April 2016 These presentation materials do not constitute or form - PowerPoint PPT Presentation

April 2016

These presentation materials do not constitute or form part of any offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities nor shall they or any part of them form the basis of or be relied upon in connection with any contract or commitment whatsoever. No responsibility or liability whatsoever is accepted by any person for any loss howsoever arising from any use of, or in connection with, these presentation materials or their contents or otherwise arising in connection therewith. These presentation materials may contain forward-looking statements relating to the future prospects, developments and strategies of Cadogan Petroleum plc (the "Company"), which are based on directors' current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Each forward-looking statement speaks only as of the date of the particular statement and, except as required by law or regulations to which the Company is subject, the Company disclaims any obligation to update any such forward-looking statement to reflect future events or developments. IMPORTANT NOTICE 2

 UK incorporated and listed on the London Stock Exchange (market cap. £22.82 million (1) )  Established E&P Company in Ukraine; 9 on-shore licences (2) , with a combined area of approximately 1052 km 2 in the Dnieper Donets and Carpathian basins. ‒ Current average production of 124 boepd ‒ 3P Reserves of 23.0 Mboe (3) and 2C contingent resources of 38.9 Mboe (3) ‒ Partnered with ENI in the first shale gas initiative awarded in Ukraine HIGHLIGHTS (1) As of 11 April 2016. (2) For two licences, Pirkovska and Zagoryanska, the process to secure re-award past expiry is in progress (3) Reserves and resources include volumes in Pirkovska and Zagoryanska licenses 3

 Among largest private investors in Ukrainian E&P sector with > US$500+ million invested over the last 10 years  Growing gas trading activity which generated net profits in excess of US$ 1,5 millions both in H2 2014 and in H1 2015  Strong balance sheet with cash and cash equivalent of US49 million* at 31 December 2015 HIGHLIGHTS 4 *excluding $0.9 million of Cadogan’s share of cash and cash equivalents in joint ventures

Kyiv Corporate Headquarters  Ukraine E&P Head Office  Gas trading  Business Services E&P Cadogan licenses Shale gas licenses in JV with Eni ASSETS 5

Western Ukraine  Bityanska license; License renewed until November 2019 • Shallow and deep (Oligocene) exploration targets  Monastyretska license; License renewed until November 2019 • 48 bopd of oil production • Low risk exploration and appraisal potential  Slobodo-Rungurska license • Oil exploration potential  Debeslavetska and Cheremkhivska E&P Cadogan licenses licenses Shale gas licenses • Marginal gas production (510kscfd) in JV with Eni ASSETS 6

Eastern Ukraine  Pirkovska license • Prospects and leads identified in the Permian • Re-application for 20-years period  Zagoryanska license; Expired . • Re-application for 20-year period  Pokrovska license • Prospects and leads identified in the Permian Carboniferous E&P Cadogan licenses Shale gas licenses in JV with Eni ASSETS 7

Reserves & Resources (MMboe) (gross) Current 2C Best estimate Working gross 3P Licence Type Area (km 2 ) contingent prospective Expiry date interest production reserves (1) resources resources (2) (boepd) Monastyretska Oil 99.2 26 48 4.4 0.6 0.2 Nov. 2019 Debeslavetska Gas 99.2 27 60 0.2 - 0.1 Nov. 2016 (prod.) Debeslavetska Gas 99.2 218 - - - - Sep. 2016 (exp.) Cheremkhivska Gas 54.4 119 16 0.01 - 0.6 May 2018 Bitlyanska Gas & Condensate 99.2 390 - 3.2 14.8 4.5 Dec. 2019 Slobodo Oil 100.0 101 - - - 3.5 Apr. 2016 Rungurska Pokrovska Gas & Condensate 70.0 50 - 0.8 14.7 0.6 Aug. 2016 Total current licences 930 124 8.7 30.1 9.5 Pirkovska Gas & Condensate 100.0 88 - 12.7 6.2 5.0 Expired, renewal submitted Zagoryanska Gas & Condensate 100.0 34 - 1.6 2.6 - Total License subject to renewal 122 14.3 8.8 5.0 Total 1,052 124 23.0 38.9 14.5 E&P BUSINESS 8

