Dublin

5 April 2016

Petroceltic International Plc

Examinership Process Update

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 scheduled for 4 April 2016.

The hearing on 4 April was adjourned until Friday, 8 April 2016, at which point the application for appointment of Michael Mc Ateer of Grant Thornton as Examiner to the Petition Companies will be heard in full.

A further update will be provided in due course.

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 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.