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 £86 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
+380 (44) 594 5870
Ben Harber, Company Secretary
+44 0207 264 4366
Cantor Fitzgerald Europe
+44 (0) 20 7894 7000
David Porter
Sarah Wharry
This information will be available shortly on the National
Storage Mechanism.