Final Results
Cadogan Energy Solutions plc reported a reduced loss for the year ended 31 December 2025 of $1.1 million, a significant improvement from the $6.2 million loss in 2024, with loss per share decreasing to 0.45 cents from 2.6 cents. Gross revenues declined to $5.8 million from $9.2 million, and the average realised oil price fell to $46.75/boe from $71.13/boe, while G&A expenses increased to $4.0 million. Despite lower revenues, the company's cash and other financial assets grew to $20.1 million. Operationally, oil production decreased by 9% to 117,408 bbl, but Cadogan secured two gas exploration licenses in Italy and developed 12.3 MW of power generation infrastructure in Ukraine, with 9.2 MW already operating. The company also received 10 million euros in January 2025, settling litigation and exiting a loan agreement.
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The Board of Cadogan Energy Solutions plc, ("Cadogan" or "the Company"), is pleased to announce the Company's annual results for the year ended 31 December 2025. A summary of the information includes:
Key Financial Highlights of 2025:
Loss for the year: $1.1 million (2024: loss of $6.2 million)
Average realised price
*
: $46.75/boe (2024: $71.13/boe)
Gross revenues
**
: $5.8 million (2024: $9.2 million)
G&A
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: $4.0 million (2024: $3.5 million)
Loss per share: 0.45 cent (2024: loss of 2.6 cents)
Cash and other financial assets (see note 21) at the year-end
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: $20.1 million (2024: $14.4 million)
Key Operational Highlights of 2025:
Oil production: 117,408 bbl (2024: 129,272 bbl), a 9% decrease year-on-year;
No LTI/TRI
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. All employees and assets have been secured;
In January 2025, Cadogan received 10 million euros as provided in the Settlement Agreement signed with Proger in December 2024. Subsequently, Cadogan exited from the Loan Agreement signed in February 2019, ended all the litigations procedures and dissolved the pledge over the corresponding shares in Proger Ingegneria;
In Italy, Exploenergy has obtained two gas exploration licences in Northern Italy, for the Corzano project located in the Lombardia region and the Reno Centese project located in the Emilia Romagna region;
New decentralised power generation infrastructure has been developed in Western Ukraine, with a total capacity of 12.3 MW. As of April 2026, 9.2 MW are operating and producing electricity sold to the grid operator. Remaining 3.1 MW is undergoing commissioning process prior to operational start;
The Gas-to power infrastructure using the non-commercial gas of Blazhiv field for producing electricity is operational since February 2026, and selling electricity to the grid operator; and
The ISO 14001 and 45001 certifications were re-validated by respective authorities for one year.
The Annual Report and Financial Statements for the year ended 31 December 2025 are attached to this announcement. Alternatively, copies are available on the Company's website at:
In accordance with the UK Listing Rules, a copy of the report will be submitted shortly to the National Storage Mechanism and will shortly be available for inspection at:
.
*
Average realised price is calculated as total revenue from oil sales for the period divided by total volume of sold oil for the period.
**
Gross revenues of $5.8 million (2024: $9.2 million) included $0.3 million (2024: nil) from trading of natural gas, $5.5 million (2024:$9.2 million) from production.
***
Administrative expenses ("G&A").
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Group's cash position is $13.6 million and with an other financial asset amount of $6.5 million (£4.8 million) being an amount held on deposit as a collateral for SBLC provided by a UK Bank to one of the Company's subsidiaries (see note 21).
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LTI: Lost Time Incidents; TRI: Total Recordable Incidents.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.