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

                                  Operational update                               

    Cadogan Petroleum plc ("Cadogan" or the "Company") is pleased to announce the
    successful re-entry of two old, suspended wells drilled in its Monastyretska
    licence. The wells, which have been rented from Ukrnafta under a profit sharing
    agreement, are currently producing a combined 30 barrels of oil per day under
    natural flow. Both wells are under monitoring before proceeding with the
    installation of sucker rod pumps in order to increase their production rates.

    These well re-entries are part of Cadogan's strategy of increasing production
    from its Ukrainian licences via a disciplined deployment of its financial
    resources as an efficient, low-cost operator of marginal fields.

    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.

    Ukrnafta is the largest oil company in Ukraine, contributing 67.9% of the
    nation's oil and gas condensate production (2015 data). Ukrnafta also owns one
    of the largest filling stations network in Ukraine.

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