Senior Bank Facility Update

Dublin

22 February 2016

Petroceltic International Plc

Senior Bank Facility Update

Petroceltic International plc (AIM: PCI) ("Petroceltic" or the "Company"), the oil and gas exploration, development and production company, today announces that, following the announcement by the Company on 23 December 2015 of its strategic review, it has received a further waiver of repayments under its Senior Bank Facility to 4 March 2016. This waiver is conditional upon, inter alia, continued satisfactory progress in relation to the progress of the various initiatives being undertaken pursuant to the strategic review.

The Company's lenders have also indicated their willingness to consider such further waivers as may be required to continue the strategic review process based on circumstances applying at the time of any application.

Further announcements on the Company's financial position, and the status of the strategic review, will be made as and when appropriate.

Ends

For further information, please contact:

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

James Henderson / Rollo Crichton-Stuart, Bell Pottinger Tel: +44 (20) 3772 2500

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

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

The Directors of Petroceltic International plc accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. 

Notes to Editors:

Petroceltic International plc is an Upstream Oil and Gas Exploration and Production Company with interests in North Africa, the 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, Egypt, Bulgaria and Italy.