Interim Management Statement

Cadogan Petroleum plc ("Cadogan" or "the Group")

Interim Management Statement for the period since the release of the Half Yearly  
Report.
 

Introduction

Cadogan published its Half Yearly Report for the six months to 30 June 2013 on
30 August 2013.

Financial position

At 18 November 2013 the Group had current cash and cash equivalents of
approximately $56.4 million (excluding $0.3 million of Cadogan's share of cash
and cash equivalent in joint ventures). To date Oil and Gas Management Services
Group has drawn $2.14 million under its secured loan facility with Cadogan.

Executive Summary

2013 has been broadly positive for Cadogan encompassing settlement of the GPS
litigation, continued progress on our shale gas joint venture with Eni SpA and
completion of the overhaul of the Group's technical team. The Company remains
in a strong financial position, with no debt and substantial cash resources.

Operations

The Group continued to operate safely and efficiently throughout the period.

Borynya 3

Logs run in the upper part of the Borynya 3 well-site confirmed the presence of
gas and condensates and porosity in the range of 10% to 15%.  Two intervals
have been tested so far, 2745-2685m and 2935-2890m. Gas was flared and liquid
hydrocarbons were collected for analysis. Hydrocarbons were confirmed as oil
(30 API) and condensate (48 API). In each case testing resulted in a flow of
gas and condensate that was consistent but non-sustainable. There was an
improvement in well performance following a light acid wash and further testing
in the 2745-2685m range interval. Flaring and hydrocarbon samples were
collected and oil, condensate and gas were evident. There was no evidence of
formation water in the fluids produced.

Persistent completion brine leakage from annulus to bottom packer prevented
sustainable production and following release of the work-over rig after
re-completion, well testing is continuing in order to properly purge the
formation without brine interference in production. Due to the clear presence
of hydrocarbons, planned operations for information gathering on the production
potential and assessment of future operations will continue. An acid-frac with
suitable rig and equipment is planned for next year in order to obtain and
support sustainable and commercial production. Entry of the deeper intervals,
down to circa 4,300m, is also planned for 2014.

Pokrovskoe, Zagoryanska and Pirkovskoe

An evaluation of the current exploration potential in the Pokrovskoe area
identified five new leads, with one, in particular, showing considerable
potential. Further studies on Pokrovskoe focused on confirming drillable
prospects with one defined so far where a new exploration well is planned. Work
was undertaken to optimize the well location and drilling is anticipated to
commence in summer 2014.

Steady progress continues to be made in evaluating the remaining exploration
potential in the Zagoryanska and Pirkovskoe licences. Work-overs in Zagoryanksa
2 and 11 and Pirkovskoe 1 are ongoing with specialised local contractors in
order to eventually start production through existing facilities.  The precise
scope and duration of the work will be further defined based on the results of
each interval testing.

Energy Trading

The Company established a wholly-owned, Swiss registered subsidiary, Cadogan
Petroleum Trading Sagl. Dedicated to energy trading, this subsidiary will
initially focus on sourcing transactions in central and eastern Europe.


Enquiries to:

Cadogan Petroleum Plc                                 [phone]
Bertrand des Pallieres, Chief Executive Officer

Cantor Fitzgerald Europe                          [phone]
David Porter
Richard Redmayne

Bankside Consultants                              [phone]
Simon Rothschild