GPS Litigation Update

CADOGAN PETROLEUM PLC - GPS Litigation Update

PR Newswire

London, March 4

Further to the announcement of 15 February 2013, Cadogan announces that the sum ofjust over US$21,000,000 (the "Judgment Debt"), which was required to be paid byMonday 4 March 2013, has not yet been received. Cadogan is in discussions withGlobal Process Systems LLC ("GPS") regarding both the Judgment Debt and thepotential further damages payable by GPS to Cadogan and a further announcementwill be made on this if and when appropriate. In the meantime, interest on theJudgment Debt will accrue at a rate of 8% per annum equivalent to approximatelyUS$4,600 per day.