Cadogan Energy Solutions Share Discussion Threads

[brumbrum79] 19/1/2021 22:18

Until now No news about Astrogaz LLC and legal battle for Pirkivska license area.
Radar & Sonar switched ON.


This is not a good news:

Cabinet of Ministers signs PSA on seven UGV sites, DTEK Naftogaz, Zakhidnadraservis and Geo Alliance

Today at 11:00 in the Cabinet of Ministers, the Prime Minister of Ukraine Denis Shmygal and representatives of four companies, winners of PSA competitions, signed the long-awaited production sharing agreements (PSA) for 7 oil and gas fields. Thus, JSC Ukrgazvydobuvannia (part of the Naftogaz Group) concluded a PSA for four sections: Buzivska, Ivanivska, Balakliyska, Berestyanska. DTEK Naftogaz LLC has concluded an agreement on the distribution of products to the Zinkiv site, Geo Alliance LLC to Sofiyivska, and Zapadnadraservice, represented by Well Co LLC, to the Uhniv site. This was reported to ExPro by company representatives.

Tenders for these agreements took place in 2019. Representatives of the Interdepartmental Commission for the Organization and Implementation of Production Sharing Agreements and investors conducted significant systematic work to form mechanisms for implementing Production Sharing Agreements, given that a year and a half has passed since the winners were announced. During this time, many political and economic changes have taken place, and the most painful for the implementation of PSA projects have been the price crisis in the hydrocarbon market, and the pandemic that has led to a global decline in economic activity. It should be noted that these seven projects for the implementation of oil and gas activities in subsoil areas, taking into account long-term prospects, are primarily designed to increase domestic gas production and further abandon import dependence.

It will be recalled that Production Sharing Agreements are a systemic tool for the formation of state policy in the implementation of projects with investments in subsoil development and infrastructure construction.

13:01 / 31 December 2020

Link (Ukrainian Language):
hxxps://expro.com.ua/novini/kabmn-pdpisav-urp-po-semi-dlyankah-z-ugv-dtek-naftogaz-zahdnadraservs-ta-geo-alyans


'DTEK Naftogaz LLC has concluded an agreement on the distribution of products to the Zinkiv site' -> Zinkivska - Oil & Gas Overseas Trading BV and Naftogazkspluatatsiya LLC (DTEK Naftogaz).
Zinkivska included Pirkivska license (Astrogaz LLC)


__________________________________________________________________________________

Some good news for Natural Gas Trading activity:

Daily gas consumption in Ukraine reached a record 200 million cubic meters against the background of cold weather

Daily consumption of natural gas in Ukraine on January 18 is expected at the level of 200 million cubic meters, 20 million cubic meters (11%) higher than the previous day (180 million cubic meters). This was announced by the director of GTS Ukraine Operator LLC Serhiy Makogon.

According to ExPro, this is the highest value for the last 4 years. The sharp increase in consumption is due to lower temperatures throughout Ukraine. "The GTS system works normally," Makogon said.

We will remind, during 2020 the population of Ukraine consumed 8,15 billion cubic meters, on 12% lower, than the average indicator for the last three years.

Link (Ukrainian language):
hxxps://expro.com.ua/novini/dobove-spojivannya-gazu-v-ukran-dosyaglo-rekordnih-200-mln-kub-m-na-fon-holodv


Review of the Ukrainian gas market for January 11-15

The first half of January was ambiguous in the Ukrainian gas market. The activity of natural gas trade during the first decade was minimal. Prices for natural gas (January resource and gas in underground storage) in the first week of January fluctuated in the range of 8,000 - 8,300 UAH / thousand cubic meters. After a long weekend, from January 11 the market gradually enters the usual mode.

During the week (January 11-15), the market was mainly traded in January and gas in underground storage. Natural gas prices in Ukraine last week repeated the dynamics of prices in Europe. The resource of January at the beginning of the week (January 11) traded in the range of 8,250 - 8,400 UAH / thousand cubic meters, closer to the middle of the week it rose to 8,900 - 9,000 UAH / thousand cubic meters. However, by the end of the week they are again decreased - to 8,200 - 8,400 UAH / thousand cubic meters, although on the last day there were offers and cheaper - at 8,000 UAH / thousand cubic meters.

