Governance Groups Support Petroceltic Board

Dublin

17 February 2015

Petroceltic International Plc

Leading Governance Groups Announce Support for Petroceltic Board

Petroceltic International plc (AIM: PCI) ("Petroceltic" or the "Company"), the oil and gas exploration, development and production company focused on the Middle East and North Africa, the Mediterranean and Black Sea regions, is pleased to announce that the three leading independent Corporate Governance advisory groups have announced their support for the Petroceltic Board at the forthcoming EGM.

In a strong endorsement for Petroceltic, its strategy and its standards of corporate governance, ISS Governance Services and Glass Lewis & Co LLC have recommended that their subscribers should vote AGAINST all of the Worldview resolutions (1,2 and 3); to Remove Brian O'Cathain as a Director and to appoint Maurice Dijols and Angelo Moskov as Directors. A third advisory Group, PIRC, has recommended that subscribers abstain on resolution 1 (to remove Brian O'Cathain as a Director) and vote against resolutions 2 and 3 (to appoint Maurice Dijols and Angelo Moskov, respectively, as Directors).

The EGM will also consider two further resolutions proposed by Petroceltic and recommending the appointment of Nicholas Gay (resolution 4) and Neeve Billis (resolution 5) as Directors of the Company. In relation to these resolutions, both ISS and PIRC have recommended shareholders vote in favour of both appointments, while Glass Lewis recommends that shareholders vote in favour of Mr Gay (resolution 4) and against Mr Billis (resolution 5).

The recommendations of the respective advisory groups may be summarised as follows:

The Board of Petroceltic welcomes the news that these leading corporate governance advisory groups have urged shareholders to support the Board at its forthcoming EGM on 25 February by voting AGAINST the Worldview resolutions and by voting FOR the Petroceltic resolutions.

The two Directors nominated to the Board by Worldview, being Joe Mach and Don Wolcott, have taken a dissenting position with respect to the Board recommendations regarding the Company Resolutions and the Worldview Resolutions.

Robert Adair, Chairman of Petroceltic commented:

"These three independent Corporate Governance groups have completed detailed analysis of this situation and have taken the views of both sides into consideration. We welcome these conclusions and believe that this represents a vote of confidence in the existing Board, its strategy and governance. We would urge all shareholders to submit their votes for the EGM in accordance with the Board's recommendations.

Ends

For further information, please contact:

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

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 North Africa, Mediterranean and Black Sea Regions, 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, Romania, the Kurdistan Region of Iraq Italy and Greece.