Operations Update

16 July 2013

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

                           Cadogan Operations Update                           


Further to the Company's recent Interim Management Statement, published in May
2013 summarising details of proposed operations for 2H 2013, the Company is
able to confirm that rig mobilisation to the Borynya 3 well site was completed
on 4 July. The rig was accepted by the competent authorities and commissioned
on 7 July. Safety equipment was duly tested and spud work-over operations
commenced on 10 July.

The Company is presently running in a drill-pipe string to assess well
integrity before logging and confirmation of intervals to be tested. An updated
interpretation of the original data has successfully identified other intervals
not previously evident or highlighted.

The well will be tested in the interval from 2699m to 2745m in an interlayered
sandstone - claystone reservoir related to the Golovetska formation in the
Oligocene. A recent petrophysical re-evaluation highlighted for this interval
25 meters of net pay with an average porosity of 15% and average water
saturation of 35%. Two other, similar intervals will be finalised after a log
evaluation that will be run in the cased hole.

Subject to confirmation of logging results expected by end of July, a further
update comprising flow testing results is expected by mid August.


Enquiries to:

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

Cantor Fitzgerald Europe                               [phone]
David Porter
Richard Redmayne

Bankside Consultants                                   [phone]
Simon Rothschild