British oil and gas company with assets in western Ukraine Cadogan Petroleum plc announced a decision to accelerate the diversification of its business in the power sector.

"The group will invest in new power generation opportunities in Ukraine with a total installed capacity of about 10 MW," it said on the London Stock Exchange.

In particular, Cadogan is launching several projects with the aim of commissioning the capacities in the fourth quarter of 2025. The group is also completing a project to produce electricity from associated petroleum gas at the Blazhiv field (Lviv region), which is planned to be commissioned in the first quarter of 2025.

According to Cadogan's unaudited report, the company's average production for the first six months of this year was 370 barrels per day, up a quarter from 298 barrels per day in January-June 2023 and the highest in Cadogan's history. This significant increase is due to the fact that operations were not stopped, unlike in the first half of 2023.

In the first half of 2024, the company's revenue was $4.965 million compared to $2.414 million for the same period in 2023 due to a 65% increase in the selling price and a 25% increase in oil production. Profit in January-June 2024 was $219,000 compared to a loss of $173,000 for the same period in 2023.

Cadogan had $15.1 million in available cash flow as of June 30, 2024 ($14.2 million as of June 30, 2023).

Cadogan is an independent energy company that holds the Blazhiv exploration and production license (until November 2039), and operates gas trading operations and provides services to companies operating in the exploration and production sector.

SPQR Capital Holdings SA owns 27.57% of Cadogan Petroleum, Véronique Salik owns 21.04%, Fady Khallouf owns 7.15%, CA Indosuez (Switzerland) SA owns 6.32%, and Kellet Overseas Inc owns 5.74%.