GPS Litigation Update

CADOGAN PETROLEUM PLC                             

                          Agreement reached with GPS                           

Further to the announcements of 15 February and 5 March 2013, Cadogan Petroleum
Plc is pleased to announce that Cadogan and Global Process Systems LLC ("GPS")
have reached an agreement concerning the purchase of two gas processing plants
by GPS for the sum of $29.5 million. Upon Cadogan's receipt of the sale price
the agreement will represent a full and final settlement of all claims and
liabilities between them.

This agreement has been reached on a commercial basis and upon completion,
expected to occur by 17 April 2013 following satisfaction of various conditions
precedent, will enable both parties to bring this matter to a close without the
need for further lengthy legal proceedings.

Cadogan Petroleum Plc [phone]

Bertrand des Pallieres

Chief Executive Officer



Cantor Fitzgerald Europe [phone]

David Porter

Richard Redmayne



Bankside Consultants [phone]

Simon Rothschild