Cadogan Petroleum Report on Payments to Governments

 
TIDMCAD 
 
17 May 2017 
 
 Publication of Report on Payments to Governments 
 
                     Cadogan Petroleum plc (the "Company") 
 
                Consolidated report on payments to governments 
 
Cadogan Petroleum plc presents below its consolidated report on payments to 
governments for the year ended 31 December 2016, 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, 
license, 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 2016: 
 
Production taxes 
 
Payments to governments in relation to revenue or production generated under 
licence 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. 
 
We did not include into the summary corporate income tax payments and licence 
fees paid because in 2016 they were below the threshold of GBP86 thousand ($131 
thousand based on average exchange rate for the year). 
 
Payments summary 
 
 
Payments to governments made during the year ended 31 December 2016: 
 
                                                      Production taxes          Total 
 
Governments                                                      $'000          $'000 
 
Ukraine 
 
State treasury: State budget                                       954            954 
 
Total Ukraine                                                      954            954 
 
Grand Total                                                        954            954 
 
Payments to governments by project type made during the year ended 31 December 
2016: 
 
                                                      Production taxes          Total 
 
                                                                 $'000          $'000 
 
Ukraine 
 
Debeslavetska Production licence area                              488            488 
 
Monastyretska licence area                                         292            292 
 
Cheremkhivska Production licence area                              174            174 
 
Slobodo-Rungurska licence area 
                                                                     -              - 
 
Total Ukraine                                                      954            954 
 
For further information, please contact: 
 
Cadogan Petroleum plc 
 
Guido Michelotti, Chief Executive Officer 
[phone] 
 
Ben Harber, Company Secretary 
[phone] 
 
Cantor Fitzgerald Europe 
 
[phone] 
David Porter 
Sarah Wharry 
 
This information will be available shortly on the National Storage Mechanism. 
 
 
 
END 
 

(END) Dow Jones Newswires

May 17, 2017 08:02 ET (12:02 GMT)