Cadogan Energy Solutions plc
presents below its consolidated report on payments to governments
for the year ended 31 December 2023,
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
2023:
Production
taxes
Payments to governments in
relation to revenue or production generated under hydrocarbon (oil)
production license
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.
Payments
summary
|
|
|
Payments to governments made
during the year ended 31 December 2023: |
|
|
Production
taxes |
Total |
|
Governments |
$'000 |
$'000 |
|
Ukraine |
|
|
|
State treasury: State
budget |
2
505 |
2
505 |
|
Total
Ukraine |
2
505 |
2
505 |
|
Grand
Total |
2
505 |
2
505 |
|
|
|
|
Payments to governments by
project type made during the year ended 31 December
2023: |
|
|
Production
taxes |
Total |
|
|
$'000 |
$'000 |
|
Ukraine |
|
|
|
Blazhivske
license
area |
2
505 |
2
505 |
|
Total
Ukraine |
2
505 |
2
505 |
|
Grand
Total |
2
505 |
2
505 |
ENDS
About
Cadogan is an independent, energy
company, which operates an exploration and production license in
Western Ukraine, conducts gas
trading operations, and provides services to E&P companies. The
aim of the Company is to be a diversified energy group making
investments offering energy solutions and alternative services with
a lower environmental impact.
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