Petroceltic International PLC : Bulgarian Operational Update

Dublin

16 September 2013

PETROCELTIC INTERNATIONAL PLC

Bulgarian Operations Update

Petroceltic International plc ("Petroceltic" or "the Company"), the upstream oil and gas exploration and production company focused on the Middle East, North Africa ("MENA"), the Mediterranean and Black Sea regions, today announces the successful tie-back of a new production well on the Kaliakra gas field, offshore Bulgaria.

The well was completed with a subsea wellhead and connected to the existing Kaliakra pipeline for export via the Galata platform. The well and flow line works were performed by the GSP Prometeu jack-up drilling rig and Big Foot 1 lay barge and concluded on 10 September.

The new well has been flow tested at rates in excess of 12 MMcfpd and is currently being produced through the Galata facilities, which are shared with the Galata and Kavarna fields. Once the production from the three fields has been rebalanced, the combined rate is expected to stabilise at around 30 MMcfpd.  Petroceltic holds a 100 percent working interest in the fields and associated infrastructure.

Brian O'Cathain, Petroceltic's Chief Executive, commented:

"We are very pleased with the performance of the new Kaliakra development well, which will supplement the production from our two other offshore gas fields. Bulgaria generates a significant proportion of the Company's revenues and we remain committed to investment in the country. Elsewhere in the region we look forward to results from the multi-well exploration drilling campaign which has recently commenced in Romania". 

For further information, please contact:

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

Philip Dennis/Rollo Crichton-Stuart,

Bell Pottinger- Pelham                                                             Tel: +44 (20) 7861 3919

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

John Frain/Roland French, Davy (Nomad)                             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.

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