehensive income. During the six months
ended 30 June 2015, the Ukrainian Hryvnia further depreciated against the USD
and EUR by 25.0% and 17.8%, respectively. As a result, during the six months
ended 30 June 2015 the Group recognised net foreign exchange loss in the amount
of $0.9 million in the consolidated income statement and loss of $6.6 million
in the consolidated statement of comprehensive income
(d) Dividend
The Directors do not recommend the payment of a dividend for the period (30
June 2014: $nil; 31 December 2014: $nil).
3. Segment information
Segment information is presented on the basis of management's perspective and
relates to the parts of the Group that are defined as operating segments.
Operating segments are identified on the basis of internal reports provided to
the Group's chief operating decision maker ("CODM"). The Group has identified
its top management team as its CODM and the internal reports used by the top
management team to oversee operations and make decisions on allocating
resources serve as the basis of information presented. These internal reports
are prepared on the same basis as these consolidated financial statements.
Segment information is analysed on the basis of the type of activity, products
sold or services provided.
The majority of the Group's operations are located within Ukraine.
Segment information is analysed on the basis of the types of goods supplied by
the Group's operating divisions. The Group's reportable segments under IFRS 8
are therefore as follows:
Exploration and Production
* E&P activities on the production licences for natural gas, oil and
condensate
Service
* Drilling services to exploration and production companies
* Construction services to exploration and production companies
Trading
* Import of natural gas and diesel from European countries
* Local purchase and sales of natural gas operations with physical delivery
of natural gas
The accounting policies of the reportable segments are the same as the Group's
accounting policies. Sales between segments are carried out at market prices.
The segment result represents operating profit under IFRS before unallocated
corporate expenses. Unallocated corporate expenses include management
remuneration, representative expenses, and expenses incurred in respect of the
maintenance of office premises. This is the measure reported to the CODM for
the purposes of resource allocation and assessment of segment performance.
The Group does not present information on segment assets and liabilities as the
CODM does not review such information for decision-making purposes.
As of 30 June 2015 and for the six months then ended the Group's segmental
information was as follows:
Exploration Service Trading Consolidated
and
Production
$'000 $'000 $'000 $'000
Sales of hydrocarbons 141(1) - 40,270 40,411
Other revenue - 192 - 192
Sales between segments 688 - (688) -
Total revenue 829 192 39,582 40,603
Other cost of sales (713) (86) (35,731) (36,530)
Depreciation (181) (47) - (228)
Other administrative expenses (470)(2) - (1,153)(3) (1,623)
Interest on short-term - - (1,114) (1,114)
borrowings
Segment results (535) 59 1,584 1,108
Unallocated other administrative (1,981)
expenses(4)
Share of losses in joint (4,243)
ventures
Net foreign exchange losses (953)
Other income, net 1,595
Loss before tax (4,473)
(1) Sales of hydrocarbons of Exploration and Production ("E&P") segment
represent sales of oil from Monastyretska licence only in May and June 2015, as
Monastyretska licence production was shut-in until May 2015
(2) Other administrative expenses of E&P segment also includes part of costs of
personnel of Ukrainian head office
(3) Other administrative expenses of trading segment includes $0.9 million of
provision for trading costs
(4) Unallocated other administrative expenses includes depreciation of $39
thousands
As of 31 December 2014 and for the year then ended the Group's segmental
information was as follows:
Exploration Service Trading Consolidated
and
Production
$'000 $'000 $'000 $'000
Sales of hydrocarbons 1,291 - 30,253 31,544
Other revenue - 846 233 1,079
Sales between segments 1,077 - (1,077) -
Total revenue 2,368 846 29,409 32,623
Other cost of sales (2,000) (226) (26,848) (29,074)
Depreciation (579) (160) - (739)
Other administrative expenses (1,347) - (379) (1,726)
Interest on short-term - - (420) (420)
borrowings
Segment results (1,558) 460 1,762 664
Unallocated other administrative (5,276)
expenses(1)
Other income, net 2,228
Impairment (5,134)
Share of losses in joint (54,664)
ventures
Net foreign exchange gains 3,036
Loss before tax (59,146)
(1) Unallocated other administrative expenses includes depreciation of $199
thousands
Trading operations commenced in September 2014 hence the Group considered
exploration, production and services as a single segment and did not prepare a
separate disclosure as of 30 June 2014.
4. Loss per ordinary share
Loss per ordinary share is calculated by dividing the net loss for the period/
year attributable to Ordinary equity holders of the parent by the weighted
average number of Ordinary shares outstanding during the period/year. The
calculation of the basic loss per share is based on the following data:
Six months ended 30 June Year ended
31 December
Loss attributable to owners of the Company 2015 2014 2014
$'000 $'000 $'000
Loss for the purposes of basic profit per share (4,495) (3,609) (59,271)
being net loss attributable to owners of the
Company
Number Number Number
Number of shares '000 '000 '000
Weighted average number of Ordinary shares for the 231,092 231,092 231,092
purposes of basic loss per share
Cent Cent Cent
Loss per Ordinary share
Basic (1.9) (1.6) (25.6)
5. Intangible exploration and evaluation assets
As of 30 June 2015 the intangible assets balance has decreased in comparison to
31 December 2014 due to depreciation of the UAH against the USD, being the
presentation currency of the Group.
6. Investments in joint ventures
Share of losses in joint ventures mostly represents translation losses which
arose mainly on the translation of non-current assets from UAH to USD being the
presentation currency of the Group.
The Group is committed together with Eni to fund LLC Astroinvest-Energy
subsequently to the period end with the necessary amount of $0.8 million in
order to close current liabilities of the joint venture. Most of the funds will
be used to repay the costs charged by the partners.
7. Inventories
The Group had significant volumes of natural gas as at 31 December 2014 which
have been sold during the six months ended 30 June 2015 that resulted in a
decrease of the natural gas balance from $8.1 million to $1.5 million.
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