Exercise of Options

Petroneft Resources PLC
05 December 2007

                            PetroNeft Resources plc

                         ('PetroNeft' or the 'Company')

                              Exercise of Options

The Company was notified today that Mr. Tomas Hickey, a non-executive director
of the Company, has exercised options over 132,000 ordinary shares of nominal
value €0.01 each ('Ordinary Shares') of the Company, at an exercise price of
€0.295 each, on 3 December 2007. Following the exercise of these options, Mr.
Hickey's aggregate holding in the Company has increased to 896,226 Ordinary
Shares representing approximately 0.47% of the issued share capital of the
Company.

Application will be 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 ('AIM') and on the Irish Enterprise Exchange of the
Irish Stock Exchange ('IEX').

For further information contact:

Des Burke - PetroNeft
Tel: [phone]



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