Half-year Results
Cadogan Energy Solutions plc reported its unaudited results for the six months ended 30 June 2026, with revenues increasing by 83% compared to the prior year, primarily driven by new electricity sales from its gas-to-power infrastructure at the Blazhiv field and 12.3 MW of power generation projects which became operational in Western Ukraine. Average daily oil production saw a slight 1% increase to 330 bpd, while average daily electricity production reached 61.2 MWh. The company's cash position stood at $18 million, deemed sufficient for ongoing operations and development. Cadogan also initiated exploration analysis for two gas licences in Northern Italy.
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Cadogan Energy Solutions plc ("Cadogan" or the "Company"), an independent, diversified, multi-energy company listed on the Transition Market of the London Stock Exchange, with investments, operations and services along the energy value chain, is pleased to announce its unaudited results for the six months ended 30 June 2026.
Highlights
The war in Ukraine continued to affect our producing assets in Ukraine. All employees and assets remained safe throughout the period.
H1 2026 has been another semester without LTI and TRI.
The gas-to-power infrastructure at the Blazhiv field in Western Ukraine became operational in February 2026. It is aimed at utilizing the non-commercial associated gas from oil production and converting it into electricity for sale on the market.
The power generation projects in Western Ukraine, totalling 12.3 MW of installed capacity, became operational in three phases during the first semester 2026.
The ISO 14001 and ISO 45001 certifications have been revalidated for a new term with the scope of certification expanded to include electricity generation.
The revenues increased by 83 % versus the same period in 2025, mainly due to the revenues from the electricity sales activities (gas-to-power and power generation).
In H1 2026, the average daily oil production was 330 bpd (326 bpd in H1 2025), a 1% increase vs H1 2025.
In H1 2026, the average daily electricity production was 61.2 MWh per day.
The cash position at the end of period was $18 million (30 June 2025: $20.1 million). This level of cash is sufficient to sustain on-going operations and business development initiatives.
Cadogan, through its Italian subsidiary, started conducting the analysis of the historic seismic data and studies for preparing the exploration phase for its two gas exploration licences in Northern Italy obtained in 2025 (Corzano and Reno Centese).
The Half Yearly Report for the six months ended 30 June 2026 is 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:
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Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.