Cadogan Petroleum

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• The Group continues to operate safely and efficiently throughout the period.
• The Group is owed $30 million by Global Process System Inc ('GPS') of Dubai under the settlement agreement entered into October 2009.

• The completion of a major transaction with Eni S.p.A ("Eni") resulting in Eni owning 60% of the Group's interest in the Zagoryanska licence and 30% of the Group's interest in the Pokrovskoe licence

• As advised in the Company's announcement dated 16 February 2012 the logs acquired during the drilling programme indicated the presence of hydrocarbons in the lower part of the well.

• Cadogan Petroleum plc announces that Adelmo Schenato will join Cadogan as Chief Operating Officer and has been appointed a Director of the Company with immediate effect.

• For the period from 1 July to 18 November 2011, the Group continues to operate safely and efficiently. During the period two minor Lost Time Incidents were experienced due to extreme weather conditions. Operational performance was not impacted.

• The Pokrovska 1 well was deepened to 5,762.5 meters into the Lower Visean V26 interval where logging of the V26 indicated it to be water bearing
• On the Zagoryanska licence, a work over rig has completed the intervention program at the Zagoryanska 1 well and is now being moved to the Zagoryanska 2 well location to carry out further work over operations

• Cadogan Petroleum appoints Chicco Testa as non-executive director of the Company with effect from 1 October 2011
• Chicco Testa (59) is an Italian national with a long and varied background in the energy market
• He is currently managing director of Rothschild Spa, a director of Allianz Spa, chairman of the telecommunications company Telit Communications, vice chairman of Intecs Spa and chairman of Energie Valsabbia Spa

• Major transaction with Eni completed on 6 July 2011
• Pokrovskoe and Pirkrovskoe licences extended by five years
• Total capital expenditure of £1.8 million during the first half of 2011

• Cadogan reports rig acceptance and preparations for drilling of the Pokrovskoe 1 well on the Pokrosvskoe licence in eastern Ukraine commenced
• Well suspended in December 2010 at 5450 meters pending the sourcing of a suitable alternative all weather drilling rig
• Company recently awarded a drilling services contract to Saipem

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