Directors Dealings

July 21, 2008

Directors Dealings


Certain directors of PetroNeft subscribed for Ordinary Shares in the recently announcement $17.3 million equity fund raising. The number of Ordinary Shares that the directors subscribed for and their resultant holdings are as follows:

  First Tranche Placing Shares Second Tranche Placing Shares*
Resulting holding of Ordinary Shares % of Enlarged Share Capital
Dennis Francis 1,147,475 872,727 22,409,045


Des Burke 181,301 137,891 5,623,396 2.48%
Tom Hickey 362,856 275,975 1,535,057


*Completion of the Second Tranche is conditional, inter alia, upon receiving shareholder approval at an extraordinary general meeting of the Company.  A circular to convene such an EGM will be sent to shareholders shortly.

Capitalised terms in this announcement have the same meaning as the announcement published by the Company on 18 July 2008.


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

Paul Dowling, CFO, PetroNeft Resources plc
+353 1 4433720

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