Cadogan Energy Solutions Reports Annual Results for 2024
Why we think this is neutral
The RNS announcement contains the annual results for Cadogan Energy Solutions, which reported a loss for the year of $6.2 million compared to a profit of $1.3 million in the prior year. While the Group saw a 9% increase in oil production and a 20% increase in average realized oil prices, the overall financial performance was weaker than the previous year. The Group is also facing delays in obtaining approvals for its gas-to-power project, which is a concern. However, the Group is making progress in diversifying its business into the electricity generation sector, which could provide growth opportunities in the future.
Key Points
- Loss for the year of $6.2 million (2023: profit of $1.3 million)
- 9% increase in oil production to 129,272 bbl (2023: 119,057 bbl)
- 20% increase in average realized oil price to $71.13/boe (2023: $59.32/boe)
- Delays in obtaining approvals for the gas-to-power project on the Blazhiv field, now expected to be operational in July 2025
- Launch of new investments to develop 12.3 MW of power generation projects in Ukraine, to be operational in H2 2025
Summary
Cadogan Energy Solutions PLC reported its annual results for the year ended 31 December 2024. Key highlights include:
- Loss for the year of $6.2 million (2023: profit of $1.3 million)
- 9% increase in oil production to 129,272 bbl (2023: 119,057 bbl)
- 20% increase in average realized oil price to $71.13/boe (2023: $59.32/boe)
- Delays in obtaining approvals for the gas-to-power project on the Blazhiv field, now expected to be operational in July 2025
- Launch of new investments to develop 12.3 MW of power generation projects in Ukraine, to be operational in H2 2025
The Group is focused on diversifying its business and expanding into the electricity generation sector to reduce its environmental impact and provide new growth opportunities.