Italian Update

Dublin

7th December, 2012

PETROCELTIC INTERNATIONAL PLC

Italian Update

Petroceltic International plc ("Petroceltic" or "the Company"), the upstream oil and gas exploration and production company focused on North Africa, the Mediterranean and Black Sea regions, today provides an update on the Company's Carisio permit (Eni 47.5% Operator, Petroceltic 47.5%, Condotte 5%) in the Western Po Valley onshore Italy. The Company has been advised that Eni, as operator of the permit, has lodged an application with the Ministry of Economic Development, to suspend the current timing of the commitments on the permit until the completion of the environmental approval process for the Carpignano Sesia-1 well.

Following the most recent submission of further environmental studies by Eni to the local environmental and regulatory authorities, this current phase of the permitting process is expected to be completed in the first quarter of 2013. Further clarity on the timing of the drilling of the Carpignano Sesia-1 well is expected on completion of this current permitting phase. The Company continues to support Eni's ongoing engagement with local and national stakeholders to ensure a successful outcome to this permitting process which will facilitate the timely drilling of this exciting prospect.

For further information, please contact:

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

Philip Dennis/Rollo Crichton-Stuart,

Pelham Bell Pottinger Tel: +44 (20) 7861 3919

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

John Frain, Davy (Nomad) Tel: +353 (1) 679 6363