Service Contract

Cadogan Petroleum plc

Ian Baron Contract Arrangements

Cadogan Petroleum plc has agreed to enter into an employment service agreement with Ian Baron, its current Chief Executive, who has undertaken the role on a consultancy basis since March 2009. The new service agreement can be terminated by either party giving six months' notice and full details of the agreement will be disclosed in the Remuneration Report when it is published to shareholders in April 2011.

There are no amendments to the details given on 25 March 2009 in accordance with LR 9.6.13 (1) to (6).

In addition, on 3 February 2011, Ian Baron was granted options over 1,600,000 Ordinary shares under the Cadogan Petroleum plc 2008 Share Option Plan at an exercise price of 35p per share. The option will become exercisable at any time between 3 February 2014 and 2 February 2021, subject to the condition that the market price of a Cadogan Petroleum plc share reaches or exceeds 50p for a period of 10 continuous trading days at any point during the three year performance period ending 3 February 2014.

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