Authorised and Issued Shares

Authorised Shares               600,000,000
Current Issued Shares       350,367,711

Petroneft does not hold any Ordinary Shares in treasury and therefore the total number of Ordinary Shares with voting rights is 350,587,711.

Of the issued shares 8.52% are held by the Directors*, 6.57% are held by Ali Sobraliev, son of Director Vakha Sobraliev, and the remaining 84.93% are in public hands.

Significant Shareholders as at 6 May 2010

Name of Shareholder Percentage Shares JP Morgan Chase & Co 6.74% 23,600,497 Ali Sobraliev 6.57% 23,014,273 Dennis Francis 6.45% 22,409,045 RAB Energy Fund Limited and RAB Octane Fund Limited 4.96% 17,369,191 Macquarie Bank Limited 6.25% 21,910,605 Arawak Energy 3.82% 13,387,600 Amiya Capital LLP (EEO Master Fund) 3.75% 13,146,362 UFG Asset Management 3.11% 10,900,000 Davycrest Nominees Limited 9.48% 33,210,401

*8.50% (29,780,193) held by the Directors include shares of Dennis Francis..

Directors Shareholdings

Director	Percentage	Shares
Dennis Francis	6.44%	22,570,416
Vakha Sobraliev**	0%	-
David Sanders	0.65%	2,264,174
David Golder	0.90%	3,165,458
Thomas Hickey	0.48%	1,697,614
Paul Dowling	0.05%	192,531

**On 12 February 2009 Vakha Sobraliev transferred his entire holding of 23,014,273 ordinary shares (6.57%) to his son Ali Sobraliev. Ali Sobraliev has advised the company that he intends being a long term holder of his shares.