Consolidated report on payments to governments
Cadogan Energy Solutions plc has reported its consolidated payments to governments for the year ended 31 December 2025, totaling $2,768,000. These payments, made in relation to exploration, development, and extraction activities, consist of $2,280,000 in production taxes, $382,000 in profit taxes, and $106,000 in withholding tax on dividends, all attributed to operations in Ukraine, specifically the Blazhivske license area. The company clarified that taxes levied on consumption, such as VAT and sales taxes, are excluded from this report.
Select text to share a quote on X · sign in to keep highlights & notes in your CAD notes
June 2026
Cadogan Energy Solutions plc (the "Company")
Consolidated report on payments to governments
Cadogan Energy Solutions plc presents below its consolidated report on payments to governments for the year ended 31 December 2025, for activities related to exploration, development and extraction of oil and gas resources.
The Company has prepared the following consolidated report 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).
Basis of preparation
The Company discloses below payments made to governments by the Group's subsidiaries involved in extractive activities. The term 'government' includes a department, agency or entity that is controlled by the government authority.
Reporting currency
Where payments have been made in currencies other than the reporting currency (USD), the exchange rate existing at the time the payment is made has been used.
Payment types disclosed at project level
"Project" is defined as "operational activities governed by a single contract, license, lease, concession or similar legal agreement, and forms the basis for payment liabilities with a government". Where multiple such agreements are substantially interconnected, this was considered a project for the purpose of this report.
The payments are presented on a cash basis, net of any interest and penalties on late tax payments or on underpaid tax.
There were no payments in kind made to a government during the year.
The following payment types are disclosed for legal entities involved in extractive activities for the year ended 31 December 2025:
Production taxes
Payments to governments in relation to revenue or production generated under hydrocarbon (oil) production license agreements.
Profit taxes (
corporate income tax)
Payments to governments in relation to taxable profits generated under Ukrainian corporate income tax regulations. This includes corporate income tax liabilities arising on distributed profits, where the tax is effectively prepaid at the time of dividend distribution in accordance with Ukrainian tax legislation.
Withholding tax on dividends
Payments to governments in relation to withholding taxes levied on dividend distributions made under
Ukrainian
applicable tax legislation.
Excluded amounts
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 summary
Payments to governments made during the year ended 31 December 202 5 :
| Production taxes | Profit taxes | Withholding tax on dividends | Total | |
|---|---|---|---|---|
| Governments | $'000 | $'000 | $'000 | $'000 |
| Ukraine | ||||
| State treasury: State budget | 2,280 | 382 | 106 | 2,768 |
| Total Ukraine | 2,280 | 382 | 106 | 2,768 |
| Grand Total | 2,280 | 382 | 106 | 2,768 |
Payments to governments by project type made during the year ended 31 December 202 5 :
| Production taxes | Profit taxes | Withholding tax on dividends | Total | |
|---|---|---|---|---|
| $'000 | $'000 | $'000 | $'000 | |
| Ukraine | ||||
| Blazhivske licen s e area | 2,280 | 382 | 106 | 2,768 |
| Total Ukraine | 2,280 | 382 | 106 | 2,768 |
| Grand Total | 2,280 | 382 | 106 | 2,768 |
A
bout
Cadogan is an independent multi-energy group, listed on the Main Market of the London Stock Exchange, operating an exploration and production license in Ukraine, with two gas exploration licenses in Northern Italy. Cadogan is now an investor and operator in the power generation sector. The Company's goal is to expand its investments across the energy value chain with a focus on energy solutions and services with a reduced environmental footprint.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.