Chief Financial Officer Appointment

PetroNeft Resources plc

Chief Financial Officer Appointment

PetroNeft Resources plc ('PetroNeft' or 'the Company'), the oil exploration and production company with assets in Tomsk Oblast, Western Siberia, is pleased to announce the appointment of Mr. Paul Dowling as Chief Financial Officer. Paul brings a wealth of experience and will be a welcome addition to the management team as the Company continues to grow. He will commence employment with the Company on 1st October 2007 and will be located in Dublin. His summary resume is as follows.

Paul Dowling, Chief Financial Officer, is aged 35 and has 16 years experience in the areas of banking, accounting, auditing, taxation, financial reporting, AIM/IPO reporting, corporate restructuring, corporate finance and acquisitions/disposals. Most recently he was a Partner in the firm LHM Casey McGrath located in Dublin. Mr. Dowling has worked in a number of industries and has significant experience in the Natural Resources sector. He is a fellow of the Association of Chartered Certified Accountants (ACCA) and a member of the Irish Taxation Institute. He currently represents the ACCA with the Consultative Committee of Accountancy Bodies - Ireland (CCAB-I).

Dennis Francis, CEO of PetroNeft Resources plc commented:
"We are delighted that Paul has accepted our offer to become CFO of the Company. Paul is well known to the management team and will be able to make immediate and long term contributions to our activities."

September 5, 2007

For further information please contact:

Dennis Francis, CEO, PetroNeft Resources plc (Houston)
+1 713 988 2500

Desmond Burke, Director Investor Relations, PetroNeft Resources plc (Ireland)
+353 52 53226

John Frain/Brian Garrahy, Davy
+353 1 679 6363

Damien Mauvais, Natixis Bleichroeder
+44 207 220 5184

Nick Elwes/Paddy Blewer, College Hill (UK)
+44 207 457 2020