CADOGAN ENERGY SOLUTIONS PLC

Annual Results for the year ended 31 December 2024

 

The Board of Cadogan Petroleum plc, ("Cadogan" or "the Company"), is pleased to announce the Company's annual results for the year ended 31 December 2024.

 

 

Key Financial Highlights of 2024:

Loss for the year: $6.2 million (2023: profit of $1.3 million) Average realised price[1]: $71.13/boe (2023: $59.32/boe) Gross revenues[2]: $9.2 million (2023: $7.6 million) G&A[3]: $3.5 million (2023: $3.6 million) Loss per share: 2.6 cents (2023: profit of 0.5 cents) Cash at year end: $14.4 million (2023: $14.2 million)

 

Key Operational Highlights of 2024:

Production: 129,272 bbl (2023: 119,057 bbl), a 9% increase year-on-year; No LTI/TRI[4]. All employees and assets have been secured; ISO 14001 and 45001 certifications were re-validated by respective authority for one year; Assessment of Blazhiv oil field hydrocarbon reserves by an independent expert according to PRMS standards; Qualification of Exploenergy as gas operator in Italy by the Ministry of Environment and Energy Transition; Development of the gas-to power project using the non-commercial gas of Blazhiv field for producing electricity to be sold on the market; and  Launch of an investment for the development of new power generation projects in Ukraine, with a total installed capacity of 12,3 MW to enter in operation in H2 2025.

 

Group overview

In 2024, while continuing to maintain exploration and production assets, and operating an oil services business in Ukraine, Cadogan started its diversification and development in the electricity market. Cadogan's oil assets are concentrated in the west of the country. The oil services business focuses on workover operations, civil works services and other services to satisfy Cadogan intra-group operational needs and specialised machinery services to third parties. The Cadogan's power generation assets are developed in the center and the west of the country.

Our business model

We aim to increase value through:

Maintaining a robust balance sheet, monetising the remaining value of our Ukrainian assets and supplementing E&P cash flow with revenues from gas trading and oil services Developing new activities along the energy value chain with a lower impact on environment Diversifying Cadogan's portfolio, both geographically and operationally

 

Ukraine

2024 remained a highly challenging year for Cadogan due to the ongoing invasion of Ukraine by Russia and its consequences on the operational activities of the Group.

West Ukraine

The Group continued to produce oil from its production Blazhiv license located in the West of Ukraine. Notwithstanding severe market volatilities caused by war time uncertainties Cadogan was able to avoid   shutdowns of its production during 2024.  As a result, production grew by 9% above the one of 2023. Net oil production was 129,272 bbl corresponding to an average of 353 bpd.

 

In 2024, a new assessment of hydrocarbon reserves was completed by an independent expert, according to PRMS standards. The Blazhiv field contains 3.05 million boe of 3P reserves and additionally 0,64 million boe of 2C contingent resources. The results of this assessment indicate a strong reserves base, highlighting our robust position and revealing significant potential for further development.

 

 A substantial move has been done to ensure the sustainability of the oil production activities by utilizing the non-commercial associated gas from oil production activities for generating electricity. In 2024, progress has been made in the development of the gas infrastructure and the overall construction works. Because of a delay in releasing an authorisation from an administration, the gas-to-power generator should be operational in July 2025.

 

 

Power Generation Business

In 2024, the Group further advanced its diversification into the electricity sector to become an electricity producer. Cadogan initiated new investments in power generation projects in different locations in Ukraine, with a total installed capacity of 12.3 MW. These projects are scheduled to become operational in H2 2025, reinforcing the Company's commitment to expanding its presence in the energy sector.

Subsidiary businesses

Due to the current situation in Ukraine, the Company had no gas trading operations during 2024. Cadogan continues to monitor the gas markets in Europe and Ukraine, while keeping in storage 0.7 million m3 of gas.

Astroservice LLC, the oil services subsidiary, continued to support Blazhiv license wells' operations and specialized machinery services to third parties.

 

 

Italy

The Group owns a 90% interest in Exploenergy s.r.l., an Italian company, which controls two exploration areas (Reno Centese and Corzano), located in the Po Valley region (Northern Italy).

In 2024, the Ministry for Environment and Energy Transition, confirmed again that Exploenergy is a qualified gas operator in Italy. In September 2024, the Ministry for Environment and Energy Transition notified this decision to the two corresponding regions for Exploenergy projects, inviting them to release the necessary authorisations for the preliminary exploration phase. Exploenergy is expecting the release in June 2025 of this authorisation for the project located in Lombardia.

