Cadogan Issues Update on Pirkovskoe, Zagoryanska Licenses

Cadogan Petroleum PLC

Cadogan has provided a further update regarding its Pirkovskoe and Zagoryanska special permits.

Cadogan has received written confirmation that on October 7, 2008, the Ministry of Environmental Protection of Ukraine revoked its earlier orders nullifying the Pirkovskoe and Zagoryanska licences and declared the special permits dated October 19, 2007, issued to Cadogan's subsidiaries Astroinvest Energy and Astrogas, as valid.

This action fulfils the Protest made by the General Prosecutor's Office of Ukraine dated July 28, 2008 and follows the earlier announced Poltava Regional Administrative Court ruling which upheld Cadogan's claims in full and found the Ministry's Orders No. 396 and No. 397, dated July 28, 2008, which nullified Cadogan's licences, unlawful and invalid.