Restriction Notices

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

Restriction Notices

The Board of PetroNeft notes the announcement issued on 4 April 2016 by Natlata Partners Limited ("Natlata") in connection with a restriction notice issued by PetroNeft. The Board confirms that it has issued restriction notices to two shareholders, Natlata (a holder of 29.47% of the Company's issued share capital) and General Invest Overseas S.A. ("General Invest") (a holder of 10.70% of the Company's issued share capital).

In the months following the May 2014 Natlata Requisitioned EGM, the Company identified a new significant shareholding on its shareholder register held by a nominee company. Following protracted correspondence involving a number of offshore entities over an extended period of months, General Invest was identified as being the beneficial holder. The Company's investigations into the holdings of Natlata, General Invest and associated nominee companies continued throughout 2015 and into 2016, and included dialogue with advisers and regulators which is ongoing.

On Friday 1 April 2016, the Company issued the restriction notices following previous information requests issued to both parties under the Companies Acts including requests issued on 17 March 2016 by post and email. The restriction notices were issued on the basis that the previous information requests had resulted in either no reply or incomplete replies. The restriction notices do not place any immediate restriction on the ordinary shares of either party but merely request them to provide the information previously requested. If, following the expiry of a 14-day period, the Board has not received a satisfactory response, then certain rights attached to such ordinary shares, including voting rights may be suspended pending a satisfactory response.

For further information, contact:

End