Petroceltic Intnl - Appointment of Examiner

Dublin

11 April 2016

Petroceltic International Plc

Appointment of Examiner

On 4 March 2016 Worldview EHS International Master Fund presented a petition to the High Court of Ireland (the "Court") to appoint an examiner to Petroceltic International plc, Petroceltic Investments Limited and Petroceltic Ain Tsila Limited (together the "Petition Companies") and to admit such companies to the protection of the Court pursuant to the relevant provisions of the Companies Act 2014 (the "Petition"). The full hearing of the Petition was originally scheduled for 4 April 2016 and subsequently adjourned to 8 April 2016.

The Company today announces that the Petition was heard by the Court and that the Court has approved the appointment of Michael McAteer of Grant Thornton as Examiner to the Petition Companies.

The Examination process facilitates parties who may have an interest in investing in the Petition Companies and the Examiner has prepared an Information Memorandum which will be made available upon signature of an appropriate confidentiality agreement.  It is anticipated that best and final offers for the Petition Companies, which must be accompanied by adequate proof of funding, will be required to be made by early May.

The Examiner reserves the right to alter or terminate the investment process and to accept or reject any investment offer at any time. No warranties will be given as part of the sale process.

Ends

For further information, please contact:

Michael Mc Ateer/Diarmuid Hannigan, Grant Thornton (Examiner)               Tel: +353 (1) 680 5805

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 a leading upstream oil and gas exploration and production company, with licences 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.