Cadogan Petroleum PLC (LON:CAD) has highlighted a 1.5% increase in annual output, with 2020 net production totalling 106,400 barrels.
Moreover, this annual gain came despite the disruption caused by the coronavirus (COVID-19) pandemic and a five and a half month shutdown for the Blazhiv-3 and Blazhiv-Monastyrets-3 wells - which had licences expire, and subsequently renew in June.
The Ukraine-focused oil and gas company noted that it established administrative and healthcare measures to provide safe working conditions for its employees – there were a total of 10 cases of its employees testing positive for COVID-19 and all recovered.
Operations continued zero lost time incidents (LTIs) or total recordable injuries (TRI), amassing 1.26mln man hours since the last incident.
The company also noted that it introduced a claim before court to challenge a decision of the State Geological Service of Ukraine for not granting the Bitlyanska 20-year exploration and production license.
Additionally, a subsidiary of the company introduced a claim against the State fiscal authority regarding additional tax assessment and penalties. It won in the first instance Court and in the appeal Court, Cadogan noted.