Sale of Gazvydobuvannya

Cadogan Petroleum Plc - Sale of Gazvydobuvannya

PR Newswire

London, October 1

Press Release 1 October 2019

Cadogan Petroleum Plc(“Cadogan” or the “Company”)

Sale of Gazvydobuvannya

Cadogan Petroleum plc (“Cadogan”), an independent, diversified oil & gas company listed on the main market of the London Stock Exchange, is pleased to announce that today it has reached an agreement with Ukrinvest Group for the sale of Gazvydobuvannya LLC for a total consideration of $2.8 million.

Gazvydobuvannya LLC is one of two wholly owned subsidiaries, based in the East of Ukraine, which does not hold licenses or physical assets and which management has been actively seeking to sell.

Guido Michelotti, CEO of Cadogan Petroleum plc, commented:

“The sale of Gazvydobuvannya LLC is part of Cadogan’s goal of building a platform for growth in Ukraine through the prudent use of its cash resources and the monetization of its legacy assets. The first step of our production growth was delivered through the re-entry of old wells, requiring minimal capital deployment. The second step has been achieved by the success of well Blazh 10, a substantial portion of which will be self-financed through the sale of this company”.

ENDS

AboutCadogan is an independent, diversified oil and gas company, which operates exploration and production licenses in Western Ukraine, conducts gas trading operations, and provides services to E&P companies.

For further information, please contact:

Cadogan Petroleum plc

Guido Michelotti Chief Executive Officer +380 (44) 594 5870Ben Harber Company Secretary +44 0207 264 4366

Cantor Fitzgerald Europe, Broker to Cadogan Petroleum plc

David Porter +44 (0) 20 7894 7000