Operations Update

30 September 2013

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

                           Cadogan Operations Update                           

As part of an ongoing re-evaluation of the Company's existing assets, the
Company is pleased to provide an update with respect to the Pokrovskoe,
Zagoryanska, and Pirkovskoe fields in Eastern Ukraine. An evaluation of the
current exploration potential in the Pokrovskoe area has identified five new
leads, with one, in particular, showing considerable potential. Further studies
on Pokrovskoe have focused on confirming drillable prospects with one defined
so far where a new exploration well is planned. Work is underway to optimize
the well location and drilling is anticipated to commence in summer 2014.

Steady progress continues to be made in evaluating the remaining exploration
potential in the Zagoryanska and Pirkovskoe licences. The Company is planning
work-overs in Zagoryanksa and Pirkovskoe with specialised local contractors in
order to eventually start production through existing facilities. Operations
will commence in a few days with sequential interval interventions planned for
several wells. The precise scope and duration of the work will be further
defined based on the results of each interval testing.

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