GPS Litigation Update

CADOGAN PETROLEUM PLC ("CADOGAN")                       



Further to the announcement of 15 February 2013, Cadogan announces that the sum of
just over US$21,000,000 (the "Judgment Debt"), which was required to be paid by
Monday 4 March 2013, has not yet been received. Cadogan is in discussions with
Global Process Systems LLC ("GPS") regarding both the Judgment Debt and the
potential further damages payable by GPS to Cadogan and a further announcement
will be made on this if and when appropriate. In the meantime, interest on the
Judgment Debt will accrue at a rate of 8% per annum equivalent to approximately
US$4,600 per day.

                                     ENDS                                      

Enquiries:

Cadogan Petroleum Plc [phone]
Laurence Sudwarts
General Counsel / Company Secretary

Bankside [phone]
Simon Rothschild

                                                                            
                                                                   5 March 2013