Share Price Movement

Petroneft Resources PLC
01 December 2006

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

                              Share Price Movement


The Board of Petroneft notes the recent rise in the Company's share price.



The Company is continuing appraisal activities on Licence 61 in the Tomsk Oblast
in Western Siberia.  This includes a new 500 line km 2D seismic survey and the
mobilisation of the first well of its three well 2006/07 Winter Drilling
Programme, a delineation well on the Lineynoye Oil Field which will begin in
January 2007.



The Board of Petroneft is not aware of any matters that require it to make an
announcement at this point in time.





For further information, contact:



Dennis Francis, CEO, Petroneft Resources plc
[phone]



Desmond Burke, Director Investor Relations, Petroneft Resources plc
[phone]



Paddy Blewer/Nick Elwes, College Hill
[phone]





1 December 2006


                      This information is provided by RNS
            The company news service from the London Stock Exchange