Mr. Richard Fifer reports

PETAQUILLA MINERALS LTD. PROVIDES FINANCING UPDATE AND SECOND DEFAULT STATUS REPORT

Further to its news release of Oct. 1, 2014, Petaquilla Minerals Ltd. has delayed the closing of the bridge loan, expected last month, due to issues that arose during due diligence. As a result, the company is pursuing alternative financing arrangements.

In addition, further to its news releases of Oct. 20, 2014, and Nov. 13, 2014, the company provides this second biweekly default status report in accordance with the alternative information guidelines in National Policy 12-203, cease trade orders for continuous disclosure defaults.

On Oct. 20, 2014, the company announced the filing of the company's audited annual financial statements, related management's discussion and analysis, and accompanying certifications for the 13 months ended July 31, 2014, would not be completed by the prescribed deadline of Oct. 29, 2014, for the filing of such documents.

As a result of the delay in filing the required filings, the British Columbia Securities Commission granted a management cease trade order on Oct. 30, 2014, prohibiting all trading in the securities of the company, whether directly or indirectly, by certain insiders of the company until such time as the required filings have been filed by the company and the MCTO is revoked by the BCSC. The MCTO does not affect the ability of shareholders who are not insiders of Petaquilla to trade their securities.

Petaquilla's board of directors and management confirm that they are working expeditiously to meet the company's obligations relating to the filing of the required filings no later than Dec. 29, 2014.

Pursuant to the provisions of the alternative information guidelines of NP 12-203, the company reports that since the default announcement:

• There have been no material changes to the information contained in the default announcement;
• There have been no failures by the company to fulfill its stated intentions with respect to satisfying the provisions of the alternative reporting guidelines;
• There has not been any specified default subsequent to the default which is the subject of the default announcement, however, the company, if unable to file the required filings by Dec. 15, 2014, will also become delinquent in filing its interim financial statements for the three months ended Oct. 31, 2014;
• There is no other material information respecting the company's affairs that has not been generally disclosed.

Until the required filings are filed, the company intends to continue to satisfy the provisions of the alternative information guidelines of NP 12-203 by issuing biweekly default status reports, each of which will be issued in the form of a news release and will also filed on SEDAR. The company expects to file its next default status report on or about Dec. 10, 2014.

We seek Safe Harbor.