6th May 2021 17:36
Cadogan Petroleum PLC - oil & gas company that operates exploration & production licenses in western Ukraine - Revenue for 2020 amounts to USD5.1 million, down from USD5.9 million in 2019, but pretax loss halves to USD1.0 million from USD2.1 million. In 2019, firm took USD1.9 million provision against unsold gas inventory, an expense which did not occur in 2020.
Production rises 1.5% to 106,398 barrels in 2020 despite the 5.5 month shutdown of two wells.
Says year was "highly challenging", with volatility in oil and gas markets.
"Looking forward, we still have a lot of challenges ahead, but I am confident Cadogan can meet them. Due to the Covid-19 pandemic and the difficult relationship with Proger, the company delayed its development strategy but Cadogan is determined to develop a more value accretive and comprehensive diversification of its activities," company says.
Current stock price: 4.00 pence
Year-to-date change: up 48%
By Lucy Heming;Â [email protected]
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