Petroceltic : Legal Proceedings - Settlement agreement

Dublin

8 August 2014

Petroceltic International Plc

Legal Proceedings - Settlement agreement

On 5 July 2013, Petroceltic International plc ("Petroceltic" or "the Company") issued legal proceedings against, inter alia, Mr Samir Abdelly ("Mr Abdelly") and Abdelly and Associes International Consulting ("AAIC").  Mr Abdelly and AAIC counterclaimed against the Company in the proceedings.

The Company today announces that Mr Abdelly, AAIC and the Company have entered into a settlement agreement in respect of the proceedings.  The Company has withdrawn all claims made in the proceedings.  Mr Abdelly and AAIC have withdrawn their counterclaims against the Company and no other legal or contractual arrangements, other than the settlement, exist between the parties. 

The proceedings have been brought to a conclusion and have been struck out in the Irish High Court.

Ends

For further information, please contact:

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

Philip Dennis / Rollo Crichton-Stuart, 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

Notes to Editors:

Petroceltic International plc is a leading Upstream Oil and Gas Exploration and Production Company, focused on the Middle East, 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, Egypt, Bulgaria, Romania, the Kurdistan Region of Iraq, Italy and Greece.