Interim Management Statement

Cadogan Petroleum plc ("Cadogan" or "the Group")                

Interim Management Statement for the period from 1 July to 16 November 2012  

Financial position

At 16 November 2012 the Group had current cash and cash equivalents of
approximately $42.7 million.

Operations

The Group continued to operate safely and efficiently throughout the period.

The Zagoryanska 11 well was spudded on 7 March 2012 and reached its 5,180m
total depth on 21 July 2012. Visean formation levels 24, 22, 19, 18 and 17 were
tested with no commercial gas result. The V 17 level is still being tested,
with the results expected by mid-December. The Zagoryanska 2 and 8 work-overs
were not successful due to technical problems. The Zagoryanska 3 well continues
to produce at around 25mcm/day of gas and 3 tons/day of condensate. The
presence of hydrocarbons, though not commercial, suggests that a re-analysis of
the stratigraphic potential of the area may prove worthwhile.

As planned, monitoring of the Pokrovskoe 1 well continues. The indications of
hydrocarbons during the drilling of Pokrovskoe 2a well initiated a re-evaluation
of the remaining exploration potential in the area. Cadogan will consider its
options for re-entering the well to assess the potential of the Upper Visean in
the licence.

Efforts continue to farm-out the Group's highly attractive Bitlyanska asset in
western Ukraine; marketing of the asset is ongoing with interest being shown by
a number of parties. A plan for well re-entry is under evaluation for
recovering one well that tested a significant volume of gas. The Group intends
to review possible work-over projects for the Pirkrovskoe field in eastern
Ukraine and evaluate the stratigraphic exploration potential in the area.

Cadogan management are evaluating the use of innovative technologies to be used
for monitoring the shallow gas fields in Debeslevetska, aimed at stimulating
production. Borehole formation cleaning in Monastyretska increased oil
production encouraging artificial lift for further production enhancement.

Unconventional Gas transaction

On 3 November 2012, the Company completed its Share Purchase Agreement with Nak
Nadra Ukrayny and Eni for the exploration and development of Unconventional Gas
in Ukraine.

Under the Share Purchase Agreement, Eni acquired a stake in the joint venture
established by Nak Nadra and Cadogan, LLC Westgasinvest.

LLC Westgasinvest holds subsoil rights to nine unconventional (shale) gas
licence areas in the Lviv Basin of Ukraine, totalling approximately 3,800
square kilometres of acreage.

This Agreement was developed within the framework of the Cooperation Agreement
with Eni, signed in 2011. Cadogan retains ownership of 15% of LLC
Westgasinvest. The Board believe that this transaction will allow the Company
to benefit from the exciting Ukrainian shale gas opportunity only available so
far to the largest global oil and gas companies without the risks implicit in
the exploration phase.

Litigation

The Group is owed $30 million by Global Process System Inc ('GPS') of Dubai
under the settlement agreement entered into in October 2009. The settlement was
based on the sale of two gas plants, which were manufactured by GPS but not
required by the Group. Under the agreement GPS undertook to take the plants
back into stock and resell them. Cadogan retains title over the plants and is
pursuing legal remedies to recover the outstanding debt, whilst continuing to
assist GPS in its attempts to sell the plants.

Enquiries:

Cadogan Petroleum Plc                        [phone]       
Bertrand des Pallieres                                                         
Chief Executive Officer                                                        
                                                                               
Bankside                                 [phone]        
Simon Rothschild