In January-June 2021, Cadogan Petroleum plc (the United Kingdom), which own oil and gas assets in Ukraine, increased its loss 13.4 times to USD 1.7 million year over year.
This is stated in the financial report of the company, published on the website of the London Stock Exchange, Ukrainian News Agency reports.
The company's earnings for the period increased by 2.6%, or by USD 0.118 million, to USD 4.635 million.
At the same time, earnings from production increased by 40% compared to the same period in 2021 due to an increase in the average oil sales price by 38.5% and an increase in production volumes by 1.5%.
In the first half of 2022, the average production was 336 barrels per day, which is 1.5% more than in the first half of 2021 (331 barrels).
As Ukrainian News Agency earlier reported, in 2021, Cadogan Petroleum plc increased its net loss 5.1 times to USD 5.1 million year over year.
The company's 2021 earnings increased by 72.2%, or by USD 3.688 million, to USD 8.793 million.
In 2021, Cadogan Petroleum plc boosted the production of hydrocarbons by 20% to 127,660 barrels of oil equivalent (boe), which corresponds to an average of 350 barrels per day, compared to 2020.
Cadogan Petroleum's current exploration and production assets are located in the west of Ukraine in Lviv region and the Po River Valley in the north of Italy.
The company's supporting operations include gas trading and oilfield services.
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