Operations Update

CADOGAN PETROLEUM PLC
                                (The "Company")

                               Operations Update

Following the Company's announcement dated 15 May 2014 stating that 3 new
drillable prospects had been identified in Debeslavetska, the Company is
pleased to report that a fourth drillable prospect, comprising 3 different
levels down to a depth of approximately 350m, has since been identified. This
fourth prospect has now been selected for drilling to commence at the end of
September. Drilling is expected to take up to 10 days followed by testing and
eventual completion approximately 3 weeks thereafter. Expected producible
resources for this new prospect are in the range of 4 billion cubic feet.

Analysis continues on the remaining 3 identified prospects and if drilling on
the fourth prospect proves successful, the Company anticipates drilling to
commence on one of these remaining prospects before the end of 2014. Analysis
continues on the relatively deeper horizons.

In the Pirkovskoe licence, following an initial period of rig-less testing on
Pirk 1, work-over activity - comprising deep, high pressure and temperature
testing, logging and shooting of intervals in the upper Tournaisian interval
down to 5,100m - commenced on 20 May 2014. Work-over activity is expected to
last approximately 4 months.

Enquiries:

Cadogan Petroleum Plc                                  [phone]

Bertrand des Pallieres    Chief Executive Officer
Laurence Sudwarts         Company Secretary

Cantor Fitzgerald Europe                               [phone]

David Porter
Richard Redmayne