Interim Results for the 6 month period

September 30, 2008

PetroNeft Resources plc ("PetroNeft" or "the Company") the oil exploration and production company with assets in the Tomsk Oblast, Western Siberia, Russia is pleased to report its results for the 6 months ended 30 June 2008.

Highlights, including post balance sheet events

  • New potentially significant Lower Jurassic play identified in West Korchegskaya No. 1 well
  • Further upside potential in emerging Cretaceous play in the south of Licence 61
  • Plan of Development sanctioned to achieve first production 2009
  • Pipe delivered to staging areas, other infrastructure under construction
  • Russian C1+C2 Reserves at 74.8 million bbls approved and exceed SPE Reserves (2P 60.6 million bbls) as audited by Ryder Scott
  • Successful Equity placing raising US$17.3 million completed in July 2008
  • Mandate letter signed with Standard Bank for US$80 million loan facility
  • Pilot production to recommence winter 2008-9

Dennis Francis, Chief Executive Officer of PetroNeft Resources plc commented:

"2008 to date has been a busy and successful period in the progress of the Company. The development of the Lineynoye oil fields is progressing as planned. Exploration drilling has flowed oil at Korchegskaya and the Lower Jurassic play at West Korchegskaya together with Cretaceous plays in the east and south are particularly exciting in terms of their impact on the potential of the licence as a whole.

We remain committed to turning PetroNeft into a major regional player within the medium term, both by organic and acquisitive growth"


For further information, contact:

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
John Frain/Brian Garrahy, Davy (NOMAD and Joint Broker): +353 1 679 6363
Jonathan Marren/Matt Goode, KBC Peel Hunt (Joint Broker): +44 207 418 8900
Nick Elwes/Paddy Blewer, College Hill: +44 207 457 2020

Forward Looking Statements

This announcement contains forward-looking statements. These statements relate to the Company's future prospects, developments and business strategies. Forward-looking statements are identified by their use of terms and phrases such as "believe", "could", "envisage", "potential", "estimate", "expect", "may", "will" or the negative of those, variations or comparable expressions, including references to assumptions.

The forward-looking statements in this announcement are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. These forward-looking statements speak only as at the date of this announcement.