CAD Cadogan Energy Solutions Plc

 
TIDMCAD 
 
21 May 2019 
 
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 2018, 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, 
licence, 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 2018: 
 
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. 
 
Payments summary 
 
 
Payments to governments made during the year ended 31 December 2018: 
 
                                              Production taxes          Total 
 
Governments                                              $'000          $'000 
 
Ukraine 
 
State treasury: State budget                             2,149          2,149 
 
Total Ukraine                                            2,149          2,149 
 
Grand Total                                              2,149          2,149 
 
Payments to governments by project type made during the year ended 31 
December 2018: 
 
                                              Production taxes          Total 
 
                                                         $'000          $'000 
 
Ukraine 
 
Debeslavetska Production licence area                      676            676 
 
Monastyretska licence area                               1,339          1,339 
 
Cheremkhivska Production licence area                      134            134 
 
Total Ukraine                                            2,149          2,149 
 
                                    -ENDS- 
 
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     Broker to Cadogan Petroleum plc 
 
David Porter                                            +44 (0) 20 7894 7000 
 
 
 
 
END 
 

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May 21, 2019 09:31 ET (13:31 GMT)

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