Operations Update

10 October 2013 Cadogan Petroleum plc ("Cadogan" or "the Company") Cadogan Operations Update Following the Company's announcement on 23 September 2013 regarding operationsat Borynya 3, the Company is pleased to announce an improvement in wellperformance following a light acid wash and further testing in the 2745-2685mrange interval. Flaring and hydrocarbon samples were collected and oil,condensate and gas were evident. There was no evidence of formation water inthe fluids produced. Persistent completion brine leakage from annulus to bottom packer is stillpreventing sustainable production at this stage. The Company plans to releasethe work-over rig in the next days after re-completion and well testing willcontinue in order to properly purge the formation without brine interference inproduction. As anticipated, an acid-frac will be planned for next year in order to obtainand support sustainable and commercial production at Borynya 3. 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