Holding in Company

Petroneft Resources PLC
17 July 2007


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

                               Holding in Company


The Company received a notification on 16 July 2007 from JP Morgan Chase & Co.
stating that JPMorgan Asset Management (UK) Limited holds 7,500,000 ordinary
shares of €0.01 each in the share capital of the Company, representing 3.91 per
cent of the Company's issued ordinary share capital.


Contacts:

Nick Elwes/Paddy Blewer, College Hill

[phone]


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