Cadogan Petroleum Marks Profitable Year with Future Energy Expansion

Cadogan Petroleum (GB:CAD) has released an update.

Cadogan Petroleum plc has reported its annual financial results for 2023, showcasing a turnaround with a profit of $1.3 million compared to a loss of $1.6 million in 2022. The company’s average realized price per barrel of oil equivalent saw a decrease from the previous year, and gross revenues saw a slight dip. However, cash at year-end increased, marking a positive sign for the company’s financial health. The Group also continued its operations in Ukraine focusing on workover operations and other services, while expanding into electricity generation with a gas-to-power project slated to commence in 2025.

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