Cadogan Energy Solutions Share Discussion Threads

[thordon] 03/8/2022 20:01

Well till it announced then we own 33% of PMP/Proger , not worried both ways.
Owning part of another company will boost the assets as we are not in default in debt.

[brumbrum79] 03/8/2022 18:27

Here everyone can read PMP/PROGER communication/press release about Arbitration results:

hxxps://www.proger.it/en/comunicato-esito-lodo-arbitrale-proger-managerspartners-vs-cadogan-petroleum-holding/

I find more trasparency from PMP/PROGER than Cadogan towards All Stakeholders interested/involved.

Imho, based on PMP/PROGER communication, Cadogan lost the arbitration...
'Cadogan is obliged to acquire minority share (33%) of PI's (Proger Ingegneria) share capital...'

Now I will write to Cad's IR and London Stock Exchange because Cadogan has to release soon a new RNS with All Information and details about arbitration decision.

Last but not least PROGER today news:

3.08.2022
Proger will build Petrobel’s headquarters in Cairo, Egypt
A 160 million dollars investment

hxxps://www.proger.it/en/headquarters-petrobel-cairo-egitto/

[russman] 03/8/2022 16:01

the loan appears to be in default.

[itsriskythat] 03/8/2022 11:06

What to make of today's announcement?

In my opinion still the best outcome is that Cadogan takes a 33% interest in Proger Ingeneria. Anyone in agreement?

This purchase would give Cadogan a substantial portion of 33% x 0.9648 = 32% of Proger spa which is considerably larger than the 24% interest envisaged in 2019.

However it will be hard for Cadogan shareholders to vote in favour of Cadogan taking up a 33% interest without having full disclosure of the financial position of Proger spa.

Maybe the arbitration panel have said something about Cadogan needing full disclosure on Proger's financial affairs.

Awaiting the full details from Cadogan.

[shortcpx] 03/8/2022 10:08

Spot on lol.

[thordon] 03/8/2022 07:30

The key words are here

The Arbitration Committee rejected Proger principal request, deeming the
Loan Agreement is valid and effective.

[targatarga] 01/8/2022 07:31

Oh yes, I'm expecting a vague statement of just a few words!

[russman] 01/8/2022 05:39

Await Proger news.

[thordon] 30/7/2022 16:39

Searched on PMP/Proger but arbitrations are usually behind closed doors.

[brumbrum79] 30/7/2022 15:46

fady & summer holidays.
Bye Bye July..

Until now No news about PMP/Proger, maybe next week?..
After that an update will be possible from september 2022

[brumbrum79] 26/7/2022 14:30

It's better to keep in mind this...
Meeus' main trouble...

Press release
7 July 2022
Brussels
Antitrust: Commission sends Statement of Objections to Alcogroup and Agroetanol over alleged ethanol benchmarks cartel



hxxps://www.cde.ual.es/en/antitrust-commission-sends-statement-of-objections-to-alcogroup-and-agroetanol-over-alleged-ethanol-benchmarks-cartel/

[brumbrum79] 20/7/2022 17:01

14.07.2022
New governance of Proger s.p.a.
Link news:
hxxps://www.proger.it/en/nuova-governance-proger-sgambati-presidente-lombardi-ceo/

Based on these informations:
1)
During the first half of 2020, Cadogan monitored the protection
of its interests in Proger through the Loan Agreement and the Call
Option. Proger has been refusing for several months to give access to the
necessary information, to negate and then delay the right to nominate
Group’s representatives.
This led at the end of July 2020 to the effective
nomination of a new representative of the Group as Director of the
Boards of Proger Ingegneria and Proger, and the effective nomination
of another Group’s representative as member of the Statutory Board
of Proger Ingegneria. Prior to this date, the Company has had no
representation on the Board of Proger Ingegneria and Proger since
November 2019. (ref. page 6 of Cadogan's Financial Report 2020)
2)
taken directly from Italian Companies Registry:
BEVILACQUA PIETRO LUCA
CONSIGLIERE
Dati di Nascita: Nato a
Codice Fiscale:
Domicilio Fiscale:
carica dal durata
CONSIGLIERE 27/07/2020 FINO APPROVAZIONE DEL BILANCIO AL 31/12/2021

Bevilacqua Pietro Luca was Cadogan's Director of the boards of Proger Spa and Proger Ingegneria Srl from late july 2020 until last week.

