Operational Update

Cadogan Petroleum Plc - Operational Update

PR Newswire

London, April 9

Cadogan Petroleum Plc(“Cadogan” or the “Company”)

Cadogan Petroleum plc (“Cadogan”), an independent, diversified oil & gas company listed on the main market of the London Stock Exchange, is pleased to announce that the Blazh-10 well has encountered 207 meters of the Yamna target formation, at a depth 50 meters higher than prognosis and in the predicted sub vertical setting.

Cores taken from the upper part of the Yamna and a preliminary interpretation of the open hole logs suggest that the entire Yamna section could potentially be oil bearing. The well is being conditioned to run and cement a 7” casing, which will be followed by well testing. Full log interpretation and testing results will determine the net pay and the expected deliverability of the well. Further updates will be provided in due course.

The well reached its TD of 3394 m at a cost which was 10% higher than budgeted due to severe hole instability challenges which were experienced while drilling.

The Blazh-10 well is located in the Company’s Monastyretska license, in the west of Ukraine near the border with Poland. The Yamna sandstones is the producing formation for the Company’s three existing wells on the license.

Guido Michelotti, Cadogan Petroleum CEO, commented:

“The initial results of Blazh-10 are encouraging; we look forward to testing the well and providing further updates on progress. The well is a testimony to Cadogan’s operational excellence and creates a local benchmark as it has been drilled in about a fifth of the time taken to drill the fastest of the nearby wells and some 10% of their average time”.

-ENDS-

For further information, please contact: