Petroceltic International PLC : Financing Facility

Dublin

15 April 2013             

Petroceltic International plc

Signature of $500 million Financing Facility

Petroceltic International plc ("Petroceltic" or "the Company"), the upstream oil and gas exploration company focused on North Africa, the Mediterranean and the Black Sea regions is pleased to announce the signature of a financing agreement for up to $500 million with a syndicate of international banks and the International Finance Corporation ("IFC" a member of the World Bank Group) ("the Financing"). This will replace the $300 million bridge facility provided exclusively by HSBC in 2012 to support the merger with Melrose Resources plc.

Facility Background

The Financing has two tranches: Tranche A is a revolving senior Reserve Based Lending ("RBL") Tranche of up to $375m; Tranche B is a Development Financing Tranche of up to $125m. Both Tranches have an initial 5 year term, however are extendable by 2 years, subject to lender consent.

Availability under the RBL Tranche is based on the value of future cash flows from the Company's  producing assets in Bulgaria and Egypt. This Tranche may be drawn in support of the Company's existing business, future exploration and development expenditure within the portfolio of secured assets and potential future acquisitions, subject to technical and syndicate bank approval.

Availability under the Development Tranche is based on the satisfaction of specific and objective milestones related to the development of the Ain Tsila gas condensate field in Algeria. These milestones include the official booking of Proven and Probable reserves (anticipated in 2013), signature of a fully termed Gas Sales Agreement in replacement of the existing binding Heads of Terms and award of the major engineering procurement and construction contracts relating to the development.

Facility documentation was signed on 12 April with a syndicate including Mandated Lead Arrangers HSBC, the IFC, Nedbank and Standard Chartered Bank. Subject to the satisfaction of conditions precedent customary for a facility of this nature, amounts available for drawdown under the Financing are materially in excess of the amounts previously available under the bridge facility.

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

"We are delighted to conclude these financing arrangements which represent an important step in the on-going development of our business and a strong technical and financial endorsement of the quality of our  producing assets and longer term growth ambitions. We are particularly pleased to secure the first direct debt funding for the world class Ain Tsila field in Algeria with availability generated via the on-going development and de-risking of the asset. This facility, combined with our planned farm-out of an additional interest in Ain Tsila, means the business is well funded and has a firm foundation on which to build over the coming years."

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, 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 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 and Italy.