Imho, now Cadogan don't have any director in the new boards of Proger Spa and Proger Ingegneria Srl.

Based on last informations from Cadogan's Financial Report 2021:
'The arbitration process is going on. The investigation phase is closed.
The decision of the College of Arbitrators is expected in July 2022.'

-11 days at the End of July 2022...

fady.. Time is running... And you? you roll on the treadmill and ALL shareholders are paying for this.

fady.. Other questions:
Is Cadogan's Crude Oil production sold to Ukrainian customers or abroad (Poland, Hungary, Slovak, Romania)?
Is Cadogan's operating subsidiary (Yusenko Nadra LLC) collecting trade receivables?

My expectation for 1H2022:

Crude Oil production 54.000-55.000 bbl (on 150-151 days of production) -> 360-365 Bopd;
Crude Oil average released price $75-80/Boe
E&P Revenues $4.050.000-4.320.000
No Revenues from Natural Gas Trading activity

Last but not least..
From FY2021 it's clear that Natural Gas Trading activity sold NG stocked very bad...
Natural gas inventories 31 december 2020 $1.825.000 (ref. note 18. Inventories - FY2021 page 40)
Natural gas Trading Revenues 2021 $1.769.000 (ref. note 5. Segment Information - FY2021 page 36)
Plus other impairment (nearby $1 million) of other assets

E&P 2021 segment results was influenced by impairments of Bytlianska License (-2.474.000$) and other assets net (-974.000$) -> total impairment -3.448.000$
Without these impairments in the 2021, E&P Business gross result would have been positive (+1.292.000$ or 18,41% of the E&P Revenues);
E&P + Property/Plant/Equipment deprecation FY2021 was $797.000 so
E&P Ebitda (without impairments) would have been +2.089.000$ or 29,77% of the E&P Revenues;
It's also interesting to see the increase (y/y) of Production Taxes&Royalties (paid to government) and their incidence on E&P Revenues and Cost of Sales;

I'll wait HY2022 Report...
For this and For...
'the future, Cadogan is going to diversify its activities by investing in new activities with a lower impact on environment.'
'Our objective remains the future diversification of our geographical presence and of our activities in sectors providing lower impacts on environment.'
(meeus' & fady's words..)

ByeBye

[russman] 08/7/2022 05:38

On default & if no cash;-
Could offer more Proger shares in settlement.
A bigger loan at higher interest rate; pay back our loan & interest.
There does not appear any guarantee from the Proger holding co; Proger management would lose goodwill; a considerable business risk.

[itsriskythat] 05/7/2022 14:31

Off topic. I am in Gdansk today and have spent the afternoon at the European Centre of Solidarity. Been amazed by the huge size of the exhibition and all the audio, videos and photos of the events in Gdansk that were first started by Solidarnosc. These led to freedoms won by the ex Soviet countries in 1989-1991. Anyone seen it? It is in a new Centre built only in 2014.

[itsriskythat] 04/7/2022 03:38

Thordon. Good explanation.

[thordon] 03/7/2022 21:20

If Proger do not pay then the company is in default and subject to Asset selling or debt being controlled by Cadogan if in administration ; more complicated then that but a insight when legal process in place.
As shares that are held to Cadogan can not be sold or transferred , as this is the other option to Cadogan default in cash or shares.
Its a bit like shorting a share ; these are loaned out and until you loss the short or win going negative then you do not own the shares.
Anyway we know the result which is a default payment , unless we are being told a lie on the deal.

[targatarga] 03/7/2022 13:57

A bit like getting blood out of a stone!

[itsriskythat] 03/7/2022 09:22

I was not aware of that.

[russman] 03/7/2022 06:48

Proger dont have cash to repay CAD.

[itsriskythat] 02/7/2022 09:38

No chance of a cash return by Cadogan as the annual report says that "the pandemic COVID-19 and arbitration process have led to postponing the plans for the business".

So there are plans to use the cash. have to wait longer to find out what is intended.

If you had the shares and now you know the cash is part of the plan, will you wait for news of the plan or sell when the loan is returned by PMP?

[targatarga] 02/7/2022 08:44

Unless Cadogan propose a cash return I can't see these shares rising much. Fhady will milk these until there's nothing left! Imho