Licence Activity  Re-entry of two existing wells Eastern Ukraine Pokrovska  Farm-out for full carry on exploration drilling  Secure renewal of licence  Re-entry of one existing well Pirkovska  Farm-out of for full carry on the exploration drilling  Secure renewal of licence  Re-entry of three existing wells Zagoryanska  Re-interpretation of the 3D seismic volume  Re – entry of two shut-in wells upon finalising rental agreement with the owner Monastyretska  Farm-out in exchange for full carry on 100km of 2D seismic and one exploration well to drill the identified prospect at Jamna Western Ukraine  Work-over campaign on six wells to increase production to 530Mcf/day. Debeslavetska  Farm-out in exchange for full carry on 100 Km of 2D seismic, one exploration well and a further contingent well  Finalise studies and assess the volume of thermogenic gas resources. Cheremkhivska  Re-entry and fracking of existing well at no cost to Cadogan under a profit sharing agreement Bitlyanska  Farm-out in exchange for full carry on 100 Km of 2D seismic and one well to drill the Jamna Slobodo Rungurska prospects. E&P BUSINESS 9

 Cadogan’s services business – “ Astro- Service” provides specialised services to oil & gas operators in Ukraine including: ‒ Well permitting and land allotment; ‒ Well site and road design and construction; ‒ Drilling, work-over and servicing; ‒ Waste management and cuttings/fluid disposal; and ‒ Warehouse and logistics support. OIL SERVICES BUSINESS 10

 Wide range of subcontractor agreements in place and partnership networks with local contractors.  Partnering or agent agreement with international service providers such as Medes Srl, AVA/Newpark, Hydrodrilling, Tecom and Mitch.  Portfolio of contracts worth > US$5 million for 2016.  EBITDA in excess of US$350,000 in both 2013 and 2014. OIL SERVICES BUSINESS 11

E&P and Service PARTNERS 12

 Established a viable, growing gas trading business over the last 19 months.  Over 250 million m3 of gas sold in the first year of trading.  Trading segment a major contributor towards Company’s cash neutrality having generated net profits in excess of $1.5 million both in 2014 and in H1 2015.  First private trader-importer into Ukraine from Slovakia; currently importer on all three Europe-Ukraine borders (Slovakia, Poland, and Hungary).  Recognized trader and reliable supplier in the Ukrainian market.  Business relationships with European and Ukrainian traders as well as major Ukrainian gas producers. GAS TRADING BUSINESS 13

 Solid financial position (cash ca. $49 million)*  Well positioned in Ukraine; able to balance international standards with local practices and context  Qualified operator with technical excellence; drilled > 5000m deep wells at competitive time and cost  HSE performances: over 2.2 million man-hours without an accident; over 9,700,000km driven since last accident STRENGTHS 14 *excluding $0.9 million of Cadogan’s share of cash and cash equivalents in joint ventures *Performance history as of 26 October 2015

Key Gas Trading Clients PARTNERS 15

Our goal  Return value to shareholders by realizing the upside of undervalued assets, primarily at mature exploration stage. Our strategy  Leverage management experience to source additional E&P assets to diversify Cadogan’s portfolio both geographically and operationally. Add production: Source additional producing assets to cover G&A and provide free cash flow for ‒ exploration activities. Complement with exploration: acquire high impact exploration and near term developments with upside. ‒ Targeted acquisition criteria: ‒ 1. Focus onshore and on operated position; and 2. Geographical focus: Middle East, Africa, Eastern Europe and Ukraine, Central Asia. Minimise Ukraine expenditure: Farm-out for carry on legacy Ukrainian licenses. ‒  Maintain sufficient capital base – complemented by cash flows from gas trading and oil services businesses. STRATEGY 16

Corporate Snapshot Top Shareholders Ticker CAD -LN Shareholder No. (M) % Outstanding LSE Standard Main Market Listing type SPQR Capital Holdings SA 67,298,498 29.12% UK Domicile P Salik Esq. 40,550,000 17.55% Shares in issue 231,091,734 M Meeus Esq. 26,000,000 11.25% [] Options/warrants in issue CA Indosuez (Switzerland) SA 14,383,000 6.22% 8.88GBp* Share Price (52w high/low) Kellet Overseas Inc. (Jean Benaim) 14,002,696 6.06% Market Capitalisation (1) £22.82m Credit Suisse Private Banking 9,629,091 4.17% Net Cash (2) $49,4m Total 74.37% Cadogan share price vs. listed Ukrainian peers 140 140 CAD-GB RPT-GB JKX-GB MISE-SE SHEL-B-SE KUB-CA Rebased to 100 as at 8 October 2013 120 120 100 100 80 80 60 60 40 40 20 20 0 0 Oct 13 Jan 14 Apr 14 Jul 14 Oct 14 Jan 15 Apr 15 Jul 15 Oct 15 (1) As at 11 April 2016 (2) As at 31 December 2015, not audited CORPORATE OVERVIEW 17