 

 

 

In February 2019, Cadogan entered in a 2-year loan agreement with Proger Management & Partners Srl ("PMP") with a call option which Cadogan could exercise, with no obligation, to get a 33% equity interest in Proger Ingegneria Srl which in turn held at 31 December 2020 a 75.95% equity interest in Proger Spa. Proger is an Italian engineering company providing services in Italy and in different international areas.

The interpretation of these contracts led to controversy which has been settled by the parties in December 2024.

Strategic Report

The Strategic Report has been prepared in accordance with Section 414A of the Companies Act 2006 (the "Act") and presented hereunder. Its purpose is to inform stakeholders and help them assess how the Directors have performed their legal duty under Section 172 of the Act to promote the success of the Company.

Section 172 Statement

The Company's section 172 statement is presented on page 39 and forms part of this strategic report.

Principal activity and status of the Company

The Company is registered as a public limited company (registration number 05718406) in England and Wales.  Up to 2024, the principal activity was oil and gas exploration, development and production; the Company also conducts gas trading and provides services. In November 2022, the shareholders approved the change of name and the strategy to expand its activities along the energy value chain to new forms of energy with a reduced impact on the environment. In December 2023, the Company stepped into the electricity generation sector by launching the development of the gas-to-power project on the Blazhiv field in Ukraine. Due to delays deriving from administrative authorisations, this project will be operational in July 2025. In 2024, the Company decided to accelerate its business diversification in the electricity market and launched new investments to develop several projects in power generation with a total installed capacity of 12.3 MW to be operational in H2 2025.

The Company's shares used to have a standard listing on the Official List of the UK Listing Authority and are traded now on the "transition" Market of the London Stock Exchange after the changes in the listing categories which occurred in July 2024.

Key performance indicators

The Group monitors its performance through five key performance indicators ("KPIs"):

-          to increase oil, gas and condensate production measured on the number of barrels of oil equivalent produced per day ("boepd");

-          to decrease administrative expenses;

-          to increase the Group's basic earnings per share;

-          to maintain no lost time incidents; and

-          to grow geographically and operationally diversify the portfolio.

 

The Group's performance in 2024 against these KPI's is set out in the table below, together with the prior year performance data.

 

 

Unit

2024

2023

2024 vs 2023

 

 

 

 

 

Average production (working interest basis) 1

boepd

353

326

+8%

Overhead (G&A)

$ million

(3.5)

(3.6)

-3%

Basic (loss)/profit per share 2

cents

(2.6)

0.5

-620%

Lost time incidents 3

incidents

-

-

-

Geographic and operation diversification

new assets

  yes

-

-

Average production is calculated as the average daily production during the year Basic profit/(loss) per ordinary share is calculated by dividing the net profit/(loss) for the year attributable to equity holders of the parent company by the weighted average number of ordinary shares during the year Lost time incidents relate to the number of injuries where an employee/contractor is injured and has time off work (IOGP classification)

Chairman's Statement

2024 remained a year of persistent challenges for Ukraine, as the ongoing conflict with Russia continued to impact the country's stability and economic environment. The geopolitical uncertainties and security risks posed significant obstacles to our operations, yet Cadogan remained resolute in its commitment to operational excellence, and sustainability. The safety of our employees continues to be our highest priority, and we have taken all necessary measures to ensure their well-being while securing the continuity of our operations.

Despite these challenges, Cadogan strengthened its position in the market by preserving stable oil production levels, achieving results that exceeded those of 2023. Through proactive risk management and adaptability, we successfully mitigated the impact of external uncertainties, ensuring uninterrupted production and sales.

Furthermore, Cadogan intensified its focus on diversification and investment in power generation. Despite the adverse conditions, we increased our investments in this sector, launching a new power generation project in Ukraine. This initiative reflects our long-term commitment to growth, sustainability, and energy diversification.

Looking ahead, we acknowledge that geopolitical instability and economic volatility will continue to present challenges. However, we remain committed to overcoming these hurdles with resilience, integrity, and determination. Thanks to our dedicated team and strong leadership, we are well-positioned to maximize the value of our assets while furthering our strategic goals. The Board remains focused on strengthening our position and driving future growth through diversified investments, ensuring the continued success and sustainability of Cadogan in these uncertain times.

