Operations Update

30 September 2013 Cadogan Petroleum plc ("Cadogan" or "the Company") Cadogan Operations Update As part of an ongoing re-evaluation of the Company's existing assets, theCompany is pleased to provide an update with respect to the Pokrovskoe,Zagoryanska, and Pirkovskoe fields in Eastern Ukraine. An evaluation of thecurrent exploration potential in the Pokrovskoe area has identified five newleads, with one, in particular, showing considerable potential. Further studieson Pokrovskoe have focused on confirming drillable prospects with one definedso far where a new exploration well is planned. Work is underway to optimizethe well location and drilling is anticipated to commence in summer 2014. Steady progress continues to be made in evaluating the remaining explorationpotential in the Zagoryanska and Pirkovskoe licences. The Company is planningwork-overs in Zagoryanksa and Pirkovskoe with specialised local contractors inorder to eventually start production through existing facilities. Operationswill commence in a few days with sequential interval interventions planned forseveral wells. The precise scope and duration of the work will be furtherdefined based on the results of each interval testing. Further updates on these activities will be provided in due course. 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