Romanian Exploration Drilling

Dublin

13 December 2013

Petroceltic International plc

Romanian Exploration Drilling Campaign Update

Petroceltic International plc ("Petroceltic" or "the Company"), the upstream oil and gas exploration and production company focused on North Africa, the Mediterranean and the Black Sea regions, today provides an update on its western Black Sea drilling operations where the GSP Prometeu rig has completed the first of two exploration wells planned to be drilled offshore Romania this year.

Following the drilling of the Cobalcescu South-1 well in Block Ex-28, the Prometeu jack-up rig has returned to its operations base in Constanta to conduct some unscheduled but necessary maintenance works. This has resulted in the deferral of the next exploration well in the drilling programme, Muridava-1 on Block Ex-27, which is now expected to spud at the end of the first quarter 2014.

The Muridava-1 well will be drilled on the same geologic trend as the existing Olimpiskaya and Eugenia gas discoveries and has multiple reservoir targets in the Eocene, Palaeocene and Cretaceous formations. The combined unrisked P50 prospective resources are 170 Bcf of gas on a 100% basis and the chances of success for the individual zones lies in the range of 30 to 45 percent. The well will be drilled to a total depth of around 2,500 metres and is expected to take less than two months to complete.

The Block Ex-27 partnership comprises Petroceltic Romania B.V, (40% equity and operator), Midia Resources S.R.L. which is a wholly owned subsidiary of Sterling Resources Ltd (40% equity) and Petromar Resources S.A.(20% equity).

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/Roland French, Davy Tel: +353 (1) 679 6363

Dr. Dermot Corcoran, Head of Exploration, Petroceltic International plc, is the qualified person who has reviewed and approved the technical information contained in this announcement. Dr. Corcoran has a B.Sc in Geology, a M.Sc. in Geophysics, and a Masters degree in Business Administration, all from the National University of Ireland, Galway. He also holds a Ph.D in Geology from Trinity College, Dublin. Dr. Corcoran has over 20 years experience in oil & gas exploration and production, and has previously worked at ExxonMobil, the Petrofina Group, and Statoil.

Glossary

Bcf: Billion cubic feet

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, Bulgaria, Egypt, the Kurdistan Region of Iraq, Italy, Greece and Romania.

The resource information disclosed in this notification are the operator's estimates which have been prepared in accordance with standard industry practices and have not yet been subject to third party audit.