Transfer of Directors Shareholding

PetroNeft received notification today that, pursuant to a court order, David Sanders, Executive Director and General Counsel of PetroNeft, has transferred 2,102,803 ordinary shares or 50 per cent of his shareholding to his former-wife.  Following this transfer Mr. Sanders' shareholding in the Company will be 2,102,802 ordinary shares or 0.92% of the Company's issued share capital.

A derogation from Rule 21 of the AIM Rules and IEX Rules was granted by the London Stock Exchange and the Irish Stock Exchange to permit this transfer of shareholding while the Company is in a close period.

For further information, contact:

Paul Dowling, CFO, PetroNeft Resources plc   +353 1 443 3720
John Frain, Davy - Nomad                                    +353 1 679 6363