Cadogan Petroleum losses narrow as oil price improves
Source - SMW
Ukraine-focused oil and gas company Cadogan Petroleum posted a first-half loss, as rising revenue was offset by sales costs and administrative expenses.
Pre-tax losses for the six months through June amounted to $422k, narrowing from a $2.0m loss on-year.
'The position of Cadogan remains solid, with the resources and competences necessary to continue monetizing the value of its Ukrainian assets while pursuing opportunities outside of Ukraine to generate long term value for its shareholders,' the company said.
'In Ukraine, the company will strive to further improve the performances of its oil production operations while looking for solutions to its gas producing operations, which remain subject to an extremely high royalty rate.'
At 2:36pm: (LON:CAD) Cadogan Petroleum PLC share price was 0p at 8.25p