Cadogan Energy Solutions Plc Consolidated report on payments to governments

 
TIDMCAD 
 
15 May 2023 
 
                 Cadogan Energy Solutions plc (the "Company") 
 
                Consolidated report on payments to governments 
 
Cadogan Energy Solutions plc presents below its consolidated report on payments 
to governments for the year ended 31 December 2022, 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 2022: 
 
Production taxes 
 
Payments to governments in relation to revenue or production generated under 
hydrocarbon (oil) production 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 2022: 
 
                                  Production taxes            Total 
 
Governments                            $'000                  $'000 
 
Ukraine 
 
State treasury: State budget           3 741                  3 741 
 
Total Ukraine                          3 741                  3 741 
 
Grand Total                            3 741                  3 741 
 
Payments to governments by project type made during the year ended 31 
December 2022: 
 
                                  Production taxes            Total 
 
                                       $'000                  $'000 
 
Ukraine 
 
Blazhivske license area                              3         3 741 
                              741 
 
Total Ukraine                          3 741                   3 741 
 
Grand Total                            3 741                   3 741 
 
                                     ENDS 
 
About 
 
Cadogan is an independent, energy company, which operates an exploration and 
production license in Western Ukraine, conducts gas trading operations, and 
provides services to E&P companies. The aim of the Company is to be a 
diversified energy group making investments offering energy solutions and 
alternative services with a lower environmental impact. 
 
For further information, please contact: 
 
Cadogan Energy Solutions plc 
Fady Khallouf                 Chief Executive Officer 
[e-mail] 
Ben Harber                       Company Secretary                       +44 
0207 264 4366 
 
 
 
END 
 
 

(END) Dow Jones Newswires

May 15, 2023 02:00 ET (06:00 GMT)