Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES                                          
                                                                                         
1. Identity of the issuer or the underlying issuer                  Cadogan Petroleum  
of existing shares to which voting rights are                       Plc                
attached:                                                                             
                                                                                         
2. Reason for the notification (please tick the appropriate box or boxes):                
                                                                                         
An acquisition or disposal of voting rights                                       Yes

An acquisition or disposal of qualifying financial instruments which may result          
in the acquisition of shares already issued to which voting rights are attached          
                                                                                         
An acquisition or disposal of instruments with similar economic effect to                
qualifying financial instruments                                                         
                                                                                         
An event changing the breakdown of voting rights                                         
                                                                                         
Other (please specify):                                                                  
                                                                                         
3. Full name of person(s) subject to the                            Michel Meeus         
notification obligation:                                                              
                                                                                         
4. Full name of shareholder(s)                                      Same as 3            
(if different from 3.):                                                              
                                                                                         
5. Date of the transaction and date on                                                   
which the threshold is crossed or                                   25/03/2013           
reached:                                                                               
                                                                                         
6. Date on which issuer notified:                                   23/04/2013           
                                                                                         
7. Threshold(s) that is/are crossed or                              7%, 8%, 9%, 10%, 11% 
reached:                                                                        
                                                                                         
8. Notified details:                                                                             
                                                                                                 
A: Voting rights attached to shares                                                      
                                                                                                 
Class/        Situation previous      Resulting situation after the triggering transaction      
type of       to the triggering                                                                       
shares        transaction                                                                             
                                                                                                 
if            Number      Number      Number     Number of voting     % of  voting rights   
possible      of          of          of         rights                                         
using         Shares      Voting      shares                                                    
the ISIN                  Rights                                                               
CODE                                  Direct     Direct   Indirect     Direct   Indirect      

Shares                                                                                           
voting                                                                                           
rights        16000000    16000000    26000000   26000000              11.25%                 
                                                                                                 
                                                                                                 
                                                                                                 
B: Qualifying Financial Instruments                                                              
                                                                                                 
Resulting situation after the triggering transaction                                             
                                                                                                 
Type of       Expiration   Exercise/            Number of voting        % of voting      
financial     date         Conversion Period    rights that may be      rights           
instrument                                      acquired if the                        
                                                instrument is                          
                                                exercised/ converted.                  
                                                                                                 
                                                                                                 

                                                                                                 
C: Financial Instruments with similar economic effect to Qualifying Financial                    
Instruments                                                                              
                                                                                                 
Resulting situation after the triggering transaction                                             
                                                                                                 
Type of      Exercise  Expiration  Exercise/     Number of voting rights  % of voting rights  
financial    price     date        Conversion    instrument refers to
instrument                         period                                 Nominal    Delta        
                                                                                                 
                                                                                                 
Total (A+B+C)                                                                                    
                                                                                                 
Number of voting rights                   Percentage of voting rights                            
                                                                                                 
26,000,000                                11.25%                                                 
                                                                                                 

9. Chain of controlled undertakings through which the voting rights and/or the          
financial instruments are effectively held, if applicable:                          


Proxy Voting:
                                                                                        
10. Name of the proxy holder:                                                           
                                                                                        
11. Number of voting rights proxy holder will cease                                     
to hold:                                                                                
                                                                                        
12. Date on which proxy holder will cease to hold                                       
voting rights:                                                                          
                                                                                        
13. Additional information:                                                             
                                                                                        
14. Contact name:                            Michel Meeus           
                                                                                        
15. Contact telephone number:                [phone]