POG.L Regulatory News (POG)

For filings with the FSA include the annex

For filings with issuer exclude the annex

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

PETROPAVLOVSK PLC

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

DISPOSAL

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to thenotification obligation: iii

MR. PETER HABMRO, CHAIRMAN OF PETROPAVLOVSK PLC AND DR. PAVEL MASLOVSKIY, CHIEF EXECUTIVE OF PETROPAVLOVSK PLC

4. Full name of shareholder(s)  (if different from 3.):iv

PHILOTUS HOLDINGS LIMITED

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

28 JANUARY 2011

6. Date on which issuer notified:

28 JANUARY 2011

7. Threshold(s) that is/are crossed orreached: vi, vii

3%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

8,252,840

4.4%

4,126,420

4,126,420

N/A

2.2%

2.2%

ORDINARY SHARES

GB0031544546

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

N/A

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

N/A

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

4,126, 420 (AFTER SALE)

2.2% (AFTER SALE)

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

PHILOTUS HOLDINGS LIMITED SOLD THE SHARES TO WHICH THIS NOTIFICATION RELATES INTIALLY TO ITS 100% SUBSIDIARY TIMON SARL, WHICH LATER ON-SOLD THEM TO UNRELATED THIRD-PARTY BUYERS.

BOTH TRANSACTIONS WERE DATED AND EXECUTED TODAY.

Proxy Voting:

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will ceaseto hold:

N/A

12. Date on which proxy holder will cease to holdvoting rights:

N/A

13. Additional information:

N/A

14. Contact name:

MR. SOTIRIS THEODOROU, DIRECTOR OF PHILOTUS HOLDINGS LIMITED

15. Contact telephone number:

+ 357 228 765 70; sotos.theo@cytanet.com.cy

Note: Annex should only be submitted to the FSA not the issuer

Annex: Notification of major interests in sharesxxii

A: Identity of the persons or legal entity subject to the notification obligation

Full name

(including legal form of legal entities)

PHILOTUS HOLDINGS LIMITED

Contact address

(registered office for legal entities)

14 SOULIOU STREET, AGLANTZIA, 2102, NICOSIA, CYPRUS

Phone number & email

+ 357 228 765 70; sotos.theo@cytanet.com.cy

Other useful information

(at least legal representative for legal persons)

MR. SOTIRIS THEODOROU, DIRECTOR

B: Identity of the notifier, if applicable

Full name

MR. SOTIRIS THEODOROU, DIRECTOR

Contact address

14 SOULIOU STREET, AGLANTZIA, 2102, NICOSIA, CYPRUS

Phone number & email

+ 357 228 765 70; sotos.theo@cytanet.com.cy

Other useful information

(e.g. functional relationship with the person or legal entity subject to the notification obligation)

DIRECTOR OF PHILOTUS HOLDINGS LIMITED

C: Additional information

For notes on how to complete form TR-1 please see the FSA website.