Interim Management Statement

Cadogan Petroleum plc ("Cadogan" or "the Group") Interim Management Statement for the period since the release of the Half YearlyReport. Introduction Cadogan published its Half Yearly Report for the six months to 30 June 2013 on30 August 2013. Financial position At 18 November 2013 the Group had current cash and cash equivalents ofapproximately $56.4 million (excluding $0.3 million of Cadogan's share of cashand cash equivalent in joint ventures). To date Oil and Gas Management ServicesGroup has drawn $2.14 million under its secured loan facility with Cadogan. Executive Summary 2013 has been broadly positive for Cadogan encompassing settlement of the GPSlitigation, continued progress on our shale gas joint venture with Eni SpA andcompletion of the overhaul of the Group's technical team. The Company remainsin a strong financial position, with no debt and substantial cash resources. Operations The Group continued to operate safely and efficiently throughout the period. Borynya 3 Logs run in the upper part of the Borynya 3 well-site confirmed the presence ofgas and condensates and porosity in the range of 10% to 15%. Two intervalshave been tested so far, 2745-2685m and 2935-2890m. Gas was flared and liquidhydrocarbons were collected for analysis. Hydrocarbons were confirmed as oil(30 API) and condensate (48 API). In each case testing resulted in a flow ofgas and condensate that was consistent but non-sustainable. There was animprovement in well performance following a light acid wash and further testingin the 2745-2685m range interval. Flaring and hydrocarbon samples werecollected and oil, condensate and gas were evident. There was no evidence offormation water in the fluids produced. Persistent completion brine leakage from annulus to bottom packer preventedsustainable production and following release of the work-over rig afterre-completion, well testing is continuing in order to properly purge theformation without brine interference in production. Due to the clear presenceof hydrocarbons, planned operations for information gathering on the productionpotential and assessment of future operations will continue. An acid-frac withsuitable rig and equipment is planned for next year in order to obtain andsupport sustainable and commercial production. Entry of the deeper intervals,down to circa 4,300m, is also planned for 2014. Pokrovskoe, Zagoryanska and Pirkovskoe An evaluation of the current exploration potential in the Pokrovskoe areaidentified five new leads, with one, in particular, showing considerablepotential. Further studies on Pokrovskoe focused on confirming drillableprospects with one defined so far where a new exploration well is planned. Workwas undertaken to optimize the well location and drilling is anticipated tocommence in summer 2014. Steady progress continues to be made in evaluating the remaining explorationpotential in the Zagoryanska and Pirkovskoe licences. Work-overs in Zagoryanksa2 and 11 and Pirkovskoe 1 are ongoing with specialised local contractors inorder to eventually start production through existing facilities. The precisescope and duration of the work will be further defined based on the results ofeach interval testing. Energy Trading The Company established a wholly-owned, Swiss registered subsidiary, CadoganPetroleum Trading Sagl. Dedicated to energy trading, this subsidiary willinitially focus on sourcing transactions in central and eastern Europe. Enquiries to: Cadogan Petroleum Plc +380 44 584 4979Bertrand des Pallieres, Chief Executive Officer Cantor Fitzgerald Europe +44 (0) 20 7894 7000David PorterRichard Redmayne Bankside Consultants +44 (0) 207 367 8888Simon Rothschild