May 17, 2017 - 8:02 AM EDT
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Cadogan Petroleum Plc - Report on Payments to Governments

17 May 2017

 Publication of Report on Payments to Governments

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 2016, 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 2016:

Production taxes

Payments to governments in relation to revenue or production generated under licence 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.

We did not include into the summary corporate income tax payments and licence fees paid because in 2016 they were below the threshold of £86 thousand ($131 thousand based on average exchange rate for the year).

Payments summary

Payments to governments made during the year ended 31 December 2016:
Production taxes Total
Governments $'000 $'000
State treasury: State budget 954 954
Total Ukraine 954 954
Grand Total 954 954
Payments to governments by project type made during the year ended 31 December 2016:
Production taxes Total
$'000 $'000
Debeslavetska Production licence area                        488            488
Monastyretska licence area                        292            292
Cheremkhivska Production licence area                        174            174
Slobodo-Rungurska licence area                            -                -
Total Ukraine 954 954

For further information, please contact:

Cadogan Petroleum plc

Guido Michelotti, Chief Executive Officer
+380 (44) 594 5870

Ben Harber, Company Secretary
+44 0207 264 4366

Cantor Fitzgerald Europe

+44 (0) 20 7894 7000
David Porter
Sarah Wharry

This information will be available shortly on the National Storage Mechanism.

Source: PR Newswire (May 17, 2017 - 8:02 AM EDT)

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