Holding(s) in Company

For filings with the FSA include the annex                                                
                                                                                          
For filings with issuer exclude the annex                                                 
                                                                                          
                                                                                          
                                                                                          
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi                                           
                                                                                          
                                                                                          
                                                                                          
1. Identity of the issuer or the underlying issuer                      Cadogan Petroleum 
of existing shares to which voting rights are                           Plc               
attached:ii                                                                               
                                                                                          
2 Reason for the notification (please tick the appropriate box or boxes):                 
                                                                                          
An acquisition or disposal of voting rights                                              X
                                                                                          
An acquisition or disposal of qualifying financial instruments which may result           
in the acquisition of shares already issued to which voting rights are attached           
                                                                                          
An acquisition or disposal of instruments with similar economic effect to                 
qualifying financial instruments                                                          
                                                                                          
An event changing the breakdown of voting rights                                          
                                                                                          
Other (please specify):                                                                   
                                                                                          
3. Full name of person(s) subject to the                              Pierre Salik        
notification obligation:iii                                                               
                                                                                          
4. Full name of shareholder(s)                                        Same as 3           
 (if different from 3.):iv                                                                
                                                                                          
5. Date of the transaction and date on                                                    
which the threshold is crossed or                                     17/1/2012           
reached: v                                                                                
                                                                                          
6. Date on which issuer notified:                                     24/01/2012          
                                                                                          
7. Threshold(s) that is/are crossed or                                5%                  
reached: vi, vii                                                                          
                                                                                          


 

8. Notified details:                                                                            
                                                                                                
A: Voting rights attached to shares viii, ix                                                    
                                                                                                
Class/   Situation previous          Resulting situation after the triggering transaction       
type of  to the triggering                                                                      
shares   transaction                                                                            
                                                                                                
                                                                                                
if       Number          Number      Number     Number of voting         % of  voting           
possible of              of          of shares  rights                   rights x               
using    Shares          Voting                                                                 
the ISIN                 Rights                                                                 
CODE                                                         Indirect                           
                                     Direct     Direct xi    xii         Direct    Indirect     
                                                                                                
                                                                                                
Shares                                                                                          
voting                                                                                          
rights   11290000        11290000    12290000   12290000                 5.58%                  
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
B: Qualifying Financial Instruments                                                             
                                                                                                
Resulting situation after the triggering transaction                                            
                                                                                                
Type of     Expiration    Exercise/              Number of voting              % of voting      
financial   date xiii     Conversion Period xiv  rights that may be            rights           
instrument                                       acquired if the                                
                                                 instrument is                                  
                                                 exercised/ converted.                          
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
C: Financial Instruments with similar economic effect to Qualifying Financial                   
Instruments xv, xvi                                                                             
                                                                                                
Resulting situation after the triggering transaction                                            
                                                                                                
Type of    Exercise      Expiration Exercise/  Number of voting rights      % of voting         
financial  price         date xvii  Conversion instrument refers to         rights xix, xx      
instrument                          period                                                      
                                    xviii                                                       
                                                                                                
                                                                            Nominal  Delta      
                                                                                                
                                                                                                
                                                                                                
                                                                                                
                                                                                                
Total (A+B+C)                                                                                   
                                                                                                
Number of voting rights                Percentage of voting rights                              
                                                                                                
12,290,000                             5.58%                                                    
                                                                                                


 

9. Chain of controlled undertakings through which the voting rights and/or the          
financial instruments are effectively held, if applicable: xxi                          
                                                                                        
                                                                                        
                                                                                        
                                                                                        
                                                                                        
                                                                                        
                                                                                        
Proxy Voting:                                                                           
                                                                                        
10. Name of the proxy holder:                                                           
                                                                                        
11. Number of voting rights proxy holder will cease                                     
to hold:                                                                                
                                                                                        
12. Date on which proxy holder will cease to hold                                       
voting rights:                                                                          
                                                                                        
                                                                                        
                                                                                        
                                                                                        
13. Additional information:                                                             
                                                                                        
14. Contact name:                                                  Stefan Bort          
                                                                                        
                                                                                        
15. Contact telephone number:                                                           
                                                                   0207 487 8301