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

    Change in Executive Management

    Cadogan Petroleum plc announces the following change to its Executive
    Management:

    Mr Adelmo Schenato has stepped down as Chief Operating Officer (COO) to take up
    the role of Chairman and CEO of Exploenergy, the Italian company recently
    bought by Cadogan, and will dedicate his time to following up on the award
    process of the licences.  Mr Schenato remains as a Non Executive Director of
    Cadogan Petroleum plc and as Technical Advisor to Cadogan Petroleum's CEO.

    The Board of Directors wishes to thank Mr Schenato for his contribution as COO
    and expresses its appreciation for his availability to take up this new
    challenge in support of the effort to geographically diversify
    the Company's portfolio.

    In addition, the Company's registered office address has changed to 6th Floor,
    60 Gracechurch Street London, EC3V 0HR with immediate effect.


    For further information, please contact:

    Cadogan Petroleum Plc +380 (44) 594 5870

    Guido Michelotti
    Chief Executive Officer

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