 

Michel Meeus

Non-Independent Non-Executive Chairman

25 April 2025

 

Chief Executive's Review

With the persistence of the war in Ukraine, 2024 continued to present big challenges for the energy sector in general and for Cadogan in particular. The ongoing air strikes targeting oil, gas, and energy infrastructure, combined with geopolitical and economic uncertainties, have added further complexities to operations. Despite these adversities, Cadogan has remained resourceful and forward-thinking, effectively navigating market complexities to sustain operations, drive expansion and implement its strategy aiming at positioning Cadogan Energy Solutions as a diversified energy group developing new activities along the energy value chain with a lower impact on environment.

The security of our employees in Ukraine remains our first concern. We are pleased to report that all of them have remained safe throughout the year. The Group's local operating companies in Ukraine have been recognised critical to the Country's economic functioning, reinforcing our essential role in the energy sector.

In 2024, the Group successfully increased crude oil production while achieving higher sales prices and revenues. With the aim of providing sustainability for this activity, Cadogan has developed its gas-to-power project on the Blazhiv field to capture the non-commercial gas and the CO2 emissions for producing electricity to be sold on the market. Due to administrative delays for delivering authorisations for the infrastructure and connection, this project is expected to be operational in July 2025. Furthermore in 2024, Cadogan launched a new development in power generation in Ukraine with a total installed capacity of 12.3 MW to be operational in H2 2025, underscoring its strategy to broaden its energy portfolio and reinforcing its commitment to diversification and long-term energy sustainability.

Against this challenging background, Cadogan's existing operational activities performed as following:

Another year without LTIs; a 9% increase in oil production, from 119,057 bbl in 2023 to 129,272 bbl in 2024; development of the gas-to-power project and its infrastructure on Blazhiv field; $14.3 million of net cash at 31 December 2024, and $24.7 million at 31 January 2025 (after the closing of the Settlement Agreement with Proger); further diversification in electricity generation business with the development of projects with a total installed capacity of 12.3 MW in Ukraine to be operational in H2 2025; and assessment and confirmation of Blazhiv oil field hydrocarbon reserves according to PRMS standards.

 

Operations

Cadogan has continued to safely produce from its Blazhiv field in the West of Ukraine. Oil production has increased by 9% compared to the previous year despite ongoing severe constraints in the country.

Cadogan continued to improve its subsoil knowledge on Blazhiv field. In 2024, the assessment of the reserves, conducted by an independent expert, confirmed that the Blazhiv field contains 3.05 million boe of 3P reserves and additionally 0,64 million boe of 2C contingent resources. This robust position is reinforced by the strategy of Cadogan for developing the sustainability of these activities. The gas-to-power project on the Blazhiv field aiming to utilize the non-commercial associated gas from oil production, converting it into electricity to be sold on the market, progressed tthroughout 2024. Due to delays in the authorisations process, this project is expected to be operational in July 2025. On a full year basis, this project will allow to drop significantly the CO2 emissions related to our operations on Blazhiv field. It is expected that the intensity ratio for E&P operations (for same production volumes) will drop from 146 tons CO2e/Kboe to 32 tons CO2e/Kboe.

Furthermore, in 2024, Cadogan implemented its strategy, to be a diversified energy company, and expanded its electricity generation business. The Group has launched a new investment to install new power generation capacity with a total of 12.3 MW on different locations in centre and west of Ukraine. This strategic move strengthens Cadogan's role in the energy sector and contributes to addressing the country's growing electricity demand. The expansion aligns with the Company's commitment to diversification in energy production.

High operational standards of the Group have been confirmed again by zero LTI or TRI, with a total over 1,873,000 manhours since the last incident, and re-validation of ISO 14001 & 45001 certifications by respective authority for one year.

Cadogan continues to integrate environmental considerations into its operational approach. The Group has taken proactive steps to reduce greenhouse gas emissions by purchasing green certificates, ensuring that the electricity consumed for its operations in Ukraine is entirely sourced from renewable energy. In 2024, the Group was able to buy green certificates to mitigate the CO2 emissions generated by its operational activities in Q4 2024 and 2025.

In 2024, the Italian Ministry for Environment and Energy Transition, confirmed again that Exploenergy is a qualified gas operator. In September 2024, the Ministry for Environment and Energy Transition notified this decision to the two corresponding regions for Exploenergy projects, inviting them to release the necessary authorisations for the preliminary exploration phase.  Exploenergy is expecting the release in June 2025 of this authorisation for the project located in Lombardia.

 

Other

Due to high market volatility caused by military escalation in Ukraine, The Company had no trading operations during 2024. Cadogan continues to monitor the gas markets in Europe and Ukraine, while keeping in storage 0.7 million m3 of gas to secure resources. The oil services activities were used primarily to serve the Group's wells' operations and specialized machinery services to third parties.

