Conversion of Debt

September 15, 2021

PetroNeft (AIM: PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 90% owner and operator of Licence 67 and 50% owner and operator of Licence 61, announces that it has received notice to convert a total of $375,000 of debt, issued under a recent convertible loan agreement, for the issuance of 13,686,131 new Ordinary shares.

The conversion of this debt to shares will result in the outstanding debt secured under the Convertible debt financing programs, held in 2019 and 2021, being reduced from $2.750 million to $2.375 million and an increase in the total number of issued shares in the Company from 1,056,711,227 to 1,070,397,358. The conversion price of the shares being issued was at a premium to the share price on the dates that the terms of the loan agreements were agreed.

Application will be made to the London Stock Exchange and Euronext Dublin for the 13,686,131 PetroNeft ordinary shares to be admitted to trading on AIM and Euronext Growth. It is expected that admission to trading on each exchange will become effective and that dealings in the New Ordinary Shares will commence on AIM and Euronext Growth at 8.00 a.m. on 20th September 2021.

For further information, contact:

David Sturt, CEO, PetroNeft Resources plc                                                                  +44 7903 869 608

John Frain/Ciara O'Mongain, Davy (NOMAD and Broker)                                        +353 1 679 6363

Joe Heron/Douglas Keating, Murray Consultants                                                      + 353 1 498 0300