Cadogan reports loss for 2012 while sitting on a cash stockpile

Cadogan Petroleum (CAD LN) reported a USD 93.1 mln net loss for 2012 on an 83.5 mln oil and gas assets write-off, according to company’s full-year financials released on April 25. Revenue fell 19% yoy to USD 5.6 mln on a 39% yoy decline in net hydrocarbon output to 181 boepd in 2012. Cadogan also reported it boosted its net cash to USD 67.2 mln as of April 24, after its settlement with Global Process Systems Inc.

Roman Dmytrenko: Last year was definitely the one to forget for Cadogan, but a 180-degree turnaround might be at hand. With a MCap of USD 51.3 mln, Cadogan is trading at a 23% discount to its net cash.