PUBLIC OPENING POSITION DISCLOSURE

(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

Petroceltic

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

Offeror

(e) Date position held:

30 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: Melrose Resources plc

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):

The Petroceltic directors listed below have given irrevocable undertakings to Melrose to vote 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 17,767,842 Petroceltic ordinary shares, representing 0.75% of the current issued share capital of Petroceltic.

The undertakings will cease to be binding if (i) the Merger is not implemented by the date which is nine months from the date of the first public announcement of the Merger by Melrose and/or Petroceltic; or (ii) Melrose announces that it has withdrawn its recommendation to Melrose shareholders to vote in favour of the resolutions proposed at the scheme meetings in respect of the Merger.

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:

Details of the shares held by Petroceltic directors are set out below.

Details of the rights to subscribe in Petroceltic shares held by Petroceltic directors are set out below.

Details of the shares held by parties acting in concert with Petroceltic are set out below.

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

31 August 2012

Peter Dunne

+353 1421 8300