PetroNeft 2009 final results

May 20, 2010

PetroNeft Resources plc
Final Results for the Year Ended 31 December 2009
Progress Maintained and Q3 2010 Year-round Production Objective on Schedule

PetroNeft Resources plc ("PetroNeft", "the Company" or€"the Group"), (AIM: PTR) owner and operator of€Licences 61€and 67, Tomsk Oblast, Russian Federation, is€pleased to€report its preliminary results for the year ended 31€December 2009.

Operational Highlights

  • Production pipeline nearing completion
  • Drilling of€nine production wells ahead of€schedule
  • Year round production to€commence in€third quarter of€2010
  • Exploration programme to€re-commence in€October 2010
  • New licence acquired

Financial Highlights

  • 58% reduction in€initial funding requirement of€the Licence€61 Phase 1€development project
  • September 2009 equity placing US$27 million
  • Initial US$5 million debt facility signed in€March 2010
  • New US$30 million debt facility nearing completion

Dennis Francis, CEO of PetroNeft commented:

"2009 was a€year of€major operational, financial and strategic progress for PetroNeft. This progress has been maintained in€2010 and we€are very confident that we€will achieve our objective of€commencing year-round production from Licence 61€during the third quarter of€2010 which will transform the revenue base of€the Group. The acquisition of€Licence 67€has provided€us with a€very exciting new opportunity and a€further platform from which we€look forward to€continuing to€build our business and production in€Russia over the coming years. The new debt facility, once in€place, combined with the Group's growing production revenues will give the Group the flexibility to€accelerate the exploration and development of€Licences 61€and 67."

For further information, contact:

Dennis Francis, CEO, PetroNeft Resources plc +1 713 988 2500
Paul Dowling, CFO, PetroNeft Resources plc +353 1 443 3720
John Frain/Brian Garrahy, Davy (NOMAD and Joint Broker) +353 1 679 6363
Jeffrey Auld/Elijah Colby, Canaccord Adams Limited (Joint Broker)+44€207€050 6500
Martin Jackson, Citigate Dewe Rogerson +44€207€638 9571
Joe Murray/Ed Micheau, Murray Consultants +353 1 498 0300

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.

Final Results for the Year Ended€31 December 2009