Director's Dealing

June 24, 2010

24 June 2010

PetroNeft Resources plc

("PetroNeft" or the "Company")

Director's Dealing

The Company was notified today that Mr. Thomas Hickey, a Non-Executive Director of the Company, has exercised options over 110,000 ordinary shares of nominal value €0.01 each ('Ordinary Shares') of the Company, at an exercise price of €0.295 each, on 23 June 2010. Following the exercise of these options, Mr. Hickey's aggregate holding in the Company has increased to 1,697,614 Ordinary Shares representing approximately 0.48% of the issued share capital of the Company.

Application will be made to the London Stock Exchange and to the Irish Stock Exchange for the new Ordinary Shares to be admitted to trading on the AIM Market of the London Stock Exchange ('AIM') and on the Enterprise Securities Market of the Irish Stock Exchange ('ESM').

For further information, contact:

Paul Dowling, CFO, PetroNeft Resources plc

+353 1 443 3720