Last checked at 15 May 2020 07:00
Cadogan Petroleum Plc - Report on Payments to GovernmentCadogan Petroleum Plc - Report on Payments to Government
PR Newswire
London, May 14
15 May 2020
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 2019, for activities related to exploration, development and extraction of oil and gas resources.
The Company has prepared the following consolidated report 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).
Basis of preparation
The Company discloses below payments made to governments of the Group's subsidiaries involved in extractive activities. The term 'government' includes a department, agency or entity that is controlled by the government authority.
Reporting currency
Where payments have been made in currencies other than the reporting currency (USD), the exchange rate existing at the time the payment is made has been used.
Payment types disclosed at project level
"Project" is defined as "operational activities governed by a single contract, license, lease, concession or similar legal agreements and form the basis for payment liabilities with a government". Where multiple such agreements are substantially interconnected, this was considered a project for the purpose of this report.
The payments are presented on a cash basis, net of any interest and penalties on late tax payments or on underpaid tax.
There were no payments in kind made to a Government during the year.
The following payment types are disclosed for legal entities involved in extractive activities for the year ended 31 December 2019:
Production taxes
Payments to governments in relation to revenue or production generated under license agreements.
Excluded amounts
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 summary
| Payments summary | ||
| Payments to governments made during the year ended 31 December 2019: | ||
| Production taxes | Total | |
| Governments | $'000 | $'000 |
| Ukraine | ||
| State treasury: State budget | 2,263 | 2,263 |
| Total Ukraine | 2,263 | 2,263 |
| Grand Total | 2,263 | 2,263 |
| Payments to governments by project type made during the year ended 31 December 2019: | ||
| Production taxes | Total | |
| $'000 | $'000 | |
| Ukraine | ||
| Blazhiv (ex-Monastyretska) license area | 2,203 | 2,203 |
| Debeslavetska Production license area | 60 | 60 |
| Total Ukraine | 2,263 | 2,263 |
| Grand Total | 2,263 | 2,263 |
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
Cantor Fitzgerald Europe Broker to Cadogan Petroleum plc
David Porter +44 (0) 20 7894 7000