Mr. Joao Manuel reports

PETAQUILLA MINERALS LTD. CLOSES SECOND AMENDMENT AND RECEIVES US$50 MILLION

Further to its news releases of May 8, 2014 and May 27, 2014, Petaquilla Minerals Ltd. has closed the amendment to the commercial agreement term sheet dated May 23, 2013, executed May 8, 2014, between the company and Minera Panama SA (MPSA), a subsidiary of First Quantum Minerals Ltd.

The second amendment has ensured the complete separation of the current operations of Petaquilla's Molejon gold mine and MPSA's Cobre Panama copper project, enabling the company to focus on increasing gold production at its Molejon gold mine in Panama, and expanding its mineral resources and developing its properties in Iberia.

As previously mentioned, with funds already received pursuant to the second amendment, the company completed the early payout of its existing gold and silver prepayment agreements, as well as the convertible loan previously negotiated with Deutsche Bank AG. With the closing of the second amendment, the company will be further reducing its short-term liabilities, and is currently in the process of restructuring its financial liabilities.

To effect closing the company met specific deliverables, such as the transfer of a range of assets and property rights, and it also involved MPSA's obligation to pay the company up to $60-million (U.S.), the last $10-million (U.S.) of which shall be payable in the future. Specifically, $5-million (U.S.) shall be payable one year from execution of the second amendment upon certain approvals being granted and a final $5-million (U.S.) payable 30 days after the first ore shipment from the Cobre Panama project, subject to the achievement of all milestones pursuant to the second amendment.