(Alliance News) - Cadogan Petroleum PLC said on Tuesday all of its employees within its Ukrainian operations are safe amid the continuing Russian invasion.
The London-based energy company said it continues to monitor the daily situation, taking appropriate action to ensure their safety and meet essential needs.
It added its litigation case with the Tax Administration ended, as Ukraine's Supreme Court in Kyiv ruled in favour of Cadogan's defended position. Cadogan said the case will not have any financial impact on its 2022 accounts, as the successful outcome was anticipated in its 2020 and 2021 financial accounts.
The company said it will continue to defend its position for the 20-year Bitlyanska gas licence as it filed a claim at the Cassation Court.
It said its gas exploration and production projects developed by its 90%-owned subsidiary Exploenergy in Italy are included in the eligible areas identified by the Plan for Sustainable Energy Transition in Eligible Areas. It added the administrative process for this is still ongoing.
On September 8, Cadogan reported its pretax loss widened to USD1.7 million in the first half of 2022 from USD130,000 a year before. It said the half year "witnessed severe challenges" due to Russia's invasion of Ukraine. Cadogan stopped production for three weeks in March but then was able to resume activity.
Shares in Cadogan were untraded in London at 1.97 pence each on Tuesday afternoon.
By Greg Rosenvinge; gregrosenvinge@alliancenews.com
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Cadogan (CAD)