Mr. Richard Fifer reports

PETAQUILLA MINERALS LTD. ANNOUNCES EXPECTED LATE FILING OF AUDITED ANNUAL FINANCIAL STATEMENTS

Petaquilla Minerals Ltd. does not expect to file its audited annual financial statements for the 13 months ended July 31, 2014, and its management's discussion and analysis relating thereto before the prescribed deadline of Oct. 29, 2014.

The expected delay in filing the required filings is principally related to longer than expected completion of an agreement executed by the company in May, 2014. The timing of various transactions forming components of the agreement, mainly associated with the public registration of asset ownership transfers in Panama, led to delays in accounting for the subject sale and corresponding delays with respect to the receipt of funds pursuant to the agreement. These delays have had the effect of deferring works related to the company's year-end audit.

Petaquilla is making every effort to file the required filings in a timely fashion and expects to file the audited annual financial statements for the 13 months ended July 31, 2014, by Dec. 29, 2014.

Petaquilla has applied to the B.C. Securities Commission and other applicable securities regulators under National Policy 12-203 (cease trade orders for continuous disclosure defaults), requesting that a management cease trade order related to the company's securities be imposed against some or all persons who have been directors, officers or insiders of the company. The MCTO would prohibit such specified persons from trading in the securities of Petaquilla for such time as the required filings are not filed and the MCTO remains in force. The issuance of an MCTO does not generally affect the ability of persons who are not directors, officers or other insiders of Petaquilla to trade in Petaquilla's securities. There is no guarantee that an MCTO will be granted.

Pending the filing of its audited annual financial statements and MD&A, the company confirms it will satisfy the provisions of the alternative information guidelines pursuant to National Policy 12-203.

We seek Safe Harbor.