Exercise of Options

Petroceltic International plc

Exercise of Options and Directors Purchase of Shares

Application has been made to the Irish Stock Exchange and to the London Stock Exchange for 3,750,000 new ordinary shares of nominal value €0.0125 each in the capital of the Company ("Ordinary Shares") to be admitted to trading on the Enterprise Securities Market of the Irish Stock Exchange and the Alternative Investment Market of the London Stock Exchange respectively. Dealing is expected to commence in these shares on 7th June 2011.

These Ordinary Shares have been allotted pursuant to the exercise of options. These shares rank pari passu in all respects with the existing Ordinary Shares of the Company. The total number of shares now in issue (inclusive of the above issue) is 2,018,105,049 Ordinary Shares.

This application relates to 3,750,000 new Ordinary Shares allotted to Mr. Con Casey, a Director of the Company, in respect of the exercise by him of certain share options to which he was entitled under the Company's 2004 Incentive Share Option Scheme with an exercise price of €0.0125 per share.

Mr. Casey has subsequently issued an instruction to sell 2,030,000 shares necessary to fund the costs arising on the exercise by him of these options.

Following these transactions, Mr. Casey has the following holding in the Company.

Ends

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