Share Issue

May 11, 2020

Share Issue

PetroNeft has settled outstanding liabilities owed to Dennis Francis totalling $200,000 through the issue of 10,471,204 new ordinary shares.

Resultant holdings of Mr Francis:

Ordinary Shares held prior to Share Issue

Share Issue

Resulting holding of Ordinary Shares

% of Issued Share Capital*

Dennis Francis






*This percentage shareholding is based on a total shares now in issue figure of 839,357,061 ordinary shares.

The Company will apply for admission of the Shares to be traded on the AIM and Euronext Growth markets. It is expected that Admission will take place and that trading will commence on or around 14th May 2020.

For further information, contact:

David Sturt, CEO, PetroNeft Resources plc

+971 55 1919 808

John Frain/Brian Garrahy, Davy (NOMAD and Broker)    

+353 1 679 6363

Joe Heron / Douglas Keatinge, Murray Consultants

+353 1 498 0300