Clarification of media reported comments

Wednesday 18 February, 2015

Dragon Oil PLC

Clarification of media reported comments in respect of Petroceltic International plc

Dragon Oil PLC

18 February 2015



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

FOR IMMEDIATE RELEASE

Clarification of media reported comments in respect of Petroceltic International plc ("Petroceltic")

The Board of Dragon Oil plc ("Dragon Oil") announced on 1 December 2014 that it no longer intended to make an offer for Petroceltic and accordingly, as a result of that announcement, was bound by the restrictions set out in Rule 2.8 of the Irish Takeover Rules. Dragon Oil wishes to clarify, in the context of media reports on 17 February 2015 concerning Dragon Oil and Petroceltic, that it remains bound by the restrictions set out in Rule 2.8 of the Irish Takeover Rules for a period of 12 months from 1 December 2014 and confirms that it has no intention of making an offer for Petroceltic.

Enquiries:

Dragon Oil plc:

Tel: +44 (0)20 7647 7804

Anna Gavrilova

Citigate Dewe & Rogerson:

Tel: +44 (0)20 7638 9571

Martin Jackson

Citi:

Financial Adviser to Dragon Oil

Tel: +44 (0)20 7986 4000

Simon Lindsay

Hamza Girach

Owain Parry

Citigroup Global Markets Limited ("Citi") is authorised in the United Kingdom by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority and is acting exclusively for Dragon Oil and will not regard any other person (whether or not a recipient of this announcement) as a client in relation to the matters referred to in this Announcement and will not be responsible to anyone other than Dragon Oil for providing the protections afforded to clients of Citi or for providing advice in relation to any matters referred to in this announcement.

END