Operational Update

Cadogan Petroleum plc (`the Company' or `Cadogan')

Operational update

Pokroskvoe Field

Cadogan reports having been advised by Eni S.p.A (`Eni') that, after analysis
of the results for the Pokroskvoe 1 and Pokroskvoe 2a wells, Eni do not intend
to exercise their option to acquire a further 30% of the share capital of
Pokroskvoe Petroleum BV. The option formed part of the transaction entered into
with Eni in July 2011.

As advised in the Company's announcement dated 16 February 2012 the logs
acquired during the drilling programme indicated the presence of hydrocarbons
in the lower part of the well. A decision had been taken to deepen the Pok 2a
well by approximately 350 metres. Whilst pulling out of the hole the running
string became stuck and subsequent fishing operations with the limited
equipment available in country did not allow the running tool to be recovered.
Cadogan management will continue to evaluate the most effective option, amongst
those available, to re-enter the well.

Ends

Contacts

Cadogan Petroleum Plc [phone]

Bertrand des Pallieres Chief Executive Officer

Stefan Bort Company Secretary

Bankside [phone]

Simon Rothschild