News

· Production currently averaging about 2,500 bopd, primarily from 7 wells

· Autumn production enhancement programme planned to re-frac, with larger frac sizes, existing wells on Pad 1 and new wells on Pad 2

· Planned number of wells required from Pad 3 to be reduced recognising thinner oil pays

· Extension of Lineynoye oil field north of Pad 2 with thicker pay zones expected in the longer term to compensate for reserve and production reductions from Pad 3

Q1 2012 production target has been revised to between 4,000 to 5,000 bopd and Q2 2013 to between 7,000 to 9,000 bopd

· Kondrashevskoye No. 2 well successfully tests oil

· Four additional wells completed in the Lineynoye Development Drilling Programme

· Drilling establishes interconnection between Lineynoye and West Lineynoye fields

· New structural interpretation of Lineynoye shows thicker pays extend significantly further north

· Facilities construction to expand capacity from 7,400 bopd to 14,800 bopd is on schedule for completion in July

The Company's Annual Report and Accounts for the year ended 31 December 2010 and Notice of AGM were posted to shareholders on 27 May 2011 and are available online at the Company's website.

PetroNeft Resources plc (“PetroNeft”, “the Company” or “the Group”), (AIM: PTR) owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, is pleased to report its preliminary results for the year ended 31 December 2010.

• Update on Hydraulic Fraturing programme and production target.
• Results of first two production wells in 2011 17 well campaign.
• Update on 2011 5 well exploration programme.

• Group 2P reserves increase 36.8% to 96.9 mmbbls
• Hydraulic fracturing programme nearing completion
• Production drilling programme has commenced
• Exploration drilling programme to commence in early April
• New Loan facility agreed with Macquarie Bank

PetroNeft Resources plc (AIM: PTR) owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, is pleased to provide an update on its operations at Licence 61.

PetroNeft Resources plc (AIM: PTR), the owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, is pleased to announce the discovery of a new oil field at Arbuzovskaya in Licence 61.

Further to the press release of 19 October 2010, the Circular to convene an EGM to approve the second tranche of the Placing was recently posted to Shareholders. The EGM will be held at 11.00 am on Monday 15 November 2010 at the Herbert Park Hotel, Ballsbridge, Dublin 4, Ireland.

Gross proceeds of US$43 million raised at STG£0.43 per share in a substantially over subscribed placing with international institutional investors

PetroNeft announces that it is, from today, hosting a three day visit to the Company’s assets and operations in Tomsk for a group of sell-side oil & gas financial analysts. Prior to the start of this visit, PetroNeft is providing the following operational update on its Licences 67 and 61. No additional new information will be released during the visit.

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.

Appointment of Gerard (Gerry) Fagan as an Independent Non-Executive Director of the Company.

• Year-round production commenced on Licence 61 in Tomsk Oblast
• Production of 4,000 bopd expected by end 2010
• Seventh production well encounters thickest net oil pay to date

Production expected to commence in late August 2010, drilling results from two production wells.

Mr. Thomas Hickey, a Non-Executive Director of the Company, has exercised options over 110,000 ordinary shares.

Pipeline testing complete, fourth production well successfully drilled