Shares of Cadogan Energy Solutions temporarily delisted from LSE owing to reporting delay

MOSCOW. May 2 (Interfax) - The Financial Conduct Authority (FCA), upon the request of Britain's Cadogan Energy Solutions plc, an oil and gas producing company with assets in Ukraine, has temporarily removed the company's shares from the official listing of the London Stock Exchange as of May 1 owing to a delay in the publication of the annual report, Ukrainian media reported, citing the company's statement on the LSE.

Cadogan said that the company's fiscal year 2023 report has been delayed owing to the ongoing issues in Ukraine, and that it expects to publish the FY2023 report in early May 2024, at which time it intends to request a re-listing of its ordinary shares.

Cadogan is an independent energy company that holds the exploration and production license for the Blazhivska area in Western Ukraine, and conducts gas-trading operations and provides services to companies operating in the exploration and production field.

The company reduced its net loss more than threefold to $1.6 million in 2022 from $5.1 million in 2021, while revenue decreased slightly to $8.5 million from $8.8 million and production dropped 8% to 117,793 barrels in 2022.