Issue of Options

Petroneft Resources PLC
21 February 2008



                            PetroNeft Resources plc

                         ('Petroneft' or the 'Company')

                                Issue of Options

On 21 February 2008, options over ordinary shares of nominal value €0.01 
('Options') were awarded to directors and persons discharging management
responsibility in the Company in accordance with the Company's share option
scheme. The exercise price of these options is the closing price of the ordinary
shares of the Company on the AIM market of the London Stock Exchange on 20
February 2008 which was STG£0.3615. The options will only vest once certain
time, company performance and total shareholder return targets have been met.


                                      Number of  Options      Total number of
                                             issued             Options held
Directors
David Golder                                      55,000               495,000
Dennis Francis                                   330,000             1,210,000
David Sanders                                    280,000             1,160,000
Desmond Burke                                    175,000               835,000
Thomas Hickey                                     45,000               353,000
Vakha Sobraliev                                   35,000               475,000

PDMR
Paul Dowling                                     175,000               575,000

Total                                          1,095,000             5,103,000



                                      Ends


For further information please contact:

Dennis Francis, CEO, PetroNeft Resources plc (Houston)
[phone]

Paul Dowling, CFO, PetroNeft Resources plc (Dublin)
[phone]

Desmond Burke, Director Investor Relations, PetroNeft Resources plc (Ireland)
[phone]

John Frain/Brian Garrahy, Davy (Nomad and IEX Adviser)
[phone]











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