9th Sep 2022 10:22
Cadogan Petroleum PLC - oil projects in Ukraine - Pretax loss widens to USD1.7 million in the first half of 2022 from USD130,000 a year before. Revenue is steady at USD4.6 million, compared to USD4.5 million a year before, but Cadogan books a USD1.6 million loss on currency movement, compared to a USD276,000 loss a year before. Says the half-year "witnessed severe challenges" due to Russia's invasion of Ukraine. Cadogan stopped production for three weeks in March but then was able to resume activity. Average working interest production was 336 barrels per day, up 1.5% from 331 per day a year before, though production revenue rose 40% due the jump in oil prices. Total revenue increased by less than that because of the absence of gas sales.
"Overall, Cadogan continued operating in an extremely unstable environment caused by the ongoing war in Ukraine, with the subsequent destruction of the infrastructures and fatalities, the economic and financial turmoil in the local and European economy and the volatility of currencies," it says. "The company continued improving performances of its oil production operations and controlling costs."
Current stock price: 2.48 pence on Friday in London
12-month change: down 31%
By Tom Waite; [email protected]
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