PETROCELTIC OPENING DISCLOSURE IN MELROSE

(a) Identity of the party to the offer making the disclosure:

Petroceltic International PLC ("Petroceltic")

(b) Owner or controller of interests and short positions disclosed, if different from 1(a):

The naming of nominee or vehicle companies is insufficient

(c) Name of offeror/offeree in relation to whose relevant securities this form relates:

Use a separate form for each party to the offer

Melrose Resources plc ("Melrose")

(d) Is the party to the offer making the disclosure the offeror or the offeree?

Offeror

(e) Date position held:

16 August 2012

(f) Has the party previously disclosed, or is it today disclosing, under the Code in respect of any other party to this offer?

Yes

If YES, specify which: Petroceltic

Class of relevant security:

Interests

Short positions

Number

%

Number

%

(1) Relevant securities owned and/or controlled:

NIL

-

NIL

-

(2) Derivatives (other than options):

NIL

-

NIL

-

(3) Options and agreements to purchase/sell:

NIL

-

NIL

-

TOTAL:

NIL

-

NIL

-

Class of relevant security in relation to which subscription right exists:

None

Details, including nature of the rights concerned and relevant percentages:

n/a

Details of any irrevocable commitments or letters of intent procured by the party to the offer making the disclosure or any person acting in concert with it (see Note 3 on Rule 2.11 of the Code):

Petroceltic has received irrevocable undertakings to vote (or procure to be voted) in favour of the resolutions relating to the acquisition of the entire issued ordinary share capital of Melrose by Petroceltic (the "Merger") to be implemented by way of a court sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 in respect of 59,946,088 Melrose ordinary shares, representing approximately 52.27% of the current issued share capital of Melrose.

The undertakings will cease to be binding if (i) the Merger is not implemented by the date which is 9 months from the date of the first public announcement of the Merger by Melrose and/or Petroceltic; (ii) Petroceltic proposes any variation to the Merger unless the principal terms of the revised Merger are no less favourable than the terms set out in the Rule 2.7 announcement relating to the Merger (including, if Petroceltic elects to implement the Merger by way of a takeover offer, an acceptance condition of not less than 75 per cent. unless a lower acceptance condition is agreed by Melrose with Panel consent); or (iii) the Merger lapses or is withdrawn without having become wholly unconditional or effective, save in circumstances where within three days of the Merger having lapsed or been withdrawn Petroceltic announces a new offer for Melrose on terms no less favourable to Melrose shareholders than those set out in the Rule 2.7 announcement.

* A substantial majority of the Melrose shares in which Robert Adair and Skye Investments Limited ("Skye") are interested are subject to charges in favour of third parties. In each case where such consent is required, the beneficiary of the charge has consented to Robert Adair and Skye providing the irrevocable undertaking described herein. However, in the event that any beneficiary of the charges granted by Robert Adair or Skye enforces its security interest in such Melrose shares, the irrevocable undertaking shall not be binding on the party enforcing such security interest.

Details of any interests, short positions and rights to subscribe of any person acting in concert with the party to the offer making the disclosure:

It has not been practicable for Petroceltic to make enquiries of all of its concert parties in advance of releasing this Opening Position Disclosure and therefore this Opening Position Disclosure does not include all relevant details in respect of Petroceltic's concert parties.

Petroceltic confirms that a further disclosure in accordance with Rule 8.1(a) and Note 2(a)(i) on Rule 8 of the Code will be made as soon as possible, if required.

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the party to the offer making the disclosure or any person acting in concert with it:

If there are no such agreements, arrangements or understandings, state "none"

None

Details of any agreement, arrangement or understanding, formal or informal, between the party to the offer making the disclosure, or any person acting in concert with it, and any other person relating to:

(i) the voting rights of any relevant securities under any option; or

(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:

If there are no such agreements, arrangements or understandings, state "none"

None

Supplemental Form 8 (Open Positions)

No

Supplemental Form 8 (SBL)

No

17 August 2012

Peter Dunne

+353 1421 8300