Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc. Watch the full video here.
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Hopefully what ever materialises it’s of benefit to us shareholders, some of us have been here for a long time, a Thorndon?
For update next week??
I seem to remember the deal with Proger had the option of a return in cash or a 25% stake in the company. As Proger is doing rather well this satisfied the plan of diversification, and business outside the Ukraine. I think most people assumed this opyion would be taken after a promised vote by shareholders. I note Cad has purposefully withheld Proger results, which begs the question what has happened to our 'right to vote' . I seems to have disappeared in a puff of smoke.
Valuation disconnect between the NAV and share price, should correct when Proger cash is returned.
Better to use cash to build the company, maybe a joint venture with AST in Slovenia if they sort their problems. It would be nice if they could pull off a deal like SQZ did a few years ago, we can hope and dream.
Exactly. The board seem fairly moribund but a special dividend to return the Proger cash would be a good move if they're not able to resolve the valuation disconnect between the NAV and share price.
If you read Cadogan shareholders then you realised that its also in the directors interest to start paying a dividend
Who’s dreaming? I’m throwing out extreme options. Perhaps add value with useful posts instead of being a miserable snarky King Knut.
Keep dreaming.
Looks like it’ll be a cash repayment. Special divi ahoy? T/O target for someone looking to raid their cash pile?
Production would of been nearly double if they had a full year in production which equates to $10 Million but was $5 Million.
Also we know as posted prior regarding the court outcome for this statement "The Company introduced a claim before Court to challenge the decision of State Geological Service of Ukraine for non-granting the Bitlyanska 20-year exploration and production license"
This case was won but challenged in appeals court
We also know that LLC AstroInvest-Energy is now making profit , they banked 7.5 Cubic meters of gas unsold due to low gas prices in 2019 and now have a set contract in 2020 to sell at agreed price which is higher then purchased price.
Then there the loan which broker believes is worth $20 million now if options are converted to Proger shares.
On a conservative basis the company is worth around £42 million but worth £7 Million
Also has $11 Million in the bank
That wasn’t much of an update, was it worth doing?
Tue, 2nd Feb 2021 07:00
Cadogan Petroleum Plc - Operational Update
Cadogan Petroleum Plc - Operational Update
PR Newswire
London, February 1
2 February 2021
This announcement contains inside information as defined under the Market Abuse Regulations n. 596/2014
Cadogan Petroleum Plc
(“Cadogan” or the “Company”)
Operational update
Cadogan Petroleum plc (“Cadogan”), the London Stock Exchange listed independent oil and gas company is pleased to provide the following operational update post year end.
Net production for 2020 was 106,400 bbl which is 1.5% above the production of 2019.
This production result was achieved despite the heavy impact of covid-19 pandemic and 5.5 months shut-down of Blazhiv-3 and Blazhiv-Monastyrets-3 wells due to the expiry of the lease contract, which extension was awarded in June 2020 for a new term.
To prevent the spread of covid-19, the Company introduced administrative and healthcare measures to provide safe working conditions for its employees. In 2020, the Company registered 10 cases of employees’ infection. All of them have recovered.
All activities were executed without LTI or TRI, with a total of nearly 1,260,000 man hours since the last incident. Emissions to the atmosphere amounted 73.9 tons of CO2 equivalent /boe compared to 85.7 tons of CO2 equivalent/boe in 2019.
The Company introduced a claim before Court to challenge the decision of State Geological Service of Ukraine for non-granting the Bitlyanska 20-year exploration and production license.
LLC AstroInvest-Energy, a fully owned subsidiary of Cadogan, introduced a claim against the State fiscal authority regarding additional tax assessment and penalties. LLC AstroInvest-Energy won in the first instance Court and in the appeal Court.
ENDS
About
Cadogan is an independent, diversified oil and gas company, which operates exploration and production licenses in Western Ukraine, conducts gas trading operations, and provides services to E&P companies.
For further information, please contact:
Cadogan Petroleum plcFady Khallouf Chief Executive Officer fady.khallouf@cadoganpetroleum.comBen Harber Company Secretary +44 0207 264 4366
Do you want to know Proger's 2020 financial data and forecasts for 2021-2022?
The Economics
In recent years, by offering integrated services in different sectors, Proger has managed to consolidate its role as a General Engineer able to adapt to the variability of demand through a multidisciplinary approach.
In 2020, the Italian SpA alone will show a turnover of around 83 million euros (compared to 89 million in 2019) and a Group turnover of around 130 million euros.
The slight decline recorded in 2020 (-7.3%) has been caused by the postponement of some orders to 2021-2022, due to the COVID-19 pandemic emergency.
