Interim results 2009

September 30, 2009

PetroNeft Resources plc

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 2009.

Highlights, including post balance sheet events

  • Successful Equity placing raising US$27.5 million
  • Crude Oil Transportation and Custody Transfer agreement signed with Imperial Energy
  • Phase 1 project costs to first oil reduced by 58% to $25 million (previously $60 million)
  • Company now fully funded to reach year-round oil production in Q3 2010
  • Oil production expected to reach approximately 4,000 bopd by the end of 2010

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

"The recent successes of the fund raising and the pipeline agreement have put PetroNeft on a firm footing to reach year-round production in 2010 which will enable the Company to generate its own revenues and ultimately expand its reserve base both within Licence 61 and through the numerous business development opportunities we are seeing in the current climate."

Click here to download the interim financial statements for the 6 months ended 30 June 2009

For further information, contact:

Dennis Francis, CEO, PetroNeft Resources plc+1 713 988 2500
Paul Dowling, CFO, PetroNeft Resources plc+353 1 4433720
John Frain/Brian Garrahy, Davy (NOMAD and Joint Broker)+353 1 679 6363
Jeffrey Auld/Elijah Colby, Canaccord Adams Limited (Joint Broker)+44 207 418 8900
Nick Elwes/Simon Whitehead, 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.