Director's Dealing Announcement

The Company was notified today that Mr. Tomas Hickey, a non-executive director of the Company, has exercised options over 132,000 ordinary shares of nominal value €0.01 each ('Ordinary Shares') of the Company, at an exercise price of $0.295 each, on 3 December 2007. Following the exercise of these options, Mr. Hickey's aggregate holding in the Company has increased to 896,226 Ordinary Shares representing approximately 0.47% of the issued share capital of the Company.

Application will be made to the London Stock Exchange and to the Irish Stock Exchange for the new Ordinary Shares to be admitted to trading on the AIM Market of the London Stock Exchange ('AIM') and on the Irish Enterprise Exchange of the Irish Stock Exchange ('IEX').

For further information contact:

Des Burke - PetroNeft

Tel: +353 52 53226