Cadogan Regulatory News (CAD)

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: ii

Cadogan Petroleum Plc

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

Yes

3. Full name of person(s) subject to the notification obligation: iii

Altima Partners LLP

4. Full name of shareholder(s)  (if different from 3.):iv

The shares are held by Altima Global Special Situations Master Fund Limited and Altima Global Special Opportunities Master Fund Limited.

5. Date of the transaction and date on which the threshold is crossed or reached: v

01 June 2009

6. Date on which issuer notified:

01 June 2009

7. Threshold(s) that is/are crossed or reached: vi, vii

10%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type of shares

if possible using the ISIN CODE

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of Shares

Number of Voting Rights

Number of shares

Number of voting rights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

Ordinary Shares

19,617,428

19,617,428

19,617,428

8.49%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date xiii

Exercise/ Conversion Period xiv

Number of voting rights that may be acquired if the instrument is exercised/ converted.

% of voting rights

CFD

4,040,954

1.75%

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financial instrument

Exercise price

Expiration date xvii

Exercise/ Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

23,658,382

10.24%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi

Altima Partners LLP is the Investment Advisor to the Altima Global Special Opportunities Master Fund Limited and the Altima Global Special Situations Master Fund Limited. The Corporate Member of Altima Partners LLP is Altima Services UK Limited which is owned and controlled by Altima International Limited. The voting share capital of Altima International Limited is held 50/50 by Mark Donegan and Dominic Redfern.

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:

Altima Partners LLP ("Altima") controls the exercise of voting rights over a number of funds. Altima is reporting as a result of the new disclosure requirements surrounding CfD's

14. Contact name:

Stefan Bort

15. Contact telephone number:

0207 811 0801