Gas prices in underground storage facilities on Monday (January 11) fluctuated in the range of 8,200 - 8,350 UAH / thousand cubic meters. At the end of the week gas in storage was also traded at 8,200 - 8,350 UAH / thousand cubic meters. At the peak of prices (Tuesday evening) - Wednesday morning) offers of individual traders for the January resource exceeded UAH 10,000 / thousand cubic meters. Prices reached the highest values ​​for the last two years (since February 2019).

Some of the Ukrainian traders note that the prices were reduced, first of all, by large foreign gas importers. "Large importers with foreign owners were the first to hurry to reduce prices. "Even Naftogaz held on to the end, which is rather strange," one trader commented.

With the end of the first half of January, the number of offers for the sale of the resource in February on the market is growing. Prices for the February resource during the week also decreased - to 8,250 - 8,400 UAH / thousand cubic meters at the end of the week. However, demand for it remains weak. According to traders, end consumers are in no hurry to buy, waiting for further price reductions and the release of mining companies with their own offers. "I think the main trade in February will take place in the last week of January. Next week, everyone will just look closely, the deals will be individual, and the entire bulk - in the last days of the month, "- said a representative of one of the mining companies.

The price offers of mining companies, according to traders, may become the main pricing factors for resource prices in February. According to ExPro, some mining companies plan to start selling the February resource next week.



The activity of natural gas trading on the Ukrainian Energy Exchange TV is relatively high, but gas is sold mainly by Naftogaz Trading. The leader in sales remains Naftogaz Trading LLC - 103 million cubic meters of resource in January and 1 million cubic meters of gas in underground storage with transfer in February. The weighted average price is UAH 8,938 per thousand cubic meters. The gas was also sold by Ukrainian Gas Trading LLC - 850,000 cubic meters of gas to the underground storage facility with a transfer in January at the weighted average price of UAH 8,535 / thousand cubic meters.



Public procurement Prozorro. Kharkiv KEV is looking for a supplier of 2.5 million cubic meters of gas with an expected price of UAH 8,800 / thousand cubic meters (including VAT). Zhytomyr KEV will purchase 2.6 million cubic meters of gas with an expected price of UAH 7,676 / thousand cubic meters (including VAT). Both auctions are scheduled for March 22, 2021.

ERU Trading LLC and Energy Trade Group LLC will supply gas to Ukrtransgaz JSC. ERU Trading will supply 20.33 million cubic meters of gas at the price of UAH 6,476 / thousand cubic meters (including VAT), and Energy Trade Group will supply 3.87 million cubic meters of gas at the price of UAH 6,603 / thousand cubic meters ( with VAT). Gas supplies are calculated by the end of 2021.

Ecotechnoinvest LLC has entered into an agreement with Antonov for the supply of 2.6 million cubic meters of gas at a price of UAH 6,800 / thousand cubic meters (including VAT) until January 31, 2021. The previous supplier of Antonov was Energogazreserv LLC, which supplied 7.6 million cubic meters of gas at a price of UAH 6,000 / thousand cubic meters (including VAT) by December 31, 2020.



Spot prices for natural gas in Europe over the past week have shown significant volatility. At the beginning of the week, Day Ahead prices fluctuated in the range of € 19.2-20.8 / MWh, during Monday-Tuesday they increased by 28% - to € 24.6-27.2 / MWh. On Tuesday, the Dutch TTF recorded a record daily increase in futures prices - over € 6 / MWh - to € 28,785 / MWh, a record value since September 2018.

The reasons for rising prices - weather and LNG prices in Asia. Quotes on the Asian JKM on Tuesday renewed a historic high - above $ 30 / MMBtu against the background of gas shortages. All LNG goes to Asia, so supplies to Europe are minimal. At the same time, the rise in prices on Tuesday is called speculative - primarily due to the closure of positions by US hedge funds.

