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

April 2016

IMPORTANT NOTICE

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.

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• 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 km2 in the Dnieper Donets and Carpathian basins.

‒ Current average production of 124 boepd ‒ 3P Reserves of 23.0 Mboe(3) and 2C contingent resources

• f 38.9 Mboe(3)

‒ Partnered with ENI in the first shale gas initiative awarded

in Ukraine

HIGHLIGHTS

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(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

HIGHLIGHTS

• 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

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*excluding $0.9 million of Cadogan’s share of cash and cash equivalents in joint ventures

ASSETS

E&P Cadogan licenses Shale gas licenses in JV with Eni

Kyiv Corporate Headquarters

• Ukraine E&P Head Office
• Gas trading
• Business Services

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ASSETS

E&P Cadogan licenses Shale gas licenses in JV with Eni

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

licenses

• Marginal gas production (510kscfd)

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ASSETS

E&P Cadogan licenses Shale gas licenses in JV with Eni

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

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Reserves & Resources (MMboe) (gross) Licence Type Working interest Area (km2) Current gross production (boepd) 3P reserves(1) 2C contingent resources Best estimate prospective resources(2) Expiry date

Monastyretska Oil 99.2 26 48 4.4 0.6 0.2

• Nov. 2019

Debeslavetska (prod.) Gas 99.2 27 60 0.2

• 0.1
• Nov. 2016

Debeslavetska (exp.) Gas 99.2 218

• Sep. 2016

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 Rungurska Oil 100.0 101

• 3.5
• Apr. 2016

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

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Licence Activity

Eastern Ukraine

Pokrovska

• Re-entry of two existing wells
• Farm-out for full carry on exploration drilling

Pirkovska

• Secure renewal of licence
• Re-entry of one existing well
• Farm-out of for full carry on the exploration drilling

Zagoryanska

• Secure renewal of licence
• Re-entry of three existing wells
• Re-interpretation of the 3D seismic volume

Western Ukraine

Monastyretska

• Re–entry of two shut-in wells upon finalising rental agreement with the owner
• Farm-out in exchange for full carry on 100km of 2D seismic and one exploration well to drill the

identified prospect at Jamna

Debeslavetska

• Work-over campaign on six wells to increase production to 530Mcf/day.
• Farm-out in exchange for full carry on 100 Km of 2D seismic, one exploration well and a further

contingent well

Cheremkhivska

• Finalise studies and assess the volume of thermogenic gas resources.

Bitlyanska

• Re-entry and fracking of existing well at no cost to Cadogan under a profit sharing agreement

Slobodo Rungurska

• Farm-out in exchange for full carry on 100 Km of 2D seismic and one well to drill the Jamna

prospects.

E&P BUSINESS

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OIL SERVICES BUSINESS

• Cadogan’s

services business – “Astro-Service” provides specialised services to

• il

& gas

• perators

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.

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OIL SERVICES BUSINESS

• 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.

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PARTNERS

E&P and Service 12

GAS TRADING BUSINESS

• 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

• n

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.

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STRENGTHS

• 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 14

*Performance history as of 26 October 2015 *excluding $0.9 million of Cadogan’s share of cash and cash equivalents in joint ventures

PARTNERS

Key Gas Trading Clients 15

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

Our goal

• Return value to shareholders by realizing the upside
• f undervalued

assets, primarily at mature exploration stage.

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Ticker CAD -LN Listing type LSE Standard Main Market Domicile UK Shares in issue 231,091,734 Options/warrants in issue

[]

Share Price (52w high/low)

8.88GBp*

Market Capitalisation(1)

£22.82m

Net Cash(2)

$49,4m

Corporate Snapshot

Cadogan share price vs. listed Ukrainian peers

20 40 60 80 100 120 140 20 40 60 80 100 120 140 Oct 13 Jan 14 Apr 14 Jul 14 Oct 14 Jan 15 Apr 15 Jul 15 Oct 15 Rebased to 100 as at 8 October 2013 CAD-GB RPT-GB JKX-GB MISE-SE SHEL-B-SE KUB-CA

(1) As at 11 April 2016 (2) As at 31 December 2015, not audited

Top Shareholders

Shareholder

• No. (M)

% Outstanding SPQR Capital Holdings SA 67,298,498 29.12% P Salik Esq. 40,550,000 17.55% M Meeus Esq. 26,000,000 11.25% CA Indosuez (Switzerland) SA 14,383,000 6.22% Kellet Overseas Inc. (Jean Benaim) 14,002,696 6.06% Credit Suisse Private Banking 9,629,091 4.17%

Total 74.37%

CORPORATE OVERVIEW

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CORPORATE OVERVIEW

• Listed on the London Stock Exchange, Main market
• Trading symbol CAD
• 231,091,734 ordinary shares issued at £0.03 each
• Share price of 8.88GBp
• Market cap of £22.82M
• The listed Ukrainian E&P company that has shown

stability and outperformed peers during a period of political unrest and global oil and gas downturn

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Zev Furst – Chairman See more Guido Michelotti - Chief Executive Officer See more Bertrand des Pallieres - Chief Trading Officer See more Adelmo Schenato - Chief Operating Officer See more Gilbert Lehmann - Senior Independent NED See more Chicco Testa - Independent NED See more Michel Meeus - Non-Executive Director See more

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Igor Delov – General Director See more Andrey Belyi – Deputy Technical Director See more Taras Ivanysenko – Group Director of Finance See more Marta Halabala – Company Secretary See more

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CONTACT

Cadogan Petroleum plc 48/50A Zhylyanska Street 01033 Kyiv, Ukraine +38 (044) 594 5870 info@cadoganpetroleum.com

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