 

 

Proger

In February 2019, Cadogan used part of its cash (Euros 13.385 million) to enter into a 2-year Loan Agreement with Proger Managers & Partners, together with a Call Option Agreement which could have been exercised by Cadogan,  between September 2019 and February 2021, into a 33 % equity interest in Proger Ingegneria which in turn held, a 75.95% equity interest in Proger as at 31 December 2020. The interpretation of these contracts has led to controversy between the parties, with a refusal to deliver financial information to Cadogan. The Call Option was not exercised. Cadogan demanded the repayment of the Loan together with the accumulated interests. PMP contested the obligation to reimburse and asked for arbitration. This arbitration proceeding ended in July 2022, but the interpretation of the award led to a new controversy. Cadogan introduced a claim at the Appeal Court of Rome and asked in November 2023 for a new arbitration. In September 2024, the parties agreed to suspend the procedures and find an amicable settlement. This was done, and a Settlement Agreement was signed on 12 December 2024. After receiving 10 million euros in a single instalment in January 2025, Cadogan exited from the above-mentioned contracts, ended all the litigations procedures and dissolved the pledge over the corresponding shares in Proger Ingegneria. Whilst increasing the available cash in Cadogan by $10.3 million, the transaction is impacting the balance sheet and the 2024 accounts with an impairment of $5.7 million which is not a cash item.

 

Outlook

 

2024 has been an important inflexion year for Cadogan Energy Solutions. Despite the tremendous challenges imposed by the war in Ukraine, the Group has been successful in shifting its business model to start its journey to become a diversified energy group. We are bringing sustainability to the existing oil production activities on Blazhiv field with a solution which will allow to drop significantly the emissions of CO2 and improve the profitability for the Group. The ongoing investments and diversification in the electricity generation sector will create significant increase in revenues and cash-flow. In 2025, once obtained the authorisation, the Group will start the studies for the exploration phase on the authorised project in Lombardia (Italy), confirming its geographical diversification. Thanks to a robust balance sheet and available cash, the Group is ready to continue to develop its activities along the energy value chain, increasing its shift towards activities with a lower impact on environment.

 

 

This strategy is totally aligned with the Climate Change requirements for sustainability of Cadogan's activities.

 

Fady Khallouf

Chief Executive Officer

25 April 2025 

 

Operations Review

 

Overview

At 31 December 2024, the Group held working interests in one conventional gas, condensate and oil exploration and production license in the west of Ukraine.

 

Summary of the Group's licenses (as at 31 December 2024)

Working

interest (%)

License

Expiry

License type

100

Blazhiv

November 2039

Exploration and Production

 

West Ukraine

E&P activity remained focused on maintaining its license and safely and efficiently producing from the existing wells as well as implementing non-invasive production enhancement scenarios within the Blazhiv oil field.

Blazhivska license

In 2024, the daily average net oil production reached 353 barrels per day, indicating a 9% increase compared to 2023's production of 326 barrels per day. Proper planning, robust safety measures, and efficient resource management allowed to achieve such production levels demonstrating operational stability even in harsh war circumstances.

Cadogan continues to deepen its knowledge of Blazhiv area subsoil. In 2023, the Company conducted full hydrodynamic surveys on the Blazhiv-1, Blazhiv-3, Blazhiv-Monastyrets-3, and Blazhiv-10 wells. Further, in 2024, an independent expert completed the re-assessment of reserves at the Blazhiv field, confirming 3.05 million boe of 3P reserves and 0.64 million boe of 2C contingent resources associated with the Blazhiv license. These results indicate a strong reserves base.

The gas-to-power project, aiming to utilise non-commercial associated gas from oil production on Blazhiv field converting it into electricity to be sold on the market, progressed tthroughout 2024. Operations focusing on the construction of the gas collecting infrastructure and laying down the pipelines advanced steadily. A power generator from a leading European manufacturer, along with essential equipment, was delivered on the site.  

Gas trading

Due to high market volatility caused by military escalation in Ukraine, The Company had no trading operations during 2024. Cadogan continues to monitor the gas markets in Europe and Ukraine, while keeping

Press Release                                                                                                                    4th February 2025

This announcement contains inside information as defined under the Market Abuse Regulations n. 596/2014

Cadogan Energy Solutions Plc

("Cadogan" or the "Company")

Cadogan Energy Solutions plc ("Cadogan" or the "Company") announces that it has issued 7,000,000 Ordinary shares of £0.03 each, ("New Ordinary Shares") in the capital of the Company for cash on the basis of £0.03 per share to the CEO, Mr Fady Khallouf, to be satisfied in full using 50% of the amount of the bonus due relating to the recovery of the loan to Proger Managers & Partners srl approved by shareholders at the Annual General Meeting held on 25th June 2021.

