Board Appointment

September 9, 2010

9 September 2010

PetroNeft Resources plc

(“PetroNeft” or the “Company”)

Board Appointment

PetroNeft Resources plc (AIM: PTR) owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, is pleased to announce the appointment of Gerard (Gerry) Fagan as an Independent Non-Executive Director of the Company.

Mr. Fagan, aged 61, previously worked with Smurfit Kappa Group plc (“Smurfit Kappa”) for 23 years before his retirement as Group Financial Controller in September 2009. During this time he had global responsibility for controlling the financial operations of Smurfit Kappa, a company with turnover of €7 billion and operations in over 30 countries worldwide.

Mr. Fagan has vast experience in mergers and acquisitions, corporate finance, accounting, taxation, insurance and corporate governance. He is both a Chartered and Chartered Certified Accountant and has previously served on the audit committee of the Institute of Chartered Accountants in Ireland.

Mr. Fagan will also join both the Audit and Remuneration Committees of PetroNeft.

David Golder, Chairman of PetroNeft Resources plc, commented:

“We are delighted to welcome Gerry to the Board of Directors and look forward to working with him. He brings a wealth of experience in the finance arena which complements the current Board.”

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

Henry Fitzgerald-O’Connor/Filip Bavenholm, Canaccord Genuity Limited (Joint Broker)

+44 207 050 6500

Martin Jackson, Citigate Dewe Rogerson

+44 207 638 9571

Joe Murray/Joe Heron, Murray Consultants

+353 1 498 0300