Operations Update

Press Release     22November 2022

This announcement contains inside information as defined under the Market Abuse Regulations n. 596/2014

Cadogan Petroleum plc (changing to Cadogan Energy Solutions Plc)

(“Cadogan” or the “Company”)

Cadogan Petroleum plc (“Cadogan”), the London Stock Exchange listed independent energy company is pleased to provide the following operational update.

All of our employees are safe. The Company continues to daily monitor the situation and take the appropriate actions to ensure their safety and their essential needs.

After the decision of the Supreme Court in Kiev in favor of the position defended by the Company, the litigation case with the Tax Administration has been ended. This will not have any financial impact on the 2022 accounts as the successful outcome was anticipated in the 2020 and 2021 annual accounts.

The Company continued defending its positions for the 20-year Bitlyanska gas license and filed a claim at the Cassation Court.  

The projects for gas exploration and production developed by our subsidiary Exploenergy in Italy (90% Cadogan) are included in the eligible areas identified by the Plan for Sustainable Energy Transition in Eligible Areas (PITESAI). The administrative process is ongoing.

ENDS

About

Cadogan is an independent, energy company, which operates exploration and production licenses 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 Petroleum plc
Fady Khallouf    Chief Executive Officer    [e-mail]
Ben Harber   Company Secretary   [phone]