Migration of Participating Securities

March 15, 2021

PetroNeft Resources PLC (the “Company”) provides the following update in relation to the migration of Irish corporate securities from CREST to Euroclear Bank (“Migration”) under the Migration of Participating Securities Act 2019 (“2019 Act”).

Following the approval of all resolutions necessary to facilitate participation of the Company's ordinary shares in Migration at the extraordinary general meeting of the Company held on 19 February 2021, the Company has now completed all necessary actions required of it under the 2019 Act and the Migration Guide.

Euronext Dublin published a statement on the dedicated web page relating to its obligations under the 2019 Act. This statement can be found at the following link:   https://www.euronext.com/en/migration-csd-services-for-irish-securities-crest-euroclear-bank

This statement is to the effect that Migration under the 2019 Act is scheduled to proceed in accordance with the indicative timetable which was previously communicated to the market, most recently on 17 February 2021. In particular Euronext Dublin has advised that the Live Date on which Migration is to take effect is 15 March 2021 and further that this date was formally appointed by Euronext Dublin as the Live Date for Migration on the evening of Friday, 12 March 2021.

Accordingly, no change is anticipated in relation to the timetable set out in the Company's EGM Circular in respect of Migration.

The Company does not intend to issue any further updates on Migration as it affects the Company before Migration, save to the extent that there is a material change to the information previously provided.

Defined terms used in this announcement have the same meaning as set out in the Company's Circular to Shareholders dated 28 January 2021.

Enquiries etc..

David Sturt, CEO, PetroNeft Resources plc           

+353 1 443 3720