AGM Statement

Cadogan Petroleum plc                             

                         ("Cadogan" or "the Company")                          

                                 AGM STATEMENT                                 

At the Annual General Meeting scheduled for 2pm on Thursday 16 June Simon
Duffy, Chairman, will update shareholders as follows:

"Since the announcement of the anticipated investment in two of our east
Ukraine assets by ENI S.p.A, ("Eni"), the major integrated Italian energy
company, good progress has been made in fulfilling the conditions precedent for
completion of the transaction. The Ukraine Anti Monopoly Commission has given
approval for the transaction to proceed and the internal restructuring
necessary has been largely completed. In addition a circular has been issued to
shareholders convening a General Meeting, which will follow the AGM later
today, at which the Board is seeking approval of the transaction. This
transaction should complete in early July. In line with our agreement, Eni has
become progressively more involved in line with the increase in operational
activity and we are in the process of seconding Eni personnel into our
organisation.

Good progress has been made on the ground on our joint projects. At our
Pokrovska asset, a drilling and services contract has been awarded to Saipem
S.p.A to deepen the Pokrovska - 1 well, which was suspended in December 2010.
Site preparation is complete, with drilling operations scheduled to start in
July. It is anticipated that the drilling and preliminary testing programme
will be completed by the end of Q3 2011, with an extended testing programme to
follow. After this well, the rig will move to the Pokrovska - 2 location to
sidetrack the existing well or to drill a new well. Our Zagoranska asset is
also included in the Eni agreement and a programme has commenced to workover
several of the recently acquired wells on this field. A suitable rig has been
identified and site preparations on Zagoranska -1 location are well advanced
and rig operations are scheduled to start in July.

Cadogan and Eni are also working together to identify other upstream
opportunities in Ukraine and to facilitate this, we recently entered into a
co-operation agreement.

With regard to our other six assets, on our Pirkovska asset in east Ukraine a
workover is planned later this year on the Pirkovska - 1 well. In west Ukraine,
we also have several work programmes underway, for example on Bitlyanska, the
new 2D seismic data is being interpreted and integrated with existing data to
develop a future work plan and farm out campaign for this asset. On our
Monastreyska licence we are developing a workover over and frac programme for
the Blazhiv - 1 oil well and are considering the acquisition of further wells on
this minor field. Gas production continues on our Debeslavetska and
Cheremkivska licences, where we are also planning to acquire a 2D seismic
programme in 2011. Finally on our Slobodo Rungurska asset we are seeking an
extension to the licence to enable the drilling of a deeper prospect below the
abandoned shallow field that has produced oil since the 1780's - one of the
world's oldest oilfields.

Negotiations with Global Process System continue over rescheduling the delayed
$10 million payment due to the Company under a settlement agreement. The
Company is also reviewing other possible arrangements to recover the cash value
of the plant that it owns in 2011.

In summary the Company has an extremely active period ahead with work
programmes committed across the scope of our licences. I have every confidence
that the progress made in the past year, coupled with the transaction with Eni,
will prove transformational in the fortunes of the Company."

Enquiries

Cadogan Petroleum plc              [phone]    
                                                       
Ian Baron, Chief Executive Officer                     
                                                       
Gordon Stein, Chief Financial                          
Officer                                                
                                                       
Stefan Bort, Company Secretary                         

Bankside                                               
                                                       
Simon Rothschild                   [phone]    
                                                       

Matrix                                                 
                                                       
Robin Henshall                     [phone]    
                                                       
James Pope