Cadogan Energy Solutions Share Discussion Threads

[targatarga] 07/10/2022 17:18

Probably lining up a cheap bid with his mates!

[russman] 07/10/2022 17:02

Where is Fady?

[brumbrum79] 07/10/2022 00:09

Some news

Cadogan started the process of dissolution of Astrogaz LLC (ex pirkivska license) - link:
hxxps://youcontrol.com.ua/en/catalog/company_details/35193263/

Astro-invest Energy LLC won the supreme court appeal against Poltava Regional Taxes Office - link:
hxxps://opendatabot.ua/court/106264357-72f1f034ba37634599c944d6341538c6

Cadogan Petroleum Holding Ltd (direct sub-holding of Cadogan Petroleum Plc) published FY2021 on 21 september 2022 -

During 2021 some Cadogan Petroleum Holding's subsidiaries repaid loan for 2,3 Usd million - at the end of 2021 CPH Ltd had 7,295 Usd million of cash at bank.
In consolidated balance sheet FY2021 cash was 15,011 Usd million, in Cadogan Petroleum Plc balance sheet FY2021 cash was 3,860 Usd million.

On page 4 of Cadogan Petroleum Holding's FY Report you can read 'Future Developments'..

1H2022:

Crude Oil production in the 1H22 60.816 Bbls;
Crude Oil production 380 Bpd (based on 160 days of production - it stopped oil production for 3 weeks in march);
Hydrocarbon sale revenue: 4.632.000 Usd;
Cadogan Crude Oil average sale price 76,16 Usd/Bbl;
1H22 Brent Oil average price: 106,92 Usd/Bbl; (in the first 3 months of 2H Brent Oil average price: 100,72 Usd/Bbl)
Discount applied: 30,76 Usd/Bbl;


'CO2 emissions level in H1 2022 increased to 124,99 tons of CO2,e/boe
produced compared to 82.47 tons of CO2,e/boe for the same reporting period of the last year driven by the increase of associated gas volume recovered during oil production.'

They could reduce CO2 emission with a CHP plant (400-800 kW), using associated gas (methane, butane, ethane, pethane) recovered during oil production and in the same time producing heat and electric energy.
The ceo and management board are ridiculous.

'The structural tectonic and petrophysical modeling of the area, hydrocarbons reserves & resources reassessment as well as hydrodynamic model refining is planned to be conducted afterwards.'

hydrocarbons reserves & resources reassessment... maybe new CPR released in the 2050?!

'As at 30 June 2022, the development and production assets balance which forms part of PP&E has decreased in comparison to 31 December 2021 due to the Hryvnya devaluation against the US Dollar by 8% at the end of the period.'

We will see what happens in the 2H2022... Today Usd/Uah exchange rate is 37;


Ceo & Management Board remuneration (Fy2021) was more than 800.000 Usd... I think it will be the same this year.
800.000 Usd/yearly for this wonderful ceo and management board. They are paid to do nothing or less than nothing. Last but not least, from 19th november 2019 the share price performance is -64%, a fabulous result yeah! Great job of meeus' management board and his requisition letter.
Taken directly from 'Members’ Statement':
...RESTRICTED - 1
Members’ Statement
Continuous underperformance of the Company
The Company’s share price has fallen by more than 80 per cent over the last eight years (based on a closing share price on 20 September 2019 of 6.25 pence compared to a share price in September 2011 of 40 pence). This represents significant underperformance against sector indices over the same period and cannot therefore be accounted for by the difficulties facing the Oil & Gas sector as a whole (the FTSE All Share Oil & Gas Index has increased by approximately 16 per cent over the same period). The Company has been left with less assets and a diminished cash balance as a result of this underperformance.
In addition, the current activities of the Company are both capital intensive and leading to significant net cash outflows. We believe recent developments, in particular a potential partnership with the Italian company Proger, are not fully addressing this issue. The potential synergies with Proger have still to be identified, analysed, developed and integrated on an adequate and fair basis for both parties.
We believe that a company of Cadogan’s size and standing requires a more developed strategy in order toaddress its current situation.

Proposed New Directors
We believe that the appointment of the proposed directors will revitalise the board and allow the Company to implement the necessary reforms to address the underperformance described above. Further details of the experience and skills of the proposed directors are included below.
...



wowww!
Thanks Mr. meeus, in the last 3 years we saw more than 1000 new business ideas, a great execution of the plan (which plan? is there a plan? really?) and a fireworks performance of Cadogan's share price!


...But my smile, still, stays on...
Just gimme, gimme, gimme fried chicken!

