REG-Cadogan Petroleum: Issue of Equity <Origin Href="QuoteRef">CADP.L</Origin>

Cadogan Energy SolutionsAnnouncement

22/09/2017 10:35

Cadogan Petroleum Plc

("Cadogan" or the "Company")

Issue of Equity

 Payment of CEO’s 2015 and 2016 bonus

Cadogan Petroleum plc (“Cadogan” or the “Company”) announces that it
has issued 4,637,588 Ordinary shares of £0.03 each, (“New Ordinary
Shares”) in the capital of the Company for cash on the basis of £0.0825 per
share to the CEO, Mr Guido Michelotti.

Cadogan confirms that the payment for the New Ordinary Shares  in the Company
was satisfied in full, by using the entire amount of the 2015 and 2016 bonuses
due to the CEO, Mr Guido Michelotti (but which had not yet been paid),
totalling €431,000 (2015: €231,000  and 2016: €200,000).

The number of shares allocated was calculated using the prevailing market
value of such shares on the 19(th) September 2017, being the date that the
bonuses were deemed to be paid.

In addition, the Company confirms that Mr Michelotti has agreed to fund the
income tax due on both the 2015 and 2016 bonuses from his own resources. 
Therefore there is no immediate need for any of the above shares to be sold to
fund the tax liability arising on the bonuses.  Also, as a consequence, there
will be no cash outflow for the Company arising from the award of the bonuses,
with the exception of any related social security contributions that fall due
following the payment of the bonuses.  In addition, Mr Michelotti has
undertaken not to sell the shares for a period of three years from the date of
subscription.

Save for the undertaking not to sell the shares for three years, this is as
set out in the ‘Annual Report on Remuneration’ on page 33 of the
Company’s 2016 Annual Financial Report and in the ‘Explanatory Notes on
the resolutions – attachment to notice of 2016 AGM’ on page 7 of the
Notice of AGM Circular sent to shareholders on 26 May 2017.

Application has been made for the new Ordinary Shares to be admitted to
trading on the London Stock Exchange (the "Admission"), and dealings in the
new Ordinary Shares are expected to commence on or around 28(th) September
2017.

Following the issue of the New Ordinary Shares the total number of Ordinary
Shares in issue is 235,729,322. There are 66 Ordinary Shares held in
treasury. Therefore, the total number of voting rights in the Company
is 235,729,256. This figure may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest under the
Disclosure and Transparency Rules.  

About

 Cadogan is an independent oil and gas company. Cadogan operates exploration
and production licenses in Ukraine, conducts gas trading operations, and
provides services to E&P companies.

For further information, please contact:

Cadogan Petroleum plc

Guido Michelotti, Chief Executive Officer

+380 (44) 594 5870

Ben Harber, Company Secretary

+44 0207 264 4366

Cantor Fitzgerald Europe

David Porter

Sarah Wharry

+44 (0) 20 7894 7000

Appendix

The notification detailed above and summarised in the table below is made in
accordance with the requirements of the EU Market Abuse Regulations as
follows:
*
Guido Michelotti , CEO purchased 4,637,588 shares at 0.0825pence per share on
20(th) September 2017

 1.  Details of PDMR/ person closely associated with them (‘PCA’)                                                                                                                                          
 a)  Name                                                                                               Guido Michelotti                                                                                   
 2.  Reason for the notification                                                                                                                                                                           
 a)  Position/status                                                                                    Chief Executive Officer                                                                            
 b)  Initial notification / Amendment                                                                   Initial notification of purchase of shares                                                         
 3.  Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor                                                                                         
 a)  Name                                                                                               Cadogan Petroleum plc                                                                              
 b)  LEI                                                                                                213800JIBKL29FAK1213                                                                               
 4.  Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted     
     Description of the financial instrument, type of instrument  Identification code                   Ordinary shares of 3 pence each   GB00B12WC938                                                     
 b)  Nature of the transaction                                                                          Purchase of ordinary shares                                                                        
 c)  Price(s) and volume(s)                                                                             Price(s) Volume(s)  0.0825p 4,637,588                                                              
 d)  Aggregated information  Aggregated volume  Price                                                   4,637,588  0.0825p                                                                                 
 e)  Date of the transaction                                                                            20 (th)September 2017                                                                              
 f)  Place of the transaction                                                                           XLON                                                                                               



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