Business
Half-year Report
Half-year Report.
About this update from Cadogan Energy Solutions Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\nCADOGAN ENERGY SOLUTIONS PLC\nHalf Yearly Report for the Six Months ended 30 June 2023\n(Unaudited and unreviewed)\n \nHighlights\n \nCadogan Energy Solutions plc (\"Cadogan\" or the \"Company\"), an independent oil & gas company, listed on the main market of the London Stock Exchange, aiming to be a diversified energy company, is pleased to announce its unaudited results for the six months ended 30 June 2023.\n \n\nH1 2023 was another semester with severe challenges caused by the invasion of Ukraine by Russia since 24 February 2022. Cadogan could not avoid the temporary shutdowns of its production during this period due to the severe constraints arisen in the Country. \nH1 2023 has been another semester without LTI and TRI. All employees and assets have been secured. \nIn H1 2023, the average production was 298 bpd in (336 bpd in H1 2022), a 11% decrease versus H1 2022. \nCadogan has signed with PJSC Ukrnafta the extension of the wells Blazhiv-3 and Blazhiv-Monastyrets-3 lease contracts for a 5-year period (previous contracts were for a 3-year period) ahead the expiry period which allowed to avoid production stoppage and secure cash flows. \nCadogan completed the acquisition of the 5% of the share interest in Usenco Nadra LLC that was not yet owned by the Company and holds now 100% of Usenco Nadra LLC. \nIn H1 2023, the services segment was dedicated totally to supporting the production activities in Ukraine. Production entities activities together with services entity activities are presented as Exploration and Production segment results. \nThe production revenues decreased by 48% versus the same period in 2022, mainly due to a 36% decrease in the average realized oil price and a 11% decrease of the production volumes. \n In August 2022, Cadogan was informed of the arbitral proceeding award which:- rejected Proger's principal claim and declared that the Loan Agreement is valid and effective;\n- deemed to qualify the Call Option as a preliminary contract under condition, but\n- rejected Proger's claim ex art.2932 Italian Civil Code, stating that it is impossible to give an award producing the same effects of a final...