From the beginning of Wednesday until the end of the week, gas prices in Europe fell as sharply as they rose in the first half of the week. As of early Friday, Day Ahead prices ranged from € 20.1-22.1 / MWh to about € 20 / MWh by the end of the day. The reasons for the decline - recovery from speculative growth, as well as lower LNG prices in Asia and updated weather forecasts for late January - first half of February, which show warming.

Gas extraction from European storage facilities for the reporting week averaged 1.1 billion cubic meters, which is 3% more than last week. However, gas extraction from LNG terminals decreased by 10% compared to the previous week and ranged from 150 to 174 million cubic meters per day. In the first 13 days of January, more than 13 billion cubic meters of gas were extracted, 15% less than in the same period of 2020. As of January 13, 70.5 billion cubic meters of gas were stored in European underground storage facilities, of which 2.7 billion were in LNG tanks.

In February, futures prices for the resource on the Dutch TTF during the first half of the week increased by 30% - from € 20.1 / MWh on Monday to € 26.2 / MWh at the end of Tuesday. By the end of Friday, they had fallen by 23% to € 20,075 / MWh.


11:08 / 18 January 2021

Link (Ukrainian Language):
hxxps://expro.com.ua/novini/oglyad-ukranskogo-rinku-gazu-za-11--15-schnya


UEEX:

Resource Weighted average price with VAT(on all payment terms), UAH/1.000 cub. m
February 2021 - 8.455,10
January 2021 - 7.924,14
December 2020 - 6.329,75
November 2020 - 6.101,31
October 2020 - 5.983,81

June 2020 - 3.692,34

February 2020 - 5.764,30
January 2020 - 5 763,78
December 2019 - 5 307,08
November 2019 - 5 819,78
October 2019 - 5 140,78


The Ukrainian Natural Gas Market seems to perform very well in this Heating Season, both NG price and consumption.

Imho, Cadogan's NG Trading Activity should be able to recover the previous impairment on the NG Stock (FY2019 and HY2020 -> impairment on NG 2/2,5 Usd Millions).

________________________________________________________________________________

Someone thinks/thought 'Proger is not transparent'.. Are you sure?

This is the transparency of Cadogan's Management (fady & co.)..


CADOGAN PETROLEUM HOLDINGS LIMITED (Sub-Holding -> 100% Cadogan Petroleum Ltd.)

Company number 05255092


Registered office address
6th Floor 60 Gracechurch Street, London, United Kingdom, EC3V 0HR

Company status
Active

Company type
Private limited Company

Incorporated on
11 October 2004

Accounts overdue (by 19 days)

Next accounts made up to 31 December 2019
due by 31 December 2020

Last accounts made up to 31 December 2018

Links:





In the last 3 years (2017-2019), with the previous management, Cadogan Petroleum Holdings Limited (Sub-Holding) filled Full Accounts before 30 september.

___________________________________________________________________________

ByeBye

[russman] 17/1/2021 20:11

Thanks for the post. Any news may help.

[thordon] 17/1/2021 12:37

Case № 640/12569/19 summons to court on 19 January 2021
December 2, 2020 ; Case № 640/12569/19
MESSAGE-MESSAGE *
3rd person:
Oy Land Gez Eversis Trading BV
Stravinskylaan 1531, Tower B, 15 floors, Section TV-15-046,
Amsterdam, The Netherlands
The Sixth Administrative Court of Appeal informs you about the consideration of the appeals of the Limited Liability Company "Astrogaz", the Limited Liability Company "Naftogazkspluatatsiya" against the decision of the District Administrative Court of Kyiv dated October 6, 2020 in the case of the administrative liability of the Limited Liability Company "Astroga" to the State Service of Geology and Subsoil of Ukraine, third parties: Limited Liability Company "Naftogazsekspluatatsiya", Company "Oy Land Gez Eversis Trading BV" on the recognition of inaction illegal and the obligation to take action, which will take place at 10:10 "19" January 2021 at the address: st. Moscow, 8, building. 30, Kyiv, 01010 (presiding judge - Pylypenko Olena Yevheniivna,courtroom № 1).
In accordance with Part 2 of Art. 313 CAS of Ukraine non-appearance of the parties or other participants in the case, duly notified of the date, time and place of the case, does not preclude consideration of the case.
Secretary of the court hearing __________________ Vasylenko Yuliya Andriivna
* in accordance with paragraph 6 of Part 2 of Art. 125 CASU, the person who received the summons in connection with the absence of the addressee, must immediately notify the addressee
...
Now We know it, some news/update after 19 January 2021.

