REG-Cadogan Petroleum: Operational Update

Cadogan Energy SolutionsAnnouncement

02/02/2021 07:05

                                                                                                                                 
2 February 2021

This announcement contains inside information as defined under the Market
Abuse Regulations n. 596/2014

Cadogan Petroleum Plc

(“Cadogan” or the “Company”)

Operational update

Cadogan Petroleum plc (“Cadogan”), the London Stock Exchange listed
independent oil and gas company is pleased to provide the following
operational update post year end.

Net production for 2020 was 106,400 bbl which is 1.5% above the production of
2019.

This production result was achieved despite the heavy impact of covid-19
pandemic and 5.5 months shut-down of Blazhiv-3 and Blazhiv-Monastyrets-3 wells
due to the expiry of the lease contract, which extension was awarded in June
2020 for a new term.

To prevent the spread of covid-19, the Company introduced administrative and
healthcare measures to provide safe working conditions for its employees. In
2020, the Company registered 10 cases of employees’ infection. All of them
have recovered.

All activities were executed without LTI or TRI, with a total of nearly
1,260,000 man hours since the last incident. Emissions to the atmosphere
amounted 73.9 tons of CO2 equivalent /boe compared to 85.7 tons of CO2
equivalent/boe in 2019.

The Company introduced a claim before Court to challenge the decision of State
Geological Service of Ukraine for non-granting the Bitlyanska 20-year
exploration and production license.

LLC AstroInvest-Energy, a fully owned subsidiary of Cadogan, introduced a
claim against the State fiscal authority regarding additional tax assessment
and penalties. LLC AstroInvest-Energy won in the first instance Court and in
the appeal Court.

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 plc
Fady Khallouf                 Chief Executive Officer 
              fady.khallouf@cadoganpetroleum.com
Ben Harber                       Company Secretary
                      +44 0207 264 4366



Copyright (c) 2021 PR Newswire Association,LLC. All Rights Reserved