05 June 2026
Cadogan Energy Solutions plc (the "Company")
Consolidated report on payments to governments
Cadogan Energy Solutions plc presents below its consolidated report on payments
to governments for the year ended 31 December 2025, 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 by 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 agreement, and forms 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 2025:
Production taxes
Payments to governments in relation to revenue or production generated under
hydrocarbon (oil) production license agreements.
Profit taxes (corporate income tax)
Payments to governments in relation to taxable profits generated under Ukrainian
corporate income tax regulations. This includes corporate income tax liabilities
arising on distributed profits, where the tax is effectively prepaid at the time
of dividend distribution in accordance with Ukrainian tax legislation.
Withholding tax on dividends
Payments to governments in relation to withholding taxes levied on dividend
distributions made under Ukrainian applicable tax legislation.
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.
Payments summary
Payments to
governments
made during
the year
ended 31
December
2025:
Production Profit Withholding Total
taxes taxes tax on
dividends
Governments $'000 $'000 $'000 $'000
Ukraine
State 2,280 382 106 2,768
treasury:
State
budget
Total 2,280 382 106 2,768
Ukraine
Grand Total 2,280 382 106 2,768
Payments to
governments
by project
type made
during the
year ended 31
December
2025:
Production Profit Withholding Total
taxes taxes tax on
dividends
$'000 $'000 $'000 $'000
Ukraine
Blazhivske 2,280 382 106 2,768
license
area
Total 2,280 382 106 2,768
Ukraine
Grand Total 2,280 382 106 2,768
ENDS
About
Cadogan is an independent multi-energy group, listed on the Main Market of the
London Stock Exchange, operating an exploration and production license in
Ukraine, with two gas exploration licenses in Northern Italy. Cadogan is now an
investor and operator in the power generation sector. The Company's goal is to
expand its investments across the energy value chain with a focus on energy
solutions and services with a reduced environmental footprint.
For further information, please contact:
Cadogan Energy Solutions plc
Fady Khallouf Chief Executive Officer
f.khallouf@cadogan-es.com
Ben Harber Company Secretary +44
0207 264 4366
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