Operations Update

Cadogan Energy Solutions

22/05/2014 07:00

CADOGAN PETROLEUM PLC
                                ("the Company")

                           Cadogan Operations Update

Further to the Company's operations update of 15 May 2014, Cadogan is pleased
to report initial results from the sucker rod pump installation in
Monastyretska showing an increase in stable production to 40-45 bopd. Performance
tests continue and options to further optimise production are being investigated.

Negotiations with local operators for the acquisition of two further, existing
wells, with the aim of bringing them back to production, are continuing.

Enquiries:

Cadogan Petroleum Plc                                    +380 (44) 591 0390
Bertrand des Pallieres    Chief Executive Officer
Laurence Sudwarts         Company Secretary

Cantor Fitzgerald Europe                                 +44 (0) 20 7894 7000
David Porter
Richard Redmayne

END