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Cadogan Energy Solutions PLC on Monday said it swung to a loss in 2024, as the ongoing war in Ukraine continued to weigh heavily on operations, despite higher revenue and a pivot toward electricity generation. Shares in Cadogan Energy Solutions were up 14% at 4.28 pence in London on Monday morning. The Ukraine and Italy-focused oil and gas company reported a pretax loss of $5.5 million for 2024, compared to a pretax profit of $1.3 million the year before. Revenue rose 21% to $9.2 million from $7.6 million, helped by a 9% increase in oil production and higher average realised prices of $71.13 per barrel of oil equivalent, up from $59.32. Cost of sales fell slightly to $5.0 million from $5.4 million, and administrative expenses were stable at $3.5 million versus $3.6 million. However, the company recorded a net foreign exchange loss of $1.1 million, compared to a gain of $538,000 in 2023, and booked a $5.7 million impairment related to the settlement of a long-running dispute over its investment in Italy’s Proger Ingegneria Srl. Chief Executive Officer Fady Khallouf said Cadogan maintained operational stability despite ‘tremendous challenges’ linked to the conflict. Production from its Blazhiv field in western Ukraine continued uninterrupted, with annual output rising to 129,272 barrels. The company is diversifying into electricity generation, launching new projects with a combined 12.3 megawatts of capacity, expected to become operational in the second half of 2025. Cadogan also said it is progressing with its gas-to-power project at Blazhiv, which will capture non-commercial gas emissions to generate electricity, now slated to begin operations in July 2025 following regulatory delays. CEO Khallouf said Cadogan is ‘well-positioned’ to advance its shift toward lower-impact energy activities, supported by a strong cash position of $14.4 million at the end of 2024. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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