Interim Management Statement

Cadogan Petroleum plc (the "Company" or the "Group") This interim management statement, issued in accordance with the UK ListingAuthority's disclosure and transparency rules, relates to the period from1 July 2014 to 20 November 2014. Introduction The Company published its Half Yearly Report for the six months to 30 June 2014on 27 August 2014. Political situation We continue to monitor the current political situation in Ukraine carefully butthere have been no disruptions to the Company's operations, or ability tooperate effectively, in any of our operating locations. The Ukrainian Hryvniahas further devalued against the US Dollar (approximately 45% since 1 January2014) which, while affecting the carrying value of the Group's assets, has hada correspondingly positive impact on the Group's local currency running costs. Financial position As at 19 November 2014 the Group had current cash and cash equivalents ofapproximately $51.5 million (including the Company's share of cash and cashequivalents in joint ventures) plus approximately $1.4 million net receivablesrelating to the Group's trading activities. Executive Summary 2014 has so far been broadly positive for the Group, with several new prospectsin our license areas having been identified and properly de-risked during thecourse of 2014 and further significant reductions to the Company's cost basemade in line with management's plan. Monastyretska is maintaining its production performance at consistent levelsand trials to recover some marginal production from existing Sloboda wells areongoing. The Deb 15 well rig move is progressing and spud-in is forecast beforethe end of November. 2014 has seen the continuation of operations as planned on the Company's assetsin the East and the West of Ukraine. The evaluation of other suitableopportunities in the country and overseas is continuing. Revenue largelyreflects production from the Group's Cheremkhivska, Debeslavetska andMonastyretska fields as well as international and domestic gas trading. Gas trading in Ukraine, involving the supply to domestic customers of gaseither imported from the European Union or sourced locally, has continued toprogress well and starts to provide meaningful, additional revenues to theGroup. We expect further growth in volumes and range of products in the shortto medium term. The Company's subsidiary, Astro-Service LLC, recently concluded a servicecontract for civil works activity with WGI relating to the Company's shale gasjoint venture, with operations expected to commence during 2015. Overall, the Company remains in a strong financial position, with no debt, newrevenue streams and substantial cash resources. Operations The Group continued to operate safely and efficiently throughout the period. Asanticipated, the principal focus for 2014 was to continue reducing the risk ofpresent and anticipated operations while maximising existing productionpotential, with new prospects having been identified in Pokrovskoe andPirkovskoe following 3D seismic interpretation. The de-risking and efficiency targets set for our technical operations andsub-surface explorations teams have largely been met. Work-over activity iscontinuing on Pirk 1, now targeting the Upper Tounesian. Visean targets areconfirmed to be hydrocarbon-bearing with low permeability. Borynya 3 is on-hold; however, we remain confident in its potential value andour assessment work continues. Production was steady in Debeslavetska while potential gas production fromCheremkhivska appears promising at this stage. In Monastyretska, production hassteadily reached 45 bopd and further optimisation will be eventuallyconsidered. The re-evaluation of the Group's assets continues and we remain very positivein our outlook. Pokrovskoe field The associated work obligations in the license have been fulfilled. Following3D seismic interpretation, new highly valuable drillable prospects have beenidentified in the shallower formations. Approval from the licensing authorityfor the license modification is positively ongoing. Zagoryanska field Following the expiry of the Zag exploration license in April 2014, theapplication for a 20-year production license in favour of a wholly-owned, newlyestablished, subsidiary company ("Zagdobuvannya" or Zag Production) was filedand is positively ongoing. Re-evaluation of the 3D seismic volume in Zag, similarly to Pok, is ongoing.Re-entry of some of the existing wells to test for production is currentlyunder scrutiny. Pirkovskoe field Recent analysis shows great promise in the upper intervals. Following athorough study of Direct Hydrocarbon Indicators (DHI) and 3D Amplitude VersusOffset (AVO) reconnaissance, a drillable prospect has been identified andproperly de-risked, showing good prospects and significant, potential size. Work-over activity on the Pirk 1 well, which commenced in October 2013,confirmed the Visean intervals to be hydrocarbon bearing but with lowpermeability. The work-over is now continuing to assess the Upper Tournesianlevels beneath, deeper than 5,000m. Approval from the licensing authority forthe license modification is positively ongoing. Borynya and Bitlya fields The Borynya 3 well is being monitored and has been temporarily put on-hold forfuture re-entry and fracturing. The Vovchenska field, north of Borynya, seems to have an interesting oil targetat a depth of circa 600m and acquisition of new 2D seismic lines is underconsideration. The application for a license extension has been filed and ispositively ongoing. Minor fields Cadogan owns exploration, development and production licences either directlyor through subsidiaries or joint ventures in several minor fields, of whichtwo, Debeslavetska and Cheremkhivska, are currently in commercial productionand one, Monastyretska, is in pilot commercial development. In Debeslavetska, all the updated DHI reconnaissance technologies have beenapplied with so far interesting results, while 2D seismic acquisition wascompleted at the end of March. At present, three new, drillable prospects havebeen identified; the locations of the two most suitable are presently underpreparation. Deb 15 will spud-in before the end of November and, if positive,Deb 17 will follow. Activity for eventual well early tie-in is also ongoing. In addition, some relatively deeper (circa 600m) potential horizons now appearlikely and if our analysis proves correct, will significantly improve potentialresources in the area. In Monastyretska, the formation light stimulation was successfully completedand production increased from 20 to 45 bopd. Possible further formationtreatment will be considered if economically sustainable. The activity workprogram and budget change was recently approved by the authorities and theapplication for the license extension is ongoing. In Sloboda Ranguska, three, existing, very shallow wells (200m) have beenidentified for eventual oil recovery. One is marginally producing and will bechemically treated to verify the eventual production opportunity, expected tobe marginal but economically positive. A possible oil target has beenidentified at a depth of 1800m. Enquiries to: Cadogan Petroleum Plc +380 44 584 4979Bertrand des Pallieres, Chief Executive Officer Cantor Fitzgerald Europe +44 (0) 20 7894 7000David PorterRichard Redmayne