Receipt of Funds from Enel

Petroceltic International plc

Receipt of Enel Funds and Repayment of Loan

Petroceltic International plc ("Petroceltic" or "the Company"), the upstream oil and gas exploration and production company focused on North Africa, the Middle East and the Mediterranean, is pleased to announce that funds falling due upon completion of its sale of an 18.375% interest in the Isarene Production Sharing Contract to Enel Trade SpA (Enel) have been received. The amount received, which was in excess of $100 million, has been partly applied to the repayment of all amounts owing to Macquarie Bank Limited under the $30 million bridge facility negotiated in October 2011.

Further contingent consideration amounts may become payable to Petroceltic upon approval of the Declaration of Commerciality by the Algerian authorities, which is expected later in 2012.

Post-completion, Petroceltic operates the permit with a 56.625 % interest, Sonatrach maintains a 25% interest, and Enel holds an 18.375% interest.

Ends

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) 4980300

John Frain/Stephen Barry, Davy Tel: +353 (1) 679 6363