Cadogan Petroleum suspends production in Ukraine

The British oil and gas company Cadogan Petroleum, which owns assets in Western Ukraine, has decided to suspend production amid hostilities in the country due to the war unleashed by the Russian Federation. Under these conditions, it cannot provide safe working conditions for its employees. The company, listed on the London Stock Exchange, said it has taken all necessary steps to protect its assets in Ukraine. This news, which appeared in the media, collapsed shares of Cadogan Petroleum by 8.2% — up to 2.25 pence per share. Since February 24, when the RF invaded Ukraine, its shares have lost 25% of their value. According to the annual report, Cadogan’s production in 2021 reached 127,662 thousand barrels of oil, an increase of 20% in twelve months. It completed the first 6 months of last year with revenues of $4.52 million, up from $1.27 million a year earlier.

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Arseny Kudrin

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