Interim Management Statement

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

This interim management statement, issued in accordance with the UK Listing
Authority's disclosure and transparency rules, relates to the period from 
1 July 2014 to 20 November 2014.

Introduction

The Company published its Half Yearly Report for the six months to 30 June 2014
on 27 August 2014.

Political situation

We continue to monitor the current political situation in Ukraine carefully but
there have been no disruptions to the Company's operations, or ability to
operate effectively, in any of our operating locations. The Ukrainian Hryvnia
has further devalued against the US Dollar (approximately 45% since 1 January
2014) which, while affecting the carrying value of the Group's assets, has had
a correspondingly positive impact on the Group's local currency running costs.

Financial position

As at 19 November 2014 the Group had current cash and cash equivalents of
approximately $51.5 million (including the Company's share of cash and cash
equivalents in joint ventures) plus approximately $1.4 million net receivables
relating to the Group's trading activities.

Executive Summary

2014 has so far been broadly positive for the Group, with several new prospects
in our license areas having been identified and properly de-risked during the
course of 2014 and further significant reductions to the Company's cost base
made in line with management's plan.

Monastyretska is maintaining its production performance at consistent levels
and trials to recover some marginal production from existing Sloboda wells are
ongoing. The Deb 15 well rig move is progressing and spud-in is forecast before
the end of November.

2014 has seen the continuation of operations as planned on the Company's assets
in the East and the West of Ukraine. The evaluation of other suitable
opportunities in the country and overseas is continuing. Revenue largely
reflects production from the Group's Cheremkhivska, Debeslavetska and
Monastyretska fields as well as international and domestic gas trading.

Gas trading in Ukraine, involving the supply to domestic customers of gas
either imported from the European Union or sourced locally, has continued to
progress well and starts to provide meaningful, additional revenues to the
Group. We expect further growth in volumes and range of products in the short
to medium term.

The Company's subsidiary, Astro-Service LLC, recently concluded a service
contract for civil works activity with WGI relating to the Company's shale gas
joint venture, with operations expected to commence during 2015.

Overall, the Company remains in a strong financial position, with no debt, new
revenue streams and substantial cash resources.

Operations

The Group continued to operate safely and efficiently throughout the period. As
anticipated, the principal focus for 2014 was to continue reducing the risk of
present and anticipated operations while maximising existing production
potential, with new prospects having been identified in Pokrovskoe and
Pirkovskoe following 3D seismic interpretation.

The de-risking and efficiency targets set for our technical operations and
sub-surface explorations teams have largely been met. Work-over activity is
continuing on Pirk 1, now targeting the Upper Tounesian. Visean targets are
confirmed to be hydrocarbon-bearing with low permeability.

Borynya 3 is on-hold; however, we remain confident in its potential value and
our assessment work continues.

Production was steady in Debeslavetska while potential gas production from
Cheremkhivska appears promising at this stage. In Monastyretska, production has
steadily reached 45 bopd and further optimisation will be eventually
considered.

The re-evaluation of the Group's assets continues and we remain very positive
in our outlook.

Pokrovskoe field

The associated work obligations in the license have been fulfilled. Following
3D seismic interpretation, new highly valuable drillable prospects have been
identified in the shallower formations. Approval from the licensing authority
for the license modification is positively ongoing.

Zagoryanska field

Following the expiry of the Zag exploration license in April 2014, the
application for a 20-year production license in favour of a wholly-owned, newly
established, subsidiary company ("Zagdobuvannya" or Zag Production) was filed
and is positively ongoing.

Re-evaluation of the 3D seismic volume in Zag, similarly to Pok, is ongoing.
Re-entry of some of the existing wells to test for production is currently
under scrutiny.

Pirkovskoe field

Recent analysis shows great promise in the upper intervals. Following a
thorough study of Direct Hydrocarbon Indicators (DHI) and 3D Amplitude Versus
Offset (AVO) reconnaissance, a drillable prospect has been identified and
properly de-risked, showing good prospects and significant, potential size.

Work-over activity on the Pirk 1 well, which commenced in October 2013,
confirmed the Visean intervals to be hydrocarbon bearing but with low
permeability. The work-over is now continuing to assess the Upper Tournesian
levels beneath, deeper than 5,000m. Approval from the licensing authority for
the license modification is positively ongoing.

Borynya and Bitlya fields

The Borynya 3 well is being monitored and has been temporarily put on-hold for
future re-entry and fracturing.

The Vovchenska field, north of Borynya, seems to have an interesting oil target
at a depth of circa 600m and acquisition of new 2D seismic lines is under
consideration. The application for a license extension has been filed and is
positively ongoing.

Minor fields

Cadogan owns exploration, development and production licences either directly
or through subsidiaries or joint ventures in several minor fields, of which
two, Debeslavetska and Cheremkhivska, are currently in commercial production
and one, Monastyretska, is in pilot commercial development.

In Debeslavetska, all the updated DHI reconnaissance technologies have been
applied with so far interesting results, while 2D seismic acquisition was
completed at the end of March. At present, three new, drillable prospects have
been identified; the locations of the two most suitable are presently under
preparation. Deb 15 will spud-in before the end of November and, if positive,
Deb 17 will follow. Activity for eventual well early tie-in is also ongoing.

In addition, some relatively deeper (circa 600m) potential horizons now appear
likely and if our analysis proves correct, will significantly improve potential
resources in the area.

In Monastyretska, the formation light stimulation was successfully completed
and production increased from 20 to 45 bopd. Possible further formation
treatment will be considered if economically sustainable. The activity work
program and budget change was recently approved by the authorities and the
application for the license extension is ongoing.

In Sloboda Ranguska, three, existing, very shallow wells (200m) have been
identified for eventual oil recovery. One is marginally producing and will be
chemically treated to verify the eventual production opportunity, expected to
be marginal but economically positive. A possible oil target has been
identified at a depth of 1800m.

Enquiries to:

Cadogan Petroleum Plc [phone]
Bertrand des Pallieres, Chief Executive Officer

Cantor Fitzgerald Europe [phone]
David Porter
Richard Redmayne