Exercise of Options

PetroNeft Resources plc

("PetroNeft" or the "Company")

Exercise of Options

PetroNeft received notification today that on 9 November 2010, pursuant to a court order, David Sanders, Executive Director and General Counsel of PetroNeft, exercised options over 880,000 ordinary shares of nominal value €0.01 each ("Ordinary Shares") of the Company, at an exercise price of €0.295 each and sold such Ordinary Shares at 56.5p.

For further information, contact:

Paul Dowling, CFO, PetroNeft Resources plc

+353 1 443 3720

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