Examinership Update and Cancellation of Trading

Dublin

16 June 2016

Petroceltic International plc

Examinership Process Update and Cancellation of Trading

The Company announces that following approval of the Scheme of Arrangement ("Scheme") by the Court today, the examinership process has now concluded and the Scheme will become effective at 6.00 p.m. on 16 June 2016. Upon the Scheme becoming effective, the existing Share Capital of the Company will be cancelled and the board of Petroceltic will step down.

Cancellation of the Company's Ordinary Shares on AIM and ESM, which have been suspended from trading since 7 March 2016, will become effective at 7.00 a.m. on 17 June 2016. After this time, Petroceltic Ordinary Shares will no longer be admitted to trading on AIM and ESM.

Ends

For further information, please contact:

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