Contemplated Bond Issue

Dublin

29 June 2015

Petroceltic International Plc

Contemplated Bond Issue of up to $175 million

Petroceltic International plc (AIM: PCI) ("Petroceltic" or the "Group"), the oil and gas exploration, development and production company focused on the Middle East, North Africa and the Mediterranean region, today announces that it is contemplating issuing up to $175 million of Senior Secured Callable Bonds (the "Bond Issue"). The Bond Issue will have a tenor of three years. The net proceeds from the Bond Issue will be used to refinance up to $50 million of Petroceltic's outstanding bank debt, finance development capex across Petroceltic's asset portfolio and for general corporate purposes. In conjunction with the contemplated Bond Issue, the Group's existing lenders have agreed to suspend the half yearly redetermination process under the outstanding bank debt until 30 September 2016.

The contemplated Bond Issue of up to $175m will represent an important addition to the Group's overall financing mix. While further funding will be required as the Ain Tsila development progresses, the Bond Issue will, once completed, represent the first step in diversifying the Group's funding base as part of its long term financing plan for Ain Tsila.

Pareto Securities has been appointed as Sole Manager and Bookrunner of the Bond Issue.

Ends

For further information, please contact:

Brian O' Cathain /Tom Hickey/Peter Dunne, Petroceltic Tel: +353 (1) 421 8300

Pareto Securities Fixed Income Sales Desk Tel: +47 (22) 87 87 70

Philip Dennis / Rollo Crichton-Stuart, Bell Pottinger Tel: +44 (20) 3772 2500

Douglas Keatinge / Joe Heron, Murray Consultants Tel: +353 (1) 498 0300

John Frain / Roland French, Davy Tel: +353 (1) 679 6363

Notes to Editors:

Petroceltic International plc is a leading Upstream Oil and Gas Exploration and Production Company, focused on the Middle East, North Africa and the Mediterranean Region, and listed on the London Stock Exchange's AIM Market and the Irish Stock Exchange's ESM Market. The Company has production, exploration and development assets in Algeria, Egypt, Bulgaria and Italy.