The Company confirms that Mr Fady  Khallouf has agreed to fund the income tax due on the bonus from his own resources.  Therefore, there is no immediate need for any of the above shares to be sold to fund the tax liability arising on the bonus.  Also, as a consequence, there will be no cash outflow for the Company arising from the award of the bonus, with the exception of any related social security contributions that fall due following the payment of the bonus.

Application will be made for the new Ordinary Shares to be admitted to trading on the London Stock Exchange (the "Admission"), and dealings in the new Ordinary Shares are expected to commence on or around 10th February 2025.

Following the issue of the New Ordinary Shares the total number of Ordinary Shares in issue is 251,128,487. There are 66 Ordinary Shares held in treasury. Therefore, the total number of voting rights in the Company is 251,128,421. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest under the Disclosure and Transparency Rules.             

ENDS

About

Cadogan Energy Solutions is an independent, energy company, which operates an exploration and production license in Western Ukraine, conducts gas trading operations, and provides services to E&P companies. Cadogan is currently developing several power generation projects in Western Ukraine to be operational in 2025. The aim of the Company is to be a diversified energy group making investments offering energy solutions and alternative services with a lower environmental impact.

For further information, please contact:

Cadogan Energy Solutions plc Fady Khallouf               Chief Executive Officer                            f.khallouf@cadogan-es.comBen Harber                     Company Secretary                                  +44 0207 264 4366

Press Release                                                                                                                    30 January 2025

This announcement contains inside information as defined under the Market Abuse Regulations n. 596/2014

Cadogan Energy Solutions Plc

("Cadogan" or the "Company")

Cadogan Energy Solutions plc ("Cadogan"), the London Stock Exchange listed independent company, is pleased to provide the following operational update post year end.

In 2024, Cadogan continued to face challenges arising from the ongoing war in Ukraine, and specifically the Russian attacks targeting the Country's energy infrastructure.

Notwithstanding these constraints, the Company ensured that all wells at Blazhiv field remained operational, avoiding oil production shutdowns. As a result, production grew by 12% compared to the 2023 levels. The net oil production was 129,272 bbl, corresponding to a daily production average of 353 bpd.

In 2024, the update of the Blazhiv license reserves assessment was completed. As reported last year, the Blazhiv field contains 3.05 million boe of 3P reserves and additionally 0,64 million boe of 2C contingent resources. The results of this assessment indicate a robust position with a strong reserves base.

In 2024, the Group implemented its initiative on Blazhiv wells to convert the non-commercial associated gas into electricity by installing a 0.85 MW gas-to-power generator. This generator will become operational in March 2025.

Furthermore, in 2024, the Group has accelerated its diversification in the electricity sector. Cadogan has started investments in new power generation opportunities in Ukraine, with a total installed capacity of approximately 12 MW. The projects are expected to be operational in Q3 2025.

Cadogan remains steadfast in its commitment to environmental protection by actively working to reduce its greenhouse gas emissions. In addition to the previous initiatives, in 2024, the Group purchased green certificates, ensuring that the electricity consumed for its operations in Ukraine is entirely sourced from renewable energy.

All activities were executed without LTI or TRI, with a total of 1,874,000 manhours since the last incident. Cadogan has also successfully passed ISO audit whereas ISO 14001 and 45001 certifications were re-validated by the respective authority for the new 3-year term.

In December 2024, Cadogan and Proger entered in a Settlement Agreement for their litigations on the Loan Agreement signed in February 2019. Cadogan received an amount of 10,000,000 euros on January 27th, 2025. Consequently, Cadogan exited from the Loan Agreement and notifications are currently being made to end the Arbitration procedure and the claim at the Appeal Court of Rome. This important and significant transaction will be included in the 2024 accounts with an impairment of the Loan value ( -5.7 million USD) in the 2024 balance sheet and in the P&L.

ENDS

About

Cadogan Energy Solutions is an independent, energy company, which operates an exploration and production license in Western Ukraine, conducts gas trading operations, and provides services to E&P companies. Cadogan is currently developing several power generation projects in Western Ukraine to be operational in 2025. The aim of the Company is to be a diversified energy group making investments offering energy solutions and alternative services with a lower environmental impact.

