Operations Update

CADOGAN PETROLEUM PLC (The "Company") Operations Update Following the Company's announcement dated 15 May 2014 stating that 3 newdrillable prospects had been identified in Debeslavetska, the Company ispleased to report that a fourth drillable prospect, comprising 3 differentlevels down to a depth of approximately 350m, has since been identified. Thisfourth prospect has now been selected for drilling to commence at the end ofSeptember. Drilling is expected to take up to 10 days followed by testing andeventual completion approximately 3 weeks thereafter. Expected producibleresources for this new prospect are in the range of 4 billion cubic feet. Analysis continues on the remaining 3 identified prospects and if drilling onthe fourth prospect proves successful, the Company anticipates drilling tocommence on one of these remaining prospects before the end of 2014. Analysiscontinues on the relatively deeper horizons. In the Pirkovskoe licence, following an initial period of rig-less testing onPirk 1, work-over activity - comprising deep, high pressure and temperaturetesting, logging and shooting of intervals in the upper Tournaisian intervaldown to 5,100m - commenced on 20 May 2014. Work-over activity is expected tolast approximately 4 months. Enquiries: Cadogan Petroleum Plc +380 (44) 591 0390 Bertrand des Pallieres Chief Executive OfficerLaurence Sudwarts Company Secretary Cantor Fitzgerald Europe +44 (0) 20 7894 7000 David PorterRichard Redmayne