[shortcpx] 05/10/2022 16:18

Lol the state of this

[targatarga] 08/9/2022 08:09

Cash in bank mainly dollars and hopefully only a few euros.

[russman] 08/9/2022 06:45

Paint is drying.

[thordon] 05/9/2022 19:05

Never ending , so we have a 60 day wait now

[brumbrum79] 27/8/2022 09:37

Bitlyanska license court case nr. 640/24741/20 - last updates on 18 august 2022:

hxxps://opendatabot.ua/court/105851145-10abec1248ce712b537a0c6df4a70302

hxxps://opendatabot.ua/court/105851144-f13d7c02c5a3cebec3016f06fa51ac76

[russman] 17/8/2022 18:46

Publish and be damned! Arthur Wellesley, Duke of Wellington, when the courtesan Harriette Wilson threatened to publish her memoirs and his letters.
Fady should sue Proger. Proger could then publish as their defence (or settle)

[brumbrum79] 13/8/2022 22:05

ASTROINVEST-ENERGY LLC vs. Poltava State fiscal authority regarding additional
tax assessment and penalties

Resolution

Administrative

Cassation Administrative Court of the Supreme Court

Zheltobryukh I.L.
Date of review
August 1, 2022

hxxps://opendatabot.ua/court/105564798-2a72821f5c422ac7f35a512c5302814e

The next court session is scheduled for August 3, 2022 at 3 p.m. 00 min. at the address: Kyiv, str. Moskovska, 8, building 5.

[brumbrum79] 13/8/2022 21:35

Some news/update about Usenco Nadra's court appeal for Bitlyanska License:

Case № 640/7578/20:

Decree

Administrative

The Sixth Administrative Court of Appeal

Yaroslav Mykolayovych Vasylenko
Date of review
August 2, 2022

hxxps://opendatabot.ua/court/105665206-8fbfdbca0a1b326b18482f1627c32354

Decree

Administrative

The Sixth Administrative Court of Appeal

Yaroslav Mykolayovych Vasylenko
Date of review
August 2, 2022

hxxps://opendatabot.ua/court/105665203-2388c8f5a87c46942d6d5bdf15c93bb7

Resolution

Administrative

The Sixth Administrative Court of Appeal

Yaroslav Mykolayovych Vasylenko
Date of review
June 15, 2022

hxxps://opendatabot.ua/court/104836864-56a58d79f8cab3087812b618fb429415

Resolution

Administrative

The Sixth Administrative Court of Appeal

Yaroslav Mykolayovych Vasylenko
Date of review
June 15, 2022

hxxps://opendatabot.ua/court/104836863-e950a960d682a4421c22a5fce37d2c1d

Resolution

Administrative

The Sixth Administrative Court of Appeal

Yaroslav Mykolayovych Vasylenko
Date of review
April 28, 2022

hxxps://opendatabot.ua/court/104139551-1e8eb4b2482882f6fe73a5472f7ac6a2

Case 640/24741/20:

Resolution

Administrative

The Sixth Administrative Court of Appeal

Hryban Inna Oleksandrivna
Date of review
July 17, 2022

hxxps://opendatabot.ua/court/105289847-55ed42a50fe6f2d31179921819a08b32

Resolution

Administrative

The Sixth Administrative Court of Appeal

Hryban Inna Oleksandrivna
Date of review
April 17, 2022

hxxps://opendatabot.ua/court/104007788-46df8af67a5ca67520504088cb319c87

[brumbrum79] 13/8/2022 21:15

The Cabinet of Ministers obliged producers to sell oil, condensate and LPG on the exchange

By Resolution No. 834 of July 26, 2022, the Cabinet of Ministers of Ukraine (Cabinet) made changes to the appendix to Cabinet Resolution No. 1433 of December 30, 2021 "On approval of the list of types of products traded exclusively on organized commodity markets."

Thus, oil, gas condensate, and liquefied petroleum gas (LPG) were added to the goods that must be traded on organized commodity markets.

One may remind that currently three exchanges in Ukraine are licensed by the National Securities and Stock Market Commission as commodity exchanges. These are Ukrainian Energy Exchange (UEEX), Ukrainian Universal Exchange (UUE) and Ukrainian Interbank Currency Exchange (UICE).

In mid-May, the NSSMC suspended the UICE license until the end of martial law, but the exchange, through the Sixth Administrative Court of Appeal, reached a decision on July 14 to suspend the regulator's decision.

At the same time, the growth of oil, condensate and LPG trading activity on these exchanges has not yet been observed.

