15 September 2016
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 2015, for activities related to
exploration, development and extraction of oil and gas resources.The report has
been prepared 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).
Payment types are disclosed at the level of operational activities governed by
a single contract, license or similar legal agreements and form the basis for
payment liabilities with a government. The payments are presented on a cash
basis, and do not contain interests and penalties on late tax payments or on
underpaid tax as all payments were made in due time There were no payments in
kind made to a Government during the year.
For the year ended 31 December 2015 the Group disclosed in the report
production taxes which are payments to governments in relation to revenue or
production generated under license agreements.
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.
Payments to government below the threshold of £86 thousand ($131 thousand based
on average exchange rate for the year) were excluded from the report as
permitted by the regulations.
In the year ended 31 December 2015 the Group operated only in Ukraine, so there
were payments only made to Ukrainian government.
Payments summary
Payments to governments made during the year ended 31 December 2015:
Production taxes Total
Ukrainian government $'000 $'000
State treasury: State budget 1,205 1,205
Total 1,205 1,205
Payments to governments by project type made during the year ended 31
December 2015:
Production taxes Total
$'000 $'000
Ukraine
Debeslavetska Production license area 765 765
Monastyretska license area 241 241
Cheremkhivska Production license area 193 193
Slobodo-Rungurska license area 5 5
Total 1,205 1,205
Cadogan Petroleum plc +380 (44)
594 5870
Guido Michelotti, Chief Executive Officer
Marta Halabala, Company Secretary
Cantor Fitzgerald Europe +44 (0) 20
7894 7000
David Porter
Sarah Wharry