Operations Update

16 July 2013 Cadogan Petroleum plc ("Cadogan" or "the Group") Cadogan Operations Update Further to the Company's recent Interim Management Statement, published in May2013 summarising details of proposed operations for 2H 2013, the Company isable to confirm that rig mobilisation to the Borynya 3 well site was completedon 4 July. The rig was accepted by the competent authorities and commissionedon 7 July. Safety equipment was duly tested and spud work-over operationscommenced on 10 July. The Company is presently running in a drill-pipe string to assess wellintegrity before logging and confirmation of intervals to be tested. An updatedinterpretation of the original data has successfully identified other intervalsnot previously evident or highlighted. The well will be tested in the interval from 2699m to 2745m in an interlayeredsandstone - claystone reservoir related to the Golovetska formation in theOligocene. A recent petrophysical re-evaluation highlighted for this interval25 meters of net pay with an average porosity of 15% and average watersaturation of 35%. Two other, similar intervals will be finalised after a logevaluation that will be run in the cased hole. Subject to confirmation of logging results expected by end of July, a furtherupdate comprising flow testing results is expected by mid August. Enquiries to: Cadogan Petroleum Plc +380 44 584 4979Bertrand des PallieresChief Executive Officer Cantor Fitzgerald Europe +44 (0) 20 7894 7000David PorterRichard Redmayne Bankside Consultants +44 (0) 207 367 8888Simon Rothschild