Exercise of Warrants

Dublin

17 October 2014

Petroceltic International plc

("Petroceltic" or the "Company")

Exercise of Warrants

Application has been made to the Irish Stock Exchange and to the London Stock Exchange for 376,051 new ordinary shares of nominal value €0.3125 each in the capital of the Company ("Ordinary Shares") to be admitted to trading on the ESM market of the Irish Stock Exchange and to the AIM market of the London Stock Exchange. Dealing is expected to commence in these Ordinary Shares on 22 October, 2014.

These Ordinary Shares have been issued and allotted pursuant to the exercise of all remaining warrants held by Macquarie Bank Limited over Petroceltic shares. These Ordinary Shares rank pari passu in all respects with the existing Ordinary Shares of the Company.

Following the admission of these shares, Petroceltic's issued share capital will consist of 214,094,301 Ordinary Shares.

Ends

For further information, please contact:

Alasdair Robinson, Petroceltic International plc Tel: +353 (1) 421 8300

DISCLOSURE REQUIREMENTS UNDER THE IRISH TAKEOVER RULES

The Directors of Petroceltic accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

Rule 2.10 disclosure

In accordance with Rule 2.10 of the Irish Takeover Panel Act, Takeover Rules 2013 ("Irish Takeover Rules"), Petroceltic confirms that it has 214,094,301 Ordinary Shares of nominal value €0.3125 each in issue. In addition there are 13,836,591 options over Ordinary Shares outstanding under the Company's share option schemes. The ISIN code for Petroceltic Ordinary Shares is IE00BB0QZ876.

A person interested in 1% or more of any class of relevant securities of Petroceltic may have disclosure obligations under Rule 8.3 of the Irish Takeover Rules.