Cadogan Petroleum PLC - western Ukraine-focused oil and gas company - Reports net production of 106,400 barrels in 2020, a 1.5% rise from 2019 despite a "heavy impact" from the Covid-19 pandemic and 5.5 month shut-down of the Blazhiv-3 and Blazhiv-Monastyrets-3 wells as a result of a lease contract expiry. An extension was awarded in June 2020 for a new term. All 10 Codogan employees known to have contracted Covid-19 have recovered. No lost time incident or toxics release inventory in 2020 with emissions falling to 73.9 tons of carbon dioxide equivalent per barrel of oil equivalent versus 85/7 tons the year prior.
Notes it introduced a claim before court challenging Ukraine's state geological service for refusing to grant the Bitlyanska 20-year exploration and production license. Also notes that one of its subsidiaries introduce a claim against the state fiscal authority over additional tax assessment penalties, which it won in the first instance court and appeal court.
Current stock price: 3.00 pence; down 10% on Tuesday
Year-to-date change: up 11%
By Anna Farley; annafarley@alliancenews.com
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Cadogan (CAD)