PetroNeft Appoints Non-Executive Director

PetroNeft announced the appointment of Gerard (Gerry) Fagan as an Independent Non-Executive Director of the Company.

Mr. Fagan, aged 61, previously worked with Smurfit Kappa Group plc ("Smurfit Kappa") for 23 years before his retirement as Group Financial Controller in September 2009. During this time he had global responsibility for controlling the financial operations of Smurfit Kappa, a company with turnover of €7 billion and operations in over 30 countries worldwide.

Mr. Fagan has vast experience in mergers and acquisitions, corporate finance, accounting, taxation, insurance and corporate governance. He is both a Chartered and Chartered Certified Accountant and has previously served on the audit committee of the Institute of Chartered Accountants in Ireland.

Mr. Fagan will also join both the Audit and Remuneration Committees of PetroNeft.

David Golder, Chairman of PetroNeft, commented, "We are delighted to welcome Gerry to the Board of Directors and look forward to working with him. He brings a wealth of experience in the finance arena which complements the current Board."