GPS Litigation Update

CADOGAN PETROLEUM PLC - GPS Litigation Update

PR Newswire

London, April 12

Further to the announcements of 15 February and 5 March 2013, Cadogan PetroleumPlc is pleased to announce that Cadogan and Global Process Systems LLC ("GPS")have reached an agreement concerning the purchase of two gas processing plantsby GPS for the sum of $29.5 million. Upon Cadogan's receipt of the sale pricethe agreement will represent a full and final settlement of all claims andliabilities between them.

This agreement has been reached on a commercial basis and upon completion,expected to occur by 17 April 2013 following satisfaction of various conditionsprecedent, will enable both parties to bring this matter to a close without theneed for further lengthy legal proceedings.

Cadogan Petroleum Plc +380 44 584 4979

Bertrand des Pallieres

Chief Executive Officer

Cantor Fitzgerald Europe +44 (0) 207 107 8239

Bankside Consultants +44 (0) 207 367 8888

Simon Rothschild