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LONDON - Cadogan Energy Solutions plc, an independent energy firm operating in Western Ukraine, has released its annual consolidated report detailing payments made to governments for the year ending December 31, 2023. The report adheres to the Financial Conduct Authority Disclosure and Transparency Rules and complies with the Reports on Payments to Governments Regulations 2014 and its subsequent 2015 amendment.
The company’s financial disclosure focused on payments related to oil and gas exploration, development, and extraction activities. Payments made in foreign currencies were converted to the reporting currency, U.S. dollars (USD), at the exchange rate at the time of payment.
The report specifies that Cadogan Energy Solutions made total payments of $2,505,000 to the Ukrainian government during the reported period. These payments were exclusively production taxes associated with the Blazhivske license area. The disclosed figures represent cash payments, net of any interest and penalties for late or underpaid tax. Notably, the company reported no in-kind payments to any government in 2023.
The report also clarifies that certain taxes, such as value added taxes, personal income taxes, sales taxes, property taxes, and environmental taxes, were excluded from the consolidated report.
Cadogan Energy Solutions operates an exploration and production license in Western Ukraine and engages in gas trading operations. The company aims to diversify its investment portfolio to offer energy solutions and services with a reduced environmental impact.
This disclosure comes as part of Cadogan’s commitment to transparency in its financial dealings with government entities, particularly in the extractive sector. The information provided is based on a press release statement from Cadogan Energy Solutions plc.
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