Sydney, Dec 7, 2006 AEST (ABN Newswire) - Petra Diamonds Limited the AIM-quoted and ASX-listed diamond group, announces that it has applied to ASX under Listing Rule 17.11 for Petra to be removed from the ASX official list.

Petra applied to be removed for the following reasons.

- Petra's primary listing is on the Alternative Investment Market of the London Stock Exchange ('AIM');

- Petra's Australian share register accounts for approximately 11.9% of the total ordinary shares Petra has on issue; and

- Petra's view is that the administration and related costs (including ASX reporting requirements, listing fees and associated professional adviser fees) of maintaining a secondary listing on ASX outweigh the benefits to shareholders of the listing.

Petra will be removed from the ASX official list on 7 March 2007, which is 3 months after the date of this announcement. Prior to 7 March 2007, trading in Petra shares will continue on an uninterrupted basis on both AIM and ASX. From 7 March 2007, Petra shares will be quoted on AIM only.

On 7 March 2007, Australian Shareholders will have their electronic holdings on the ASX register (maintained on Petra's behalf by Computershare) converted to certificated holdings on the AIM register (maintained on Petra's behalf by Capita). This process will occur automatically and no action will be required by any Australian Shareholder. Australian Shareholders will then be issued with a share certificate representing their total holding. This share certificate should be kept in a safe place as it is evidence of the shareholding on the AIM register.

A letter will be sent to the Australian Shareholders shortly, advising them of Petra's application for removal from the ASX official list and including details of the facilities for trading Petra shares on AIM. A copy of that letter is included as a footnote to this announcement.

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