Major Shareholders

Cadogan Petroleum has been notified of the following shareholdings which amount to 3% or more of the ordinary share capital of the Company:

Major Shareholder Number of shares held % of Total Voting Rights
Weiss Capital LLC 53,925,676 25.01
QVT Financial LP 36,628,570 15.85
HBK Capital Management 16,525,999 7.15
Lloyds TSB Group 14,841,482 6.42
European Bank for Reconstruction and Development Ltd 11,632,866 5.03
JP Morgan 11,625,000 5.03

This information is accurate as at 07 December 2009

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