Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

Cadogan Petroleum plc

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to thenotification obligation: iii

HBK Capital Ltd

HBK Master Fund LP

HBK Investments LP and its sub-advisers

4. Full name of shareholder(s)  (if different from 3.):iv

HBK Master Fund LP

HBK Special Situations LP

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

15 December 2010

6. Date on which issuer notified:

16 December 2010

7. Threshold(s) that is/are crossed orreached: vi, vii

4%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

Ordinary shares of 3p

9,509,126

9,509,126

8,345,773

8,345,773

666,666

3.611%

0.288%

GB0012WC93B

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Total Return Swap

N/A

N/A

N/A

213,687

Nominal

Delta

0.092%

0.092%

Total (A+B+C)

Number of voting rights

Percentage of voting rights

9,226,126

3.992%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

HBK Capital is the general partner of HBK Master Fund LP

HBK Master Fund LP is the general partner of HBK Special Situations

HBK Investments LP has a non-exclusive right to direct the exercise of voting rights attavhing to shares held by HBK Master Fund LP or HBK Special Situations LP.

The number of voting rights held or deemed to be held by each shareholder is as follows:

HBK Master Fund LP: 8,559,460 (3.704%)

HBK Special Situations LP: 666,666 (0.288%)

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will ceaseto hold:

12. Date on which proxy holder will cease to holdvoting rights:

13. Additional information:

14. Contact name:

Stefan Bort, Company Secretary

15. Contact telephone number:

0207 245 0801