PetroNeft says that Vakha Sobraliev, Non-Executive Director, has decided to retire from his position, effective from the conclusion of the AGM, held earlier today in order to concentrate on his other business interests.

Mr. Sobraliev has been a director since November 2005 and introduced Licence 61 to the Company at its formation in 2005. He was also key to the establishment of the Company's operations and experienced team in Tomsk.

David Golder, Chairman of PetroNeft Resources plc, commented,'On behalf of the Company and its shareholders I would like to place on record our appreciation for Vakha's service and advice over the years and in particular to his contribution to the original setup of operations in Tomsk. I wish him every success in the future.'

Tags: PetroNeft Resources plc