Cadogan Petroleum Operational Update

 
TIDMCAD 
 
2 February 2021 
 
This announcement contains inside information as defined under the Market Abuse 
Regulations n. 596/2014 
 
                             Cadogan Petroleum Plc 
 
                         ("Cadogan" or the "Company") 
 
                              Operational update 
 
Cadogan Petroleum plc ("Cadogan"), the London Stock Exchange listed independent 
oil and gas company is pleased to provide the following operational update post 
year end. 
 
Net production for 2020 was 106,400 bbl which is 1.5% above the production of 
2019. 
 
This production result was achieved despite the heavy impact of covid-19 
pandemic and 5.5 months shut-down of Blazhiv-3 and Blazhiv-Monastyrets-3 wells 
due to the expiry of the lease contract, which extension was awarded in June 
2020 for a new term. 
 
To prevent the spread of covid-19, the Company introduced administrative and 
healthcare measures to provide safe working conditions for its employees. In 
2020, the Company registered 10 cases of employees' infection. All of them have 
recovered. 
 
All activities were executed without LTI or TRI, with a total of nearly 
1,260,000 man hours since the last incident. Emissions to the atmosphere 
amounted 73.9 tons of CO2 equivalent /boe compared to 85.7 tons of CO2 
equivalent/boe in 2019. 
 
The Company introduced a claim before Court to challenge the decision of State 
Geological Service of Ukraine for non-granting the Bitlyanska 20-year 
exploration and production license. 
 
LLC AstroInvest-Energy, a fully owned subsidiary of Cadogan, introduced a claim 
against the State fiscal authority regarding additional tax assessment and 
penalties. LLC AstroInvest-Energy won in the first instance Court and in the 
appeal Court. 
 
                                     ENDS 
 
About 
 
Cadogan is an independent, diversified oil and gas company, which operates 
exploration and production licenses in Western Ukraine, conducts gas trading 
operations, and provides services to E&P companies. 
 
For further information, please contact: 
 
Cadogan Petroleum plc 
Fady Khallouf                 Chief Executive Officer 
[e-mail] 
Ben Harber                       Company Secretary                       +44 
0207 264 4366 
 
 
 
END 
 

(END) Dow Jones Newswires

February 02, 2021 02:01 ET (07:01 GMT)