[diesel] 16/1/2021 17:36

See post 19613, thanks to Brum Brum....

[itsriskythat] 16/1/2021 12:44

How did you find that out?

[diesel] 16/1/2021 12:23

19th Jan, there’s a hearing to try and resolve the licence issue, not expecting much here but who knows...

[targatarga] 13/1/2021 22:15

I'm sure Brumbrum will fill us in!

[russman] 13/1/2021 20:54

awaiting any news.

[johny cash] 13/1/2021 13:41

I might be interested if price closed above 3.1 for more that 27 seconds.

[fillipe] 12/1/2021 13:45

Good to see CAD over the 3p at the ASK.

f

[russman] 06/1/2021 09:35

Exactly; why bother. Not that illiquid.

[thordon] 05/1/2021 20:45

Low value , unless news pending ?

[russman] 05/1/2021 20:31

last trade at 3.29 looks desperate. way over the odds.

[diesel] 05/1/2021 11:37

Signs of life?

[targatarga] 24/12/2020 08:06

BrumBrum79 - You as always have a good angle. Cadogan is like a woman who can't be tamed. From the early court cases till now we suffer as pitfalls and adulterous relationships continue.Cadogan is older now and continues to find problems. Let's hope she doesn't fail now.

Final outcome could be?

[russman] 24/12/2020 07:51

A lot of valuations have changed dramatically in the last year. No way of estimating Proger's current value. Hope for repayment or more onerous terms if "extended".
Spread has widened for holiday.

[brumbrum79] 23/12/2020 23:44

Update about Ukrainian Natural Gas Market & Prices:

Fingers crossed for Cadogan's NG Trading business in this Heating Season...

Six months ended 30 June 2020 30 June 2019 Year ended 31 December 2019
$’000 $’000 $’000
Notes (Unaudited) (Unaudited) (Audited)
Provision against unsold gas inventory
(614) (650)* (1,946)


Resource Weighted average price with VAT (on all payment terms),UAH/thousand cub. m

January 2021 7 256,43

December 2020 6 329,75 *

November 2020 6 101,31
October 2020 5 983,81
September 2020 4 702,90
August 2020 4 238,69
July 2020 4 087,61

June 2020 3 692,34 *

May 2020 3 701,52
April 2020 4 698,41
March 2020 5 303,24
February 2020 5 764,30
January 2020 5 763,78

December 2019 5 307,08 *

November 2019 5 819,78
October 2019 5 140,78
September 2019 4 702,90
August 2019 5 503,38
July 2019 5 756,54

June 2019 6 664,67 *

May 2019 6 976,50
April 2019 6 904,48
March 2019 7 921,16
February 2019 9 204,88
January 2019 9 822,93

December 2018 11 736,40 *

November 2018 12 062,83
October 2018 12 385,83
September 2018 11 389,95
August 2018 9 786,37
July 2018 9 589,67
June 2018 9 304,39
May 2018 9 007,57
April 2018 8 647,78
March 2018 8 305,96
February 2018 9 159,13
January 2018 9 683,94

[brumbrum79] 23/12/2020 23:14

* Cadogan Petroleum HY Report 2020 - page 4:
'This led at the end of July 2020 in the effective nomination of a new representative of the Group as Board Director of Proger Ingegneria and Proger, and the effective nomination of another Group’s representative as member of the Board of Statutory Auditors of Proger Ingegneria.'

