Cadogan Petroleum Announces Operational Update

Cadogan Petroleum has provided an update on its operations in Western Ukraine 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.

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.