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
SAE Capital Holdings S.A. 67,298,498 29.10
QVT Financial LP 37,241,501 16.12
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 06 July 2010

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