For further information, please contact:

Cadogan Energy Solutions plc Fady Khallouf               Chief Executive Officer                            f.khallouf@cadogan-es.comBen Harber                     Company Secretary                                  +44 0207 264 4366

Cadogan Energy Solutions Plc ("Cadogan" or the "Company") TR1 - Notification of Major Interest in shares 

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: ii Cadogan Energy Solutions PLC 2 Reason for the notification (please tick the appropriate box or boxes): An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify): Beneficiary of renunciation of usufructus rights over shares X 3. Full name of person(s) subject to the notification obligation: iii Ms Veronique Salik 4. Full name of shareholder(s)  (if different from 3.):iv 5. Date of the transaction and date on which the threshold is crossed or reached: v 2 January 2025 6. Date on which issuer notified: 7 January 2025 7. Threshold(s) that is/are crossed or reached: vi, vii 24.36% 8. Notified details: A: Voting rights attached to shares viii, ix Class/type of shares if possible using the ISIN CODE Situation previous to the triggering transaction Resulting situation after the triggering transaction Number of Shares Number of Voting Rights Number of shares Number of voting rights % of  voting rights x Direct Direct xi Indirect xii Direct Indirect Ordinary SharesGB00B12WC938 51,368,000 21.04% 59,488,000 59,488,000 0 24.36 0 B: Qualifying Financial Instruments Resulting situation after the triggering transaction Type of financial instrument Expiration date xiii Exercise/ Conversion Period xiv Number of voting rights that may be acquired if the instrument is exercised/ converted. % of voting rights C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi Resulting situation after the triggering transaction Type of financial instrument Exercise price Expiration date xvii Exercise/ Conversion period xviii Number of voting rights instrument refers to % of voting rights xix, xx Nominal Delta Total (A+B+C) Number of voting rights Percentage of voting rights 59,488,000 24.36% 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi The registered shareholder is HSBC Global Custody Nominee (UK) Limited held as nominee for HSBC Bank PLC which in turn holds the shares for CACEIS Bank which in turn holds the shares for CA Indosuez Wealth Europe which holds the shares for the ultimate beneficial owner, Ms Veronique Salik. Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights:

 

Cadogan Energy Solutions Plc ("Cadogan" or the "Company") TR1 - Notification of Major Interest in shares

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: ii Cadogan Energy Solutions PLC 2 Reason for the notification (please tick the appropriate box or boxes): An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify): Renunciation of usufructus rights over shares X 3. Full name of person(s) subject to the notification obligation: iii Mr Pierre Salik 4. Full name of shareholder(s)  (if different from 3.):iv 5. Date of the transaction and date on which the threshold is crossed or reached: v 2 January 2025 6. Date on which issuer notified: 7 January 2025 7. Threshold(s) that is/are crossed or reached: vi, vii 3% 8. Notified details: A: Voting rights attached to shares viii, ix Class/type of shares if possible using the ISIN CODE Situation previous to the triggering transaction Resulting situation after the triggering transaction Number of Shares Number of Voting Rights Number of shares Number of voting rights % of  voting rights x Direct Direct xi Indirect xii Direct Indirect Ordinary SharesGB00B12WC938 8,120,000 3.32% 0 0 0 0 0 B: Qualifying Financial Instruments Resulting situation after the triggering transaction Type of financial instrument Expiration date xiii Exercise/ Conversion Period xiv Number of voting rights that may be acquired if the instrument is exercised/ converted. % of voting rights C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi Resulting situation after the triggering transaction Type of financial instrument Exercise price Expiration date xvii Exercise/ Conversion period xviii Number of voting rights instrument refers to % of voting rights xix, xx Nominal Delta Total (A+B+C) Number of voting rights Percentage of voting rights 0 0 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights:

Cadogan Energy Solutions Plc

("Cadogan" or the "Company")

Director Dealings - Market Share Purchase

Cadogan Energy Solutions plc ("Cadogan" or the "Company") today announces that its Chairman, Mr. Michel Meeus, has purchased a total of 1,000,000 ordinary shares of £0.03 each, in the capital of the Company, at a price of £0.04 each.

Following this purchase, Mr Michel Meeus holds in total 26,023,651 shares representing 10.65% of the Company.

About

Cadogan is an independent, energy company, which operates an exploration and production license in Western Ukraine, conducts gas trading operations, and provides services to E&P companies. Cadogan is currently developing several power generation projects in Western Ukraine to be operational in 2025. The aim of the Company is to be a diversified energy group making investments offering energy solutions and alternative services with a lower environmental impact.

