Cadogan Petroleum Plc                             

                             ("Cadogan" or the "Company")                          

                                    Issue of Equity                                

                          Payment of CEO's 2015 and 2016 bonus                     

    Cadogan Petroleum plc ("Cadogan" or the "Company") announces that it has issued
    4,637,588 Ordinary shares of £0.03 each, ("New Ordinary Shares") in the capital
    of the Company for cash on the basis of £0.0825 per share to the CEO, Mr Guido
    Michelotti.

    Cadogan confirms that the payment for the New Ordinary Shares  in the Company
    was satisfied in full, by using the entire amount of the 2015 and 2016 bonuses
    due to the CEO, Mr Guido Michelotti (but which had not yet been paid),
    totalling €431,000 (2015: €231,000  and 2016: €200,000).


    The number of shares allocated was calculated using the prevailing market value
    of such shares on the 19th September 2017, being the date that the bonuses were
    deemed to be paid.


    In addition, the Company confirms that Mr Michelotti has agreed to fund the
    income tax due on both the 2015 and 2016 bonuses from his own resources. 
    Therefore there is no immediate need for any of the above shares to be sold to
    fund the tax liability arising on the bonuses.  Also, as a consequence, there
    will be no cash outflow for the Company arising from the award of the bonuses,
    with the exception of any related social security contributions that fall due
    following the payment of the bonuses.  In addition, Mr Michelotti has
    undertaken not to sell the shares for a period of three years from the date of
    subscription.

    Save for the undertaking not to sell the shares for three years, this is as set
    out in the 'Annual Report on Remuneration' on page 33 of the Company's 2016
    Annual Financial Report and in the 'Explanatory Notes on the resolutions -
    attachment to notice of 2016 AGM' on page 7 of the Notice of AGM Circular sent
    to shareholders on 26 May 2017.

    Application has been made for the new Ordinary Shares to be admitted to trading
    on the London Stock Exchange (the "Admission"), and dealings in the new
    Ordinary Shares are expected to commence on or around 28th September 2017.

    Following the issue of the New Ordinary Shares the total number of Ordinary
    Shares in issue is 235,729,322. There are 66 Ordinary Shares held in treasury.
    Therefore, the total number of voting rights in the Company is 235,729,256.
    This figure may be used by shareholders in the Company as the denominator for
    the calculations by which they will determine if they are required to notify
    their interest in, or a change to their interest under the Disclosure and
    Transparency Rules.  

    About

     Cadogan is an independent oil and gas company. Cadogan operates exploration
    and production licenses in Ukraine, conducts gas trading operations, and
    provides services to E&P companies.

    For further information, please contact:

    Cadogan Petroleum plc

    Guido Michelotti, Chief Executive Officer

    +380 (44) 594 5870

    Ben Harber, Company Secretary

    +44 0207 264 4366

    Cantor Fitzgerald Europe

    David Porter

    Sarah Wharry

    +44 (0) 20 7894 7000

    Appendix

    The notification detailed above and summarised in the table below is made in
    accordance with the requirements of the EU Market Abuse Regulations as follows:

      * Guido Michelotti , CEO purchased 4,637,588 shares at 0.0825pence per share
        on 20th September 2017
       
    1.  Details of PDMR/ person closely associated with them ('PCA')              
                                                                                  
    a)  Name                         Guido Michelotti                             
                                                                                  
    2.  Reason for the notification                                               
                                                                                  
    a)  Position/status              Chief Executive Officer                      
                                                                                  
    b)  Initial notification /       Initial notification of purchase of shares   
        Amendment                                                                 
                                                                                  
    3.  Details of the issuer, emission allowance market participant, auction     
        platform, auctioneer or auction monitor                                   
                                                                                  
    a)   Name                        Cadogan Petroleum plc                        
                                                                                  
    b)  LEI                          213800JIBKL29FAK1213                         
                                                                                  
                                                                                  
    4.  Details of the transaction(s): section to be repeated for (i) each type of
        instrument; (ii) each type of transaction; (iii) each date; and (iv) each 
        place where transactions have been conducted                              
                                                                                  
        Description of the financial Ordinary shares of 3 pence each              
        instrument, type of                                                       
        instrument                                                                
                                     GB00B12WC938                                 
        Identification code                                                       
                                                                                  
    b)  Nature of the transaction    Purchase of ordinary shares                  
                                                                                  
    c)  Price(s) and volume(s)       Price(s)                                     
                                     Volume(s)                                    
                                                                                  
                                     0.0825p                                      
                                     4,637,588                                    
                                                                                  
    d)  Aggregated information                                                    
                                                                                  
        Aggregated volume            4,637,588                                    
                                                                                  
        Price                        0.0825p                                      
                                                                                  
    e)  Date of the transaction      20th September 2017                          
                                                                                  
    f)  Place of the transaction     XLON