15 September 2016

                         Cadogan Petroleum plc (the "Company")                     

                    Consolidated report on payments to governments                 

    Cadogan Petroleum plc presents below its consolidated report on payments to
    governments for the year ended 31 December 2015, for activities related to
    exploration, development and extraction of oil and gas resources.The report has
    been prepared in accordance with DTR 4.3A of the Financial Conduct Authority
    Disclosure and Transparency Rules and in compliance with the Reports on
    Payments to Governments Regulations 2014 (SI 2014/3209), as amended by the
    Reports on Payments to Governments (Amendment) Regulations 2015 (SI 2015/1928).

    Payment types are disclosed at the level of operational activities governed by
    a single contract, license or similar legal agreements and form the basis for
    payment liabilities with a government. The payments are presented on a cash
    basis, and do not contain interests and penalties on late tax payments or on
    underpaid tax as all payments were made in due time There were no payments in
    kind made to a Government during the year.

    For the year ended 31 December 2015 the Group disclosed in the report
    production taxes which are payments to governments in relation to revenue or
    production generated under license agreements.

    Taxes levied on consumption such as value added taxes, personal income taxes,
    sales taxes, property and environmental taxes have not been included in this
    report.

    Payments to government below the threshold of £86 thousand ($131 thousand based
    on average exchange rate for the year) were excluded from the report as
    permitted by the regulations.

    In the year ended 31 December 2015 the Group operated only in Ukraine, so there
    were payments only made to Ukrainian government.

    Payments summary

    Payments to governments made during the year ended 31 December 2015:         
                                                                                 
                                                  Production taxes          Total
                                                                                 
    Ukrainian government                                     $'000          $'000
                                                                                 
    State treasury: State budget                             1,205          1,205
                                                                                 
    Total                                                    1,205          1,205
                                                                                 
    Payments to governments by project type made during the year ended 31        
    December 2015:                                                               
                                                                                 
                                                  Production taxes          Total
                                                                                 
                                                             $'000          $'000
                                                                                 
    Ukraine                                                                      
                                                                                 
    Debeslavetska Production license area                      765            765
                                                                                 
    Monastyretska license area                                 241            241
                                                                                 
    Cheremkhivska Production license area                      193            193
                                                                                 
    Slobodo-Rungurska license area                               5              5
                                                                                 
    Total                                                    1,205          1,205

    Cadogan Petroleum plc                                              +380 (44)
    594 5870
    Guido Michelotti, Chief Executive Officer
    Marta Halabala, Company Secretary 


    Cantor Fitzgerald Europe                                            +44 (0) 20
    7894 7000
    David Porter
    Sarah Wharry