Cadogan Petroleum reduced production by 23% in the H1 of 2020

Cadogan Petroleum in the first half of 2020 reduced average daily production by 23%, to 230 boe compared, to 297 boe in the first half of 2019. This is stated in the report for the corresponding period at the London Stock Exchange.

According to the report, the company’s revenue from production decreased by 46% compared to the same period in 2019 due to a 33% decrease in the average oil sales price and, as noted, a 23% decrease in production volumes. In particular, total revenue decreased by 62% compared to the same period in 2019 due to the lack of gas sales. Cost-cutting initiatives have been implemented to mitigate the negative impact of the COVID-19 pandemic. Namely, gas, purchased in 2019, was not sold from storage facilities in anticipation of the corresponding market prices.

Derzhheonadra in May 2020 rejected the HC exploration and production license for Bitlyanska area, despite the timely submission of the documents package with all the necessary interim approvals, and the absence of comments from the Geocontrol during the audit. As a result, Cadogan filed a claim to appeal this decision to the Kyiv District Administrative Court.

A message to shareholders at the London stock exchange, also noted that the company’s cash balance at the end of the reporting period is $11.6 million compared to $13.7 million in 2019. It assures that this level is sufficient to maintain the company’s current operations.

13:00 / 15 September, 2020

Upcoming events
08:00 / 26 September, 2019
ODESA OFFSHORE CONFERENCE-2019 Ukraine has every chance to resume the work of the most promising oil and gas region, the Southern oil&gas fields. The untapped deposits of oil and gas are located both onshore and subsea. Four companies have already poised to conclude Production Sharing Agreements with Ukraine, whilst bidding for the Dolphin oil&gas fields on Black Sea shelf. The Odesa Offshore Conference (OOC2019) will serve as a venue for Ukrainian and international bidders to meet with local and international drilling, oilfield service and equipment manufacturers to kick-off emerging subsea and onshore projects in Ukraine.
ODESA OFFSHORE CONFERENCE-2019
12:00 / 13 June, 2019
08:00 / 23 May, 2019
Carpathian Oil&Gas Conference-2019 The development of oil&gas industry, introduction and implementation of new E&P technologies, stimulation, workovers &recovery of oil&gas wells will be among upstream focal points of the FIRST DAY of COGC2019 - 23 May. The SECOND DAY of Conference will be devoted to midstream, downstream, and trade in hydrocarbons, to spotlight the nowadays dynamics and robust changes in the Ukrainian oil&gas market. The Ukrainian Gas Market day of 24 May 2019 will become a marketplace venue for natural gas traders and natural gas transmission & distribution companies to meet and discuss prospective deals in the UAH 200 billion natural gas market of Ukraine.
Carpathian Oil&Gas Conference-2019
All events