For further information, please contact:

Cadogan Energy Solutions plc Fady Khallouf                        Chief Executive Officer         f.khallouf@cadogan-es.comBen Harber                             Company Secretary            +44 0207 264 4366

Appendix

The notification detailed above and summarised in the table below is made in accordance with the requirements of the EU Market Abuse Regulations as follows:

Michel Meeus, NED Chairman of the Board, purchased 1,000,000 shares at £0.04 per share on 20th December 2024.

1. Details of PDMR/ person closely associated with them (`PCA') a) Name Michel Meeus 2. Reason for the notification a) Position/status NED Chairman of the Board b) Initial notification / Amendment Initial notification of purchase of shares 3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a)  Name Cadogan Energy Solutions plc b) LEI 213800JIBKL29FAK1213 4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted Description of the financial instrument, type of instrumentIdentification code Ordinary shares of 3 pence eachGB00B12WC938 b) Nature of the transaction Purchase of ordinary shares c) Price(s) and volume(s)

Price(s)                                     Volume(s)

£0.04                                           1,000,000                                            

Aggregated information Aggregated volume Price

1,000,000

£0.04

e) Date of the transaction 20 December 2024 f) Place of the transaction XLO

Cadogan Energy Solutions Plc

("Cadogan" or the "Company")

Director Dealings - Market Share Purchase

Cadogan Energy Solutions plc ("Cadogan" or the "Company") today announces that its Chairman, Mr. Michel Meeus, has purchased a total of 890,000 ordinary shares of £0.03 each, in the capital of the Company, at a price of £0.04 each.

Following this purchase, Mr Michel Meeus holds in total 25,023,651 shares representing 10.25% of the Company.

About

Cadogan is an independent, energy company, which operates an exploration and production license in Western Ukraine, conducts gas trading operations, and provides services to E&P companies. Cadogan is currently developing several power generation projects in Western Ukraine to be operational in 2025. The aim of the Company is to be a diversified energy group making investments offering energy solutions and alternative services with a lower environmental impact.

For further information, please contact:

Cadogan Energy Solutions plc Fady Khallouf                        Chief Executive Officer                                                    f.khallouf@cadogan-es.comBen Harber                             Company Secretary            +44 0207 264 4366

Appendix

The notification detailed above and summarised in the table below is made in accordance with the requirements of the EU Market Abuse Regulations as follows:

Michel Meeus, NED Chairman of the Board, purchased 890,000 shares at £0.04 per share on 20th December 2024.

1. Details of PDMR/ person closely associated with them (`PCA') a) Name Michel Meeus 2. Reason for the notification a) Position/status NED Chairman of the Board b) Initial notification / Amendment Initial notification of purchase of shares 3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a)  Name Cadogan Energy Solutions plc b) LEI 213800JIBKL29FAK1213 4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted Description of the financial instrument, type of instrumentIdentification code Ordinary shares of 3 pence eachGB00B12WC938 b) Nature of the transaction Purchase of ordinary shares c) Price(s) and volume(s)

Price(s)                                     Volume(s)

£0.04                                        890,000                                       

Aggregated information Aggregated volume Price

890,000     

 £0.04

e) Date of the transaction 20 December 2024 (890,000 shares) f) Place of the transaction XLO and TR1

Cadogan Energy Solutions Plc

("Cadogan" or the "Company")

Director Dealings - Market Share Purchase

Cadogan Energy Solutions plc ("Cadogan" or the "Company") today announces that its Chairman, Mr. Michel Meeus, has purchased a total of 1,500,000 ordinary shares of £0.03 each, in the capital of the Company, at a price of £0.04 each.

Following this purchase, Mr Michel Meeus holds in total 24,133,651 shares representing 9.89% of the Company.

About

Cadogan is an independent, energy company, which operates an exploration and production license in Western Ukraine, conducts gas trading operations, and provides services to E&P companies. Cadogan is currently developing several power generation projects in Western Ukraine to be operational in 2025. The aim of the Company is to be a diversified energy group making investments offering energy solutions and alternative services with a lower environmental impact.

For further information, please contact:

Cadogan Energy Solutions plc Fady Khallouf                        Chief Executive Officer                                                    f.khallouf@cadogan-es.comBen Harber                             Company Secretary            +44 0207 264 4366

Appendix

The notification detailed above and summarised in the table below is made in accordance with the requirements of the EU Market Abuse Regulations as follows:

Michel Meeus, NED Chairman of the Board, purchased 1,000,000 shares at £0.04 per share on 17th December 2024 and a further 500,000 shares at £0.04 per share on 18th December 2024.

