Operations Update

10 October 2013

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

                           Cadogan Operations Update                           

Following the Company's announcement on 23 September 2013 regarding operations
at Borynya 3, the Company is pleased to announce an improvement in well
performance following a light acid wash and further testing in the 2745-2685m
range interval. Flaring and hydrocarbon samples were collected and oil,
condensate and gas were evident. There was no evidence of formation water in
the fluids produced.

Persistent completion brine leakage from annulus to bottom packer is still
preventing sustainable production at this stage. The Company plans to release
the work-over rig in the next days after re-completion and well testing will
continue in order to properly purge the formation without brine interference in
production.

As anticipated, an acid-frac will be planned for next year in order to obtain
and support sustainable and commercial production at Borynya 3.

Further updates on these activities will be provided in due course.


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