Last checked at 15 Sep 2016 12:22
CADOGAN PETROLEUM PLC - Publication of Report on Payments to GovernmentsCADOGAN PETROLEUM PLC - Publication of Report on Payments to Governments
PR Newswire
London, September 15
15 September 2016
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 2015, for activities related to exploration, development and extraction of oil and gas resources.The report has been prepared 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).
Payment types are disclosed at the level of operational activities governed by a single contract, license or similar legal agreements and form the basis for payment liabilities with a government. The payments are presented on a cash basis, and do not contain interests and penalties on late tax payments or on underpaid tax as all payments were made in due time There were no payments in kind made to a Government during the year.
For the year ended 31 December 2015 the Group disclosed in the report production taxes which are payments to governments in relation to revenue or production generated under license agreements.
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 to government below the threshold of £86 thousand ($131 thousand based on average exchange rate for the year) were excluded from the report as permitted by the regulations.
In the year ended 31 December 2015 the Group operated only in Ukraine, so there were payments only made to Ukrainian government.
Payments summary
| Payments to governments made during the year ended 31 December 2015: | ||
| Production taxes | Total | |
| Ukrainian government | $'000 | $'000 |
| State treasury: State budget | 1,205 | 1,205 |
| Total | 1,205 | 1,205 |
| Payments to governments by project type made during the year ended 31 December 2015: | ||
| Production taxes | Total | |
| $'000 | $'000 | |
| Ukraine | ||
| Debeslavetska Production license area | 765 | 765 |
| Monastyretska license area | 241 | 241 |
| Cheremkhivska Production license area | 193 | 193 |
| Slobodo-Rungurska license area | 5 | 5 |
| Total | 1,205 | 1,205 |
Cadogan Petroleum plc +380 (44) 594 5870Guido Michelotti, Chief Executive OfficerMarta Halabala, Company Secretary
Cantor Fitzgerald Europe +44 (0) 20 7894 7000David PorterSarah Wharry