PetroNeft Resources plc announced that Dennis Francis, Chief Executive Officer and a founder of the company, has informed the board that he has elected to retire as CEO. Mr. Francis will remain as a Non-Executive Director in the company and has agreed to assist the company on a consulting basis as required to ensure a smooth transition for his replacement and to assist in examining options to maximize shareholder value including the potential disposal of Licences 61 and 67. The board has initiated a search for a new CEO to succeed Mr. Francis and has asked Karl Johnson, VP of Operations, to assume the position of interim CEO with immediate effect.