Nevertheless, the company was called upon to play an essential strategic role to face this emergency by providing services in the health, energy, transport and logistics sectors, as well as procurement of medical equipment and devices.
Also for this reason – and for some recent acquisitions in the maintenance engineering sector – a strong increase in revenues is expected in the three-year period 2020-2022.
The turnover forecast of the Italian Spa alone stands at 128.7 million in 2021 and 130,6 million in 2022.
The compound annual growth rate (CAGR) is expected to be +13.8%.
The contribution margin will increase from the current 25.6 million to 39.9 million euros in 2021 and 41.1 million in 2022.
EBITDA will go from 8.6% (2020) to 15.5% in 2022.
Link informations: hxxp://www.proger.it/en/gli-economics/
Here you can find a presentation of Proger Spa & Proger Group, the Shareholders of Proger Spa and a Diagram of Proger Group:
hxxp://www.proger.it/en/la-societa/
What do You think?
SIXTH ADMINISTRATIVE COURT OF APPEAL
APPROVAL
SIXTH ADMINISTRATIVE COURT OF APPEAL ???? 640/12569/19
APPROVAL
January 19, 2021, Kyiv
The panel of judges of the Sixth Administrative Court of Appeal composed of:
presiding judge - Pylypenko OE
of judges - Glushchenko Ya.B. and Stepanyuk AG,
under the secretary - Vasilenko YA,
having considered in writing the issue of continuing consideration of the case on appeals of the Limited Liability Company Astrogaz, Limited Liability Company Naftogazsektupliatsiya, the State Service of Geology and Subsoil of Ukraine on the decision of the District Administrative Court of Kyiv from October 6, 2020 Limited Liability Company Astrogaz to the State Service of Geology and Subsoil of Ukraine, third parties: Limited Liability Company Naftogazsekspluatatsiya, Company Oyland Gez Eversiz Trading B.V. on the recognition of inaction illegal and the obligation to take action,
INSTALLATION:
In July 2019, the plaintiff - Limited Liability Company Astrogaz appealed to the District Administrative Court of Kyiv with an administrative claim to the State Service of Geology and Subsoil of Ukraine, third parties: Limited Liability Company Naftogazekspluatatsiya, Oy Land Gez Eversis Trading B.V. inaction illegal and the obligation to take action in which he requested:
- declare illegal the actions of the State Service of Geology and Subsoil of Ukraine to return the application of the Limited Liability Company Astrogaz dated 09.10.2018 ?30 to obtain a special permit for subsoil use;
- to recognize illegal inaction of the State Service of Geology and Subsoil of Ukraine on non-adoption of a decision (order) on the application of the Limited Liability Company Astrogaz dated 09.10.2018 ?30 to obtain a special permit for subsoil use;
- to oblige the State Service of Geology and Subsoil of Ukraine to consider the application of the Limited Liability Company Astrogaz dated 09.10.2018 ?30 for obtaining a special permit for subsoil use on the merits with the adoption of the relevant decision (order);
- to oblige the State Service of Geology and Subsoil of Ukraine based on the results of consideration of the application of Astrogaz Limited Liability Company dated 09.10.2018 ?30 to grant Astrogaz Limited Liability Company a special permit for subsoil use of Pirkiv oil and gas condensate field for geological study, including geological study -industrial development of fields, with the subsequent extraction of oil, gas (industrial development of fields).
By the decision of the District Administrative Court of Kyiv of October 6, 2020, the administrative claim was partially satisfied.
Disagreeing with the court decision, the Limited Liability Company Astrogaz, the Limited Liability Company Naftogazekspluatatsiya, the State Service of Geology and Subsoil of Ukraine filed appeals in which
Astrogaz Limited Liability Company requests the appellate court to overturn the appealed decision of the court
https://verdictum.ligazakon.net/document/92072443
good news as small sample but the document needs convert to english
District Administrative Court of the city KYIV 01051, m. Kyiv , str . Bolbochana Petra 8, building 1 SOLUTION
IN THE NAME OF UKRAINE
06 October 2020 roku m. Kyiv N 640/12569/19
The District Administrative Court of the city ??of Kyiv , composed of the presiding judge Skochok TO, having considered in the order of simplified claim proceedings without notifying the parties to the case (in written proceedings ) administrative case
by pozovomTovarystva with limited liability " Astrohaz " to third osobyDerzhavnoyi Service of Geology and mineral resources Ukraine Company with limited liability " Naftohazekspluatatsiya " ( third person 1) The Company ' Oh land Gez Eversiz Trading Bi.Vi "( third person-2) on the recognition of illegal actions , recognition of illegal inaction , obligation to take action ,
Before the District Administrative Court of the city. Kyiv appealed Society with limited liability " Astrohaz " of the claim to the State Service of Geology and mineral resources Ukraine , in which asks :
- to recognize illegal the actions of the State Service of Geology and Subsoil of Ukraine to return the application of the Limited Liability Company " Astrogaz " dated 09.10.2018 N 30 to obtain a special permit for subsoil use ;
- to recognize illegal inaction of the State Service of Geology and Subsoil of Ukraine on non- adoption of a decision ( order ) on the application of the Limited Liability Company " Astrogaz " dated 09.10.2018 N 30 to obtain a special permit for subsoil use
What news have we to look forward to, and when? Seems like this company only ever releases half yearly and yearly results and doesn’t release any other RNS stuff.
