Picture 6 Well heads at Lineynoye First and Second Stage Oil Separators

PetroNeft Resources plc is an international oil and gas exploration and
production company, focused on Russia. The company’s shares are
listed on the London AIM and Dublin ESM Markets.

December 18, 2014

Operations Update

Licence 61

· Arbuzovskoye 106 well now in production at a stabilised average rate of 170 bopd

· Arbuzovskoye 103 well drilling ahead

· Drilling of Tungolskoye 5 horizontal well continuing

· Total production now at 1,850 bopd

· Seismic crew mobilised to the Sibkrayevskoye field

Licence 67

· Processing and interpretation of 3D seismic survey completed

· Reserves calculation for Russian State Approval being finalised

Corporate

· Weakening Russian Rouble acting as a natural hedge to falling oil prices

October 14, 2014

Tungolskoye No. 5 update

· Vertical pilot hole successfully completed

· Structural interpretation of Tungolskoye confirmed

· Open hole flow test of 100 bopd, unstimulated

· 8.2 metres of net oil pay encountered

· Horizontal section of T-5 well to commence

September 26, 2014

Interim Results for the Half Year Ended 30 June 2014

Highlights:

· H1 production average of 2,163 bopd.

· Farmout of Licence 61 to Oil India completed, Company is now debt-free.

· Drilling underway at Tungolskoye and Arbuzovskoye.