Litigation Settlement Agreement

Cadogan Petroleum PLC ("Cadogan" or the "Company")

Litigation Settlement Agreement

Cadogan announces that it has entered into a settlement agreement with its former Chief Operating Officer, Vasyl Vivcharyk and one other party associated with him. Under the terms of the settlement the dispute between the parties announced on 26 June 2009 has been concluded for a payment to Cadogan by the other party, satisfactory to all parties. This payment will be made imminently. As a result, Cadogan will withdraw its action against Mr Vivcharyk and the other party and Mr Vivcharyk and another party will also withdraw their counterclaim. No party has admitted any liability or any wrongdoing.

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