REG-Cadogan Petroleum: Issue of Equity

Cadogan Energy SolutionsAnnouncement

25/05/2020 12:25

26th May 2020

This announcement contains inside information as defined under the Market
Abuse Regulations n. 596/2014

Cadogan Petroleum Plc
("Cadogan" or the "Company")

Issue of Equity

Cadogan Petroleum plc (“Cadogan” or the “Company”) announces that it
has issued 8,399,165 Ordinary shares of £0.03 each, (“New Ordinary
Shares”) in the capital of the Company for cash on the basis of £0.03 per
share.

2,270,549 ordinary shares are being issued to the previous CEO, Mr Guido
Michelotti, to be  satisfied in full using the entire amount of the 2018 and
2019 bonuses due (but which had not yet been paid), totalling €75,900.

628,616 ordinary shares are being issued to Mr Andriy Bilyy (General Director
of Cadogan Ukraine), to be  satisfied in full using the entire amount of the
2019 bonus due (but which had not yet been paid), totalling $23,040.

5,500,000 ordinary shares are being issued to the CEO, Mr Fady Khallouf, to be
satisfied in full using the entire amount of the welcome bonus due.

The Company confirms that each of Mr Guido Michelotti, Mr Andriy Bilyy and Mr
Fady  Khallouf have agreed to fund the income tax due on the bonuses from
their 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 Fady Khallouf has undertaken not to sell the shares for a
period of two years from the date of subscription.

Full details of the bonus payments for Mr Fady Khallouf and Mr Guido
Michelotti are set out within the ‘Annual Report on Remuneration’ in the
Company’s 2019 Annual Financial Report.

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 2(nd) June 2020.

Following the issue of the New Ordinary Shares the total number of Ordinary
Shares in issue is 244,128,487. There are 66 Ordinary Shares held in
treasury. Therefore, the total number of voting rights in the Company
is 244,128,421. 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, diversified oil and gas company, which operates
exploration and production licenses in Western Ukraine, conducts gas trading
operations, and provides services to E&P companies.

For further information, please contact:

Cadogan Petroleum plc
Fady Khallouf                     Chief Executive Officer
    fady.khallouf@cadoganpetroleum.com
Ben Harber                        Company Secretary
         +44 0207 264 4366

Cantor Fitzgerald Europe       Broker to Cadogan Petroleum plc

David
Porter                                                               
+44 (0) 20 7894 7000

Appendix

The notifications detailed above and summarised in the table below is made in
accordance with the requirements of the EU Market Abuse Regulations as
follows:

Fady Khallouf, CEO purchased 5,500,000 shares at £0.003 pence per share on
22(nd) May 2020.

 1.  Details of PDMR/ person closely associated with them (‘PCA’)                                                                                                                                          
 a)  Name                                                                                               Fady Khallouf                                                                                      
 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)  £0.03 5,500,000                                                                
 d)  Aggregated information                                                                             5,500,000  £0.03                                                                                   
 e)  Date of the transaction                                                                            22 (nd)May 2020                                                                                    
 f)  Place of the transaction                                                                           XLON                                                                                               

Andriy Bilyy, General Director of Cadogan Ukraine purchased 628,616 shares at
£0.03 pence per share on 22(nd) May 2020.

 1.  Details of PDMR/ person closely associated with them (‘PCA’)                                                                                                                                          
 a)  Name                                                                                               Andriy Bilyy                                                                                       
 2.  Reason for the notification                                                                                                                                                                           
 a)  Position/status                                                                                    General Director                                                                                   
 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) £0.03 628,616                                                                   
 d)  Aggregated information                                                                             628,616  £0.03                                                                                     
 e)  Date of the transaction                                                                            22 (nd)May 2020                                                                                    
 f)  Place of the transaction                                                                           XLON                                                                                               



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