17:26 / 1 August 2022

Link news:
hxxps://expro.com.ua/en/tidings/the-cabinet-of-ministers-obliged-producers-to-sell-oil-condensate-and-lpg-on-the-exchange

[brumbrum79] 10/8/2022 18:53

Sorry Russman..
which is the problem to publish the arbitration award for Cad's management?
The problem is the 'Truth'?

Here the main problems are:
1) Devaluation of hryvnia vs. Usd and related impairment on fixed assets;
2) Lowest transparency of management towards shareholders/investors;
3) No information & details about new investment in other sectors and geographical diversification;
4) E&P activity located in ukraine and related war scenario;
5) Natural gas trading activity should be closed;
6) Exploenergy?;
7) etc...

[russman] 10/8/2022 17:42

Publish & be damned.

[brumbrum79] 10/8/2022 16:56

8.08.2022
Communication:
Arbitration Award Proger Managers&Partners Vs Cadogan Petroleum Holding B.V.
Update
Following the publication of incomplete and inaccurate information on the outcome of the arbitration award in question and in order to avoid instrumental and misleading communications that distort the reality of the facts (ref. announcements of Cadogan Petroleum of August 3rd and August 8th), the company Pm&p announces that it has officially requested the company Cadogan Petroleum BV formal authorisation to publish the arbitration award, so that it could be unequivocally ascertained which of the parties won the litigation and which one lost the same following the issuance of the arbitration award.

New Communication of Proger/PMP dated 08.08.22
Link:
hxxps://www.proger.it/en/comunicato-aggiornamento-esito-lodo-arbitrale-proger-managers-partners-vs-cadogan-petroleum-holding/

We will see what happens now...

Imho, in line with lowest transparency approach towards shareholders/stakeholders Cad's management will not authorise the pubblication of the arbitration award.

[russman] 10/8/2022 06:22

Little goodwill left with Proger. Just sue them for the cash (that they have not got)

[targatarga] 08/8/2022 08:51

Interest must be accruing nicely now, probably take another 24 months to sort this out. Cadogan is more of a litigation company than an energy company imho

[itsriskythat] 08/8/2022 08:24

It also says Proger has issued inaccurate and incomplete conclusions.

[itsriskythat] 08/8/2022 08:21

I had to read it twice carefully, but the RNS is clear.

The loan agreement is valid and currently effective.

The call option to convert the loan into equity is a preliminary contract and not a final contract.

Under Italian Civil code the tribunal cannot make an award in favour of either party unless the contract was a final contract.

A final contract can only be entered into by the two parties after completion of London regulatory process and the approval of Cadogan shareholders.

If a final contract is not entered into, it remains that Proger Ingeneria is obliged to return the payment with compensation for expenses.

Cadogan has the right to take further actions.

[brumbrum79] 08/8/2022 07:39

CAD's RNS Update about Arbitration Award.

[brumbrum79] 03/8/2022 22:09

I'd like to share this information.

Proger Spa:

Share Capital 22.688.480,00 € - Shares: 2.268.848 -> nominal value 10€/each

Proger Ingegneria Srl 96,49%

Manitalidea Spa 1,81%

Proger Spa own Shares 1,70%

I don't know how many people here are informed about Manitalidea Spa situation...
Manitalidea Spa is a distressed company, a liquidation process is underway.
On march 2022 Manitalidea's liquidation committee initiated the sale of the shareholding (1,81%) in proger spa. Based on my information acquisition offer closing date was on 14 march 2022.
Now I don't know who bought or presented an offer (I have to search) but imho no more investors (except Proger Spa itself or Proger Ingegneria Srl) should be interested to buy a minority stake (less than 2%) of Proger Spa.

Well, if my assumptions were correct, after the closing of the acquisition of the stake held by Manitalidea Spa the 'new' Proger Share Capital should be:

Proger Ingegneria Srl 98,30% or 96,49%

Proger Spa own shares 1,70% or 3,51%

An experienced management / Ceo would propose a merger between Proger Spa and Proger Ingegneria Srl (it's a sub-holding held by 3 holding companies -> PMP Srl, Tifs Partecipazioni Srl, MaLo Srl) to simplify the Group structure.

Imho, it could be a 'good' choice for Cadogan because it would hold shares of Proger Spa (parent and operating company). In my view it would be better than hold shares of an Holding company.

ByeBye

[thordon] 03/8/2022 21:01

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 19:27

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 17:01

the loan appears to be in default.

[itsriskythat] 03/8/2022 12:06

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.