Cadogan Shuffles Management

The Board has completed a review of the Cadogan Board structure and composition, with a view to putting in place a Board best suited to develop the Company, following the completion of the major transaction with Eni S.p.A.

As a result of this review, in order to manage the increased operational activity in Ukraine, Ian Baron becomes Chief Operating Officer, responsible for the Company's operations on all of its current licenses and technical support on new business activities. Bertrand des Pallieres, currently a non-executive Director, becomes Chief Executive Officer, focusing on the strategic development of the business, in particular new acquisitions, key government relationships and industrial partnerships. These appointments take immediate effect. As a consequence of this Bertrand will over the next few months relinquish his day to day responsibility as CEO of SPQR Holdings SAE. Gordon Stein will remain as Chief Financial Officer.

The new Board structure will consist of an independent non-executive Chairman, two further independent non-executive Directors, a non-executive Director appointed by SPQR Holdings SAE, and three executive Directors. The Board is satisfied that this structure complies with the UK Corporate Governance Code.

Philip Dayer (acting non-executive Chairman) and Nick Hooke (independent non-executive Director) have tendered their resignations as non-executive directors, with immediate effect, as they believe that there should be more independent directors on the Board in view of SPQR Holding's substantial shareholding, despite the proposed structure complying with the Code. The Board would like to thank both Philip Dayer and Nick Hooke for their contributions to the Company since its IPO in 2008.

Mr. Zev Furst has joined the Board as a non-executive Director and will act as interim Chairman and will lead the recruitment process for a permanent Chairman and further independent non-executive Directors. It is anticipated that these further appointments to the Board will be announced by the end of September 2011.

Mr. Furst is a leading global business and communications strategist who has advised political leaders, foreign principals and corporate executives of Fortune 100 companies. He is the Chairman and CEO of First International Resources, an international corporate and political consulting firm he founded in 1992. In recent years, he has also advised and consulted with candidates running for national office in Israel, Japan, Mexico and Ukraine. In 1986, Mr. Furst was a founding partner of Meridian Resources and Development Ltd., an international commodities trading company specializing in chemicals and petroleum products. Mr. Furst currently serves as Chairman of the International Board of the Peres Center for Peace and is a member of the Advisory Board of the Kennan Institute in Washington, DC. He has written and lectured extensively on international affairs, business and political strategy and the role of media in politics and diplomacy. Any matters to be disclosed under paragraph 9.6.13 of the Listing Rules will be announced in due course.