2010 Interim Results

September 9, 2010

9 September 2010

PetroNeft Resources plc

(“PetroNeft” or the “Company”)

2010 Interim Results

PetroNeft Resources plc (AIM: PTR) owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, is pleased to report its results for the 6 months ended 30 June 2010.


· Year-round production commenced on schedule

· Eight of nine development wells drilled; ninth close to target depth

· Exploration to re-commence at Licence 61

· Licence 67 work programme progressing well

· US$30 million debt facility agreed with Macquarie Bank

· Appointment of Mr. Gerry Fagan as a Non-Executive Director

Click here to view 2010 Interim Results

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

“2010 to date has been a transformational year for PetroNeft. The commencement of oil production has established the Company as a producer with significant cashflows expected to be generated in the coming years. With exploration activities at Licence 61 due to re-start in October 2010 and the expected work programme at Licence 67 in 2011, we have the potential to generate significant additional shareholder value in the coming years.”

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

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.