Holding in Company

PetroNeft Resources plc ("PetroNeft" or the "Company")

The Company received a notification on 16 July 2007 from JP Morgan Chase & Co. stating that JPMorgan Asset Management (UK) Limited holds 7,500,000 ordinary shares of €0.01 each in the share capital of the Company, representing 3.91 per cent of the Company's issued ordinary share capital.

Contacts:

Nick Elwes/Paddy Blewer, College Hill

+44 207 457 2020