Cadogan Energy Solutions
plc ("Cadogan"), the London Stock Exchange listed independent
company, is pleased to provide the following operational update
post year end.
In 2024, Cadogan continued
to face challenges arising from the ongoing war in Ukraine, and specifically the Russian attacks
targeting the Country's energy
infrastructure.
Notwithstanding these constraints, the
Company ensured that all wells at Blazhiv field remained
operational, avoiding oil
production shutdowns. As a result,
production grew by 12% compared to the 2023 levels. The
net oil production was 129,272 bbl,
corresponding to a daily production average of 353
bpd.
In 2024, the update of the Blazhiv license reserves
assessment was completed. As reported last year, the Blazhiv field
contains 3.05 million boe of 3P reserves and additionally 0,64
million boe of 2C contingent resources. The results of this
assessment indicate a robust position with a strong reserves
base.
In 2024, the Group implemented its initiative on
Blazhiv wells to convert the non-commercial associated gas into
electricity by installing a 0.85 MW gas-to-power generator. This
generator will become operational in March
2025.
Furthermore, in 2024,
the Group has accelerated its diversification in the electricity
sector. Cadogan has started investments in new power generation
opportunities in Ukraine, with a
total installed capacity of approximately 12 MW. The projects are
expected to be operational in Q3 2025.
Cadogan remains steadfast in its commitment to
environmental protection by actively working to reduce its
greenhouse gas emissions. In addition to the previous initiatives,
in 2024, the Group purchased green certificates, ensuring that the
electricity consumed for its operations in Ukraine is entirely sourced from renewable
energy.
All activities were
executed without LTI or TRI, with a total of 1,874,000 manhours
since the last incident. Cadogan has also successfully passed ISO
audit whereas ISO 14001 and 45001 certifications were re-validated
by the respective authority for the new 3-year
term.
In December 2024, Cadogan and Proger entered in a
Settlement Agreement for their litigations on the Loan Agreement
signed in February 2019. Cadogan
received an amount of 10,000,000
euros on January
27th, 2025. Consequently, Cadogan exited from the
Loan Agreement and notifications are currently being made to end
the Arbitration procedure and the claim at the Appeal Court of
Rome. This important and
significant transaction will be included in the 2024 accounts with
an impairment of the Loan value ( -5.7
million USD) in the 2024 balance sheet and in the
P&L.
ENDS
About
Cadogan Energy Solutions
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. Cadogan is
currently developing several power generation projects in
Western Ukraine to be operational
in 2025. 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.com
Ben Harber
Company Secretary
+44 0207 264 4366