1. Details of PDMR/ person closely associated with them (`PCA') a) Name Michel Meeus 2. Reason for the notification a) Position/status NED Chairman of the Board b) Initial notification / Amendment Initial notification of purchase of shares 3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a)  Name Cadogan Energy Solutions plc b) LEI 213800JIBKL29FAK1213 4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted Description of the financial instrument, type of instrumentIdentification code Ordinary shares of 3 pence eachGB00B12WC938 b) Nature of the transaction Purchase of ordinary shares c) Price(s) and volume(s)

Price(s)                              Volume(s)

£0.04                                  1,500,000                                           

Aggregated information Aggregated volume Price

1,500,000

£0.04

e) Date of the transaction 17 December 2024 (1,000,000 shares)18 December 2024 (500,000 shares) f) Place of the transaction XLO

Cadogan Energy Solutions Plc

("Cadogan" or the "Company")

Director Dealings - Market Share Purchase

Cadogan Energy Solutions plc ("Cadogan" or the "Company") today announces that its Chairman, Mr. Michel Meeus, has purchased on 13 December 2024, 12,433,651 ordinary shares of £0.03 each, in the capital of the Company, at a price of £0.05 each.

Following this purchase, Mr Michel Meeus holds in total 22,633,651 shares representing 9.27% of the Company.

About

Cadogan is an independent, energy company, which operates an exploration and production license in Western Ukraine, conducts gas trading operations, and provides services to E&P companies. Cadogan is currently developing several power generation projects in Western Ukraine to be operational in 2025. The aim of the Company is to be a diversified energy group making investments offering energy solutions and alternative services with a lower environmental impact.

For further information, please contact:

Cadogan Energy Solutions plc Fady Khallouf                        Chief Executive Officer         f.khallouf@cadogan-es.comBen Harber                             Company Secretary            +44 0207 264 4366

Appendix

The notification detailed above and summarised in the table below is made in accordance with the requirements of the EU Market Abuse Regulations as follows:

Michel Meeus, NED Chairman of the Board, purchased 12,433,651 shares at £0.05 per share on 13 December 2024.

1. Details of PDMR/ person closely associated with them (`PCA') a) Name Michel Meeus 2. Reason for the notification a) Position/status NED Chairman of the Board b) Initial notification / Amendment Initial notification of purchase of shares 3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a)  Name Cadogan Energy Solutions plc b) LEI 213800JIBKL29FAK1213 4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted Description of the financial instrument, type of instrumentIdentification code Ordinary shares of 3 pence eachGB00B12WC938 b) Nature of the transaction Purchase of ordinary shares c) Price(s) and volume(s) Price(s)                                     Volume(s)£0.05                                           12,433,651                                             Aggregated information Aggregated volume Price 12,433,651£0.05 e) Date of the transaction 13 December 2024 f) Place of the transaction XLO

Settlement Agreement with Proger 

Cadogan Energy Solutions Plc("Cadogan" or the "Company")

 

 

Proger Management & Partners s.r.l., Proger Ingegneria s.r.l., Ma.Lo. s.r.l., and TIFS Partecipazioni s.r.l.,  and Cadogan Petroleum Holdings B.V. (Cadogan B.V.), a wholly owned subsidiary of the Company, have signed a settlement agreement concluding all litigation activity resulting from the Loan Agreement and Call Option Agreement signed by the parties the 25th February 2019.

Cadogan will receive before the 31st January 2025, an amount of € 10,000,000.00 (ten million euros) with payment to be made in a single instalment. Once this amount has been received, Cadogan will exit from the above mentioned contracts, will end all the litigations procedures, and the pledge contract over the corresponding shares in Proger Ingegneria, signed the 21st March 2019, will be considered dissolved.

 

 

About

Cadogan Energy Solutions is an independent, energy company, which operates an exploration and production license in Western Ukraine, conducts gas trading operations, and provides services to E&P companies. Cadogan is currently developing several power generation projects in Western Ukraine to be operational in 2025. The aim of the Company is to be a diversified energy group making investments offering energy solutions and alternative services with a lower environmental impact.

For further information, please contact:

Cadogan Energy Solutions plc Fady Khallouf Chief Executive Officer  f.khallouf@cadogan-es.comBen Harber  Company Secretary  +44 0207 264 4366