Update on development initiatives

10th November 2023

("Cadogan" or the "Company")Update on development initiatives 

Cadogan Energy Solutions plc ("Cadogan" or the "Company") is pleased to announce an update on two new business development initiatives.

In Ukraine, the Company is expanding into the electricity generation activities while significantly reducing emissions into the atmosphere. The current oil production on the Blazhiv field leads to a simultaneous production of non-commercial, associated gas. Previously, this gas was released into the atmosphere before a viable solution was found. 

Cadogan's new development project in Ukraine consists of capturing gas during our production activities and using it to generate electricity which will be sold on the grid. This project will achieve a highly significant drop in the annual gas emissions of Cadogan as the intensity ratio will drop from 126 to 33 tons of CO2 e/Kboe.  At the same time, Cadogan will be producing electricity, generating additional revenue.  We expect to be operational with this valuable and sustainable initiative in Q1 2025.

In Italy, Cadogan owns a 90% interest in Exploenergy, an Italian company which has filed applications for two gas exploration licenses located in the Po Valley region in Northern Italy (Corsano and Reno Centese). Exploenergy has been qualified by the authorities as a valid gas operator, able to develop its activities in the two areas, thanks to the technical expertise, operational support and the financial resources provided by the Group.

Cadogan Energy Solutions teams are dedicated to continue to improve the current operations and our business model creating long term value for the Company and its stakeholders.

About

Cadogan is an independent, energy company, which operates an exploration and production license in Western Ukraine, conducts gas trading operations, and provides services to E&P companies. The aim of the Company is to be a diversified energy group making investments offering energy solutions and alternative services with a lower environmental impact.

For further information, please contact:

Cadogan Energy Solutions plc Fady Khallouf Chief Executive Officer  f.khallouf@cadogan-es.comBen Harber  Company Secretary  +44 0207 264 4366