Cadogan Energy Solutions Plc · LSE:CAD
Cadogan Energy Solutions — Cadogan Petroleum — Carpathian Oil & Gas Conference 2019
11 slides from Cadogan Energy Solutions's conference presentation, May 23, 2019
Slide 1: Oil and gas in West Ukraine: a foreign investor's view
Oil and gas in West Ukraine: a foreign investor’s view Guido Michelotti, CEO, Cadogan Petroleum plc. Carpathian Oil & Gas Conference L’viv May 23rd, 2019 2019 COGC
Slide 2: Important notice
Important notice This presentation materials do not constitute or form part of any offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities nor shall they or any part of them form the basis of or be relied upon in connection with any contract or commitm
Slide 3: Cadogan Petroleum plc - Overview
Cadogan Petroleum plc - Overview Corporate Snapshot Ticker CAD Domicile UK Shares in issue 235,729,322 Trading market Main 1 Share Price GBp 10.65 1 Market Capitalisation £ 25.1 million 2 Net Cash $35.2 million Top five shareholders1 Share price Shareholder No. of shares % Outstanding SPQR Capital H
Slide 4: Cadogan Petroleum – An operator across the entire value chain
Cadogan Petroleum – An operator across the entire value chain q Exploration § Shot and interpreted 165 km of 2D and 458 km2 of 3D seismic § Drilled 12 wells, 5 of which at depths > 5,000 m. q Development and production § Built and operated 3 gas plants and a compression station § Operated around 25
Slide 5: Cadogan Petroleum - Sustainability as a key business driver
Cadogan Petroleum - Sustainability as a key business driver Number of LTIs’ q We keep working places safe. 1 LTI only in 5 the last five years (it happened 2 years ago) 4 q We promote employment of local resources; 3 all staff is Ukrainian, save for the CEO 2 q We give opportunities to young talents
Slide 6: FDI in Ukrainian E&P Industry
FDI in Ukrainian E&P Industry q Inflow of foreign capital limited by: § Unstable & unpredictable regulatory regime § Unstable fiscal terms § Revenues taxed, rather than profits § Punitive rather than prescriptive inspections § Transfer of licenses (farm-out) not possible q Cadogan is one of the few
Slide 7: What we found in L'viv
What we found in L’viv q An environment more attentive to investors’ needs v focal point for investors q Predictable outcome of due processes v our applications answered in due time q Support to navigate relations with Central authorities q An international airport, and a young and lively city Our o
Slide 8: Cadogan Petroleum - A company refocused to the West
Cadogan Petroleum - A company refocused to the West § Nearly UAH 4 Billion spent in Ukraine since inception § UAH 380 million spent since January 1st 2018, nearly all of them in the West 100% 4 Billion UAH 80% 3 60% 2 40% 1 20% 0% 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Cumulat
Slide 9: Cadogan Petroleum – Delivering technical excellence
Cadogan Petroleum – Delivering technical excellence Re-entered old wells and doubled Drilled Blazh-10 down to 3’400 their production m. in 74 days and without LTIs’ oil rate, t/d Time to drill, months 20 60 15 40 10 20 5 0 0 Bl 1 Bl 3 BM-3 49 l Bl l 1 on on Bl Bl l St on St B l 10 b B l mb B B B m M
Slide 10: Cadogan Petroleum's future in L'viv Oblast
Cadogan Petroleum’s future in L’viv Oblast Activity Impact for the Oblast Produce Monastyretska license Up to UAH 150 million of subsoil tax (if 5% is confirmed) ➤ drill production wells ➤ build an oil center Up to UAH 10 million per year of turn-over for local contractors ➤ implement water injectio
Slide 11: Conclusions
Conclusions q Cadogan has its roots in Ukraine where it spent nearly UAH 4 billion. The focus of spending shifted from the East to the West of the Country as we found attention to the investors q Cadogan has a track record as a safe and efficient operator of marginal, complex fields, such as those f
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