Operational Update

Petroneft Resources PLC
16 April 2008

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

                               Operational Update

PetroNeft has noted speculation in Russian and international media in relation
to the Korchegskaya No. 1 exploration well currently being drilled in Licence
61, Tomsk Oblast, Western Siberia.

While operations remain on schedule they have not yet been completed, however,
the Company is pleased to report that the well has encountered moveable oil in
the target interval.  A coring operation is currently in progress, following
which the well will be drilled to its planned total depth of about 2,800 metres.
A further announcement will be made in due course.

The Company is also delighted to report that the pilot production test on the
Lineynoye No. 7 well is complete.   The well produced at a stabilised rate of 85
bopd.  It was not possible to optimise the test due to generator problems.  Once
the pump is optimised the Company is confident the well will produce at a higher
rate.

For further information, contact:

Dennis Francis, CEO, PetroNeft Resources plc,
[phone]

Paul Dowling, CFO, PetroNeft Resources plc
[phone]

John Frain/Brian Garrahy, Davy
[phone]

Nick Elwes/Paddy Blewer, College Hill
[phone]



Forward Looking Statements

This announcement contains forward-looking statements. These statements relate
to the Company's future prospects, developments and business strategies.
Forward-looking statements are identified by their use of terms and phrases such
as 'believe', 'could', 'envisage', 'potential', 'estimate', 'expect', 'may', '
will' or the negative of those, variations or comparable expressions, including
references to assumptions.



The forward-looking statements in this announcement are based on current
expectations and are subject to risks and uncertainties that could cause actual
results to differ materially from those expressed or implied by those
statements. These forward-looking statements speak only as at the date of this
announcement.




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