Block Admission and Issue of Equity

PetroNeft Resources plc ('PetroNeft' or the 'Company')

Block Admission and Issue of Equity

PetroNeft announces that it has made a blocklisting application to the London Stock Exchange and the Irish Stock Exchange for up to 4,000,000 ordinary shares of €0.01 each ("Block Admission Shares"). These Block Admission Shares will be issued and allotted in accordance with the rules of the Company's employee share option scheme.

The Block Admission Shares will rank pari passu in all respects with the existing issued Ordinary Shares of the Company.

PetroNeft also announces that it has issued 525,000 ordinary shares of €0.01 each ("New Ordinary Shares") pursuant to the exercise of options. Application has been made to the London Stock Exchange and to the Irish Stock Exchange for the New Ordinary Shares to be admitted to trading on the AIM Market of the London Stock Exchange and on the Enterprise Securities Market of the Irish Stock Exchange. Admission and dealings in the New Ordinary Shares are expected to become effective on 5 November 2010.

Contacts

Paul Dowling, CFO, PetroNeft Resources plc

+353 1 4433720

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