GPS Litigation Update

CADOGAN PETROLEUM PLC - GPS Litigation Update

PR Newswire

London, April 18

Further to the announcement of 16 April, Cadogan Petroleum Plc is pleased toconfirm completion of the sale of the gas plants referred to therein, followingreceipt in full of the agreed consideration of $29.5 million. In accordancewith the terms of the settlement documentation, the parties are now takingappropriate steps to dismiss the legal proceedings commenced in England againstGPS and all other claims and liabilities have been released.

Cadogan Petroleum Plc +380 44 584 4979

Bertrand des Pallieres

Chief Executive Officer

Cantor Fitzgerald Europe +44 (0)20 7894 7000

David Porter

Richard Redmayne

Bankside Consultants +44 (0) 207 367 8888

Simon Rothschild