'Cadogan has recently received legal and financial information communicated by Proger and related to Proger’s activities for 2019 which the Company is presently analyzing. However, the Company is still to receive information regarding H1 2020 trading and critical information regarding forecasts and the new business plan of Proger for the next years.'

Cadogan was not informed about Proger's HY 2020 and updated forecasts/new business plan;

* Proger Spa - Proger Ingegneria Srl - PMP Srl - they are unlisted company but you could find, see and read their Financial Accounts Report (2019 and older) on the italy Companies House Register.
italy Companies House Register is like Uk Companies House Register.

* 'targatarga 22 Dec '20 - 16:35 - 19645 of 19647
I'm wondering if Proger is thinking of playing dirty. Cadogan have been lucky in the courts so far! Imho.'

It could be... It could happen...


* 'targatarga 20 Dec '20 - 20:44 - 19637 of 19648
So Proger was Micholottis poison pill! Interesting....'

I have a different view, Proger was a SPQR "poison pill" to meeus/salik...



* Proger Spa Shareholders:
Proger Ingegneria srl -> 75,96%
Simest Spa (Italian government agency which supports local companies to achieve export driven growth) -> 20,53%
Manitalidea spa -> 1,81%
Proger spa -> 1,70%

After Capital Increase in Proger spa of Proger Ingegneria Srl, the indirect interest will be 25% (33% x 75,96%);

Proger Ingegneria Srl Shareholders:
PMP Srl -> 72,93% (#)
Tifs Partecipazioni Spa -> 20,37%
Ma.Lo. srl -> 6,70%

(#) CAD has a shares pledge on a part of these;



Imho, the original plan (Cadogan's previous management board by SPQR) was:

1) feb 2021 -> exercise of the Call-Option;

2) July-Sept 2021 -> Merger of Proger Spa and Proger Ingegneria Srl -> 'New' Proger Spa;

3) Ipo of 'New' Proger Spa on the stock market - target 2022/2023;
Proger Spa first business plan was 2019-2023 (5 years)

[targatarga] 22/12/2020 19:08

It was strange how Fady managed to get such a large percentage when Michelotti was ousted.

[researchcentre123] 22/12/2020 16:44

Makes sense. It's a shame they didn't put in some management who had a better track record but they still have to be an improvement, although the new MD did exactly nothing for the share price at his last company over 9 years.

[targatarga] 22/12/2020 16:35

I'm thinking that Michelotti weeded Cadogans cash for Proger. Cadogans main holders smelt a rat and did an oust. Michelotti then left Proger for fresh pasture. Maybe fruit shall be harvested but it could take time. Imho

[researchcentre123] 22/12/2020 08:50

As far as I can make out the only asset of the shell they've lent to is shares in the main Proger company, so its only way of repaying the loan is selling some shares. I have no idea what they are worth, given it's unlisted and not publishing accounts. However Cadogan would be foolish to accept the original share purchase agreement. I suppose there could have been tax advantages for progers shateholders doing it like this but if it were the case then Cadogan would presumably have made more of the matter and ensured they had accounts to show their small shareholders. I can't really see the value in a listed company owning a minority share in unlisted shares as they become completely at the mercy of that other company. So here at Cadogan minority shareholders are at the mercy of the majority who are in turn at the mercy of the majority at proger if they buy in

[russman] 21/12/2020 16:49

But what would the 33% minority stake be worth now in the current circumstances.
Does this "shell" company still have the stake or the ability to repay the loan on time.
I suspect the stake is secured to the loan; was the cash just bridging for tax purposes.

[researchcentre123] 21/12/2020 16:21

Well the whole business was dirty. Proger after all is unlisted so who would lend money to invest money in an unlisted company that can only be repaid by reselling those shares? Imagine Cadogan is unlisted. I lend you 2 million to buy some shares in it. How are you going to repay? Just hope you can find a buyer who wants a minority stake I suppose but that is very difficult. My guess is they'll demand repayment and if they don't get it demand a lot more shares than originally agreed.