Operations Update

CADOGAN PETROLEUM PLC ("the Company") Cadogan Operations Update Further to the Company's operations update of 15 May 2014, Cadogan is pleasedto report initial results from the sucker rod pump installation inMonastyretska showing an increase in stable production to 40-45 bopd. Performancetests continue and options to further optimise production are being investigated. Negotiations with local operators for the acquisition of two further, existingwells, with the aim of bringing them back to production, are continuing. Enquiries: Cadogan Petroleum Plc +380 (44) 591 0390Bertrand des Pallieres Chief Executive OfficerLaurence Sudwarts Company Secretary Cantor Fitzgerald Europe +44 (0) 20 7894 7000David PorterRichard Redmayne