Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

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 the notification obligation:

HBK Capital Ltd

HBK Master Fund L.P.

HBK Investments L.P. and its sub-advisers

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

HBK Master Fund L.P.

HBK Special Situations L.P.

5. Date of the transaction and date on which the threshold is crossed or reached:

 02 December 2010

6. Date on which issuer notified:

 03 December 2010

7. Threshold(s) that is/are crossed or reached:

 5%

8. Notified details:

A: Voting rights attached to shares

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

Direct

Direct

Indirect

Direct

Indirect

Ord 3p Shares

 12,156,586

 12,156,586

 10,538,733

10,538,733

 666,666

4.560%

 0.288%

 GB00B12WC938

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate

Exercise/ConversionPeriod

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

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Exerciseprice

Expirationdate

Exercise/Conversionperiod

Number of votingrights instrumentrefers to

% of voting rights

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

11,419,086

4.941%

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

HBK Capital Ltd is the general partner of HBK Master Fund L.P.

HBK Master Fund L.P. is the general partner of HBK Special Situations L.P.

HBK Investments L.P. has a non-exclusive right to direct the exercise of voting rights attaching

to shares held by HBK Master Fund L.P. or HBK Special Situations L.P.

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

HBK Master Fund L.P: 10,752,420 voting rights (4.653%)

HBK Special Situations L.P.: 666,666 voting rights (0.288%)

Proxy Voting:

10. Name of the proxy holder:

 N/A

11. Number of voting rights proxy holder will cease to hold:

N/A

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

N/A

13. Additional information:

14. Contact name:

Stefan Bort

15. Contact telephone number:

0207 245 0801