rocket999 - the court case is simple - they applied for extension of there oil and gas licence in late 2019 at one site , during that period 4 months later a new environment legislation came out. so in July 2020 or about without looking up was rejected on the grounds of not abiding with the legislation of the law and stop all operations of recovery of oil and gas.
The application for 20 year extension should not of been rejected because new laws introduced 4 months later.
So on another note if you dismiss there oil assets and services they carry out value - they have cash of $11 Million and investment of $16 Million giving a total of $27 Million on a company worth $9 Million
The Investment of $16 million is due at end of February but may take a warrant converted stake in the business.
As you know im invested in Block Energy and its only time there and same here.
All can say stay strong do not sell - impending news
Do you think this will effect the share price? I’m having a bad time in this and Block at the moment and need something to cheer me up!
Case ? 640/12569/19 summons to court on 19 January 2021
December 2, 2020 ; Case ? 640/12569/19
MESSAGE-MESSAGE *
3rd person:
Oy Land Gez Eversis Trading BV
Stravinskylaan 1531, Tower B, 15 floors, Section TV-15-046,
Amsterdam, The Netherlands
The Sixth Administrative Court of Appeal informs you about the consideration of the appeals of the Limited Liability Company "Astrogaz", the Limited Liability Company "Naftogazkspluatatsiya" against the decision of the District Administrative Court of Kyiv dated October 6, 2020 in the case of the administrative liability of the Limited Liability Company "Astroga" to the State Service of Geology and Subsoil of Ukraine, third parties: Limited Liability Company "Naftogazsekspluatatsiya", Company "Oy Land Gez Eversis Trading BV" on the recognition of inaction illegal and the obligation to take action, which will take place at 10:10 "19" January 2021 at the address: st. Moscow, 8, building. 30, Kyiv, 01010 (presiding judge - Pylypenko Olena Yevheniivna,courtroom ? 1).
In accordance with Part 2 of Art. 313 CAS of Ukraine non-appearance of the parties or other participants in the case, duly notified of the date, time and place of the case, does not preclude consideration of the case.
Secretary of the court hearing __________________ Vasylenko Yuliya Andriivna
* in accordance with paragraph 6 of Part 2 of Art. 125 CASU, the person who received the summons in connection with the absence of the addressee, must immediately notify the addressee
...
Now We know it, some news/update after 19 January 2021.
Proger spa - another good news:
14.12.2020
Framework Agreement with EDP Renewables Europe
Proger has signed a framework agreement with EDP Renewables Europe – the fourth largest wind energy producer globally – for the provision of technical assistance services and supervision of works related to the development of wind farms, photovoltaic systems and associated infrastructures.
The agreement confirms and consolidates Proger’s experience in the Green Energy field which, thanks to its team of professionals with over ten years of experience in the renewable energy sector, will guarantee the overall success of the construction and commissioning process of the works by actively participating in all phases, from design to final checks, with particular attention to quality management, compliance with schedules, cost control and project reporting.
The agreement will last two years.
Link news:
hxxp://www.proger.it/en/accordo-quadro-con-edp-renewables-europe/
ByeBye
BrumBrum
Proger Ingegneri have given data regarding the performance , from this data would make a decision to convert Warrants for 33% of company or cash in for just over $16 million cash.
Should get a decision in late January.
Also a judgment on the licence not extended by the courts decision to approval or reject.
Interesting times ahead.
Anyway bought Cadogan ( CAD ) Shares , would not normal buy a low company value at £6.7 million but they have $11 Million in cash ; loaned out $13 million with options in a company for 33% of company shares in Proger Ingegneria or a 5% compounded interest return.
Gas prices rising so should turn profit in 2nd half and not sold gas in first half ( Stored including oil )
Question why the undervaluation , the Proger Ingegneria options if used is worth $20 million estimated by a broker
this trade has gone through the aquis exchange, which seems to be where most buys go
this trade has gone through the aquis exchange, which seems to be where most buys go
Bought £5k today and not showing as trade