PCI.L Regulatory News (PCI)

PRESS RELEASE

Dublin: 10 June 2011

Petroceltic International plc

("Petroceltic" or the "Company")

AGM STATEMENT

10th June 2011

At the Company's AGM to be held today at 12 noon at The Westin Hotel, Dublin, Chairman, Mr Robert Arnott, has made the following statement;

"Petroceltic has made major operational, financial and commercial progress within the last year.

In Algeria, we completed a successful 5 well drilling campaign on the Isarene Production Sharing Contract ("PSC") in the first half of 2010. A second appraisal campaign commenced later in the year and is ongoing. Both campaigns have contributed significantly to our understanding of the Ain Tsila discovery and have confirmed that it is a substantial gas condensate field.

The value of the Isarene asset is highlighted by the farm out of an 18.375% interest in the PSC to ENEL, Italy's largest utility, in the first half of 2011. This agreement, which awaits formal ratification, provides a strong technical endorsement of the quality of the Isarene asset and an ideal strategic partner with extensive experience of doing business in Algeria. ENEL is a partner in both the Medgaz and Galsi trans-Mediterranean gas pipelines connecting Algeria to southern Europe, and is already a major purchaser of Algerian gas. We look forward to working with our partners in the ongoing appraisal and commercialisation process.

The ENEL transaction also provides a partial monetisation of Petroceltic's Algerian business. Combined with the successful recent $60 million placing it will leave the Company in a very strong cash position. Petroceltic retains a majority share and operatorship of the project, and will be seeking additional farmout partners to fund further development of the asset. As a result of the ENEL farm-out, the current drilling programme has also been enlarged to 6 wells, the third of which, AT-6, spudded on 9 June. A second drilling rig has also been contracted and will commence operations in July.

In Italy, the Company transferred operatorship of the highly prospective onshore Carisio exploration permit to ENI in exchange for access to a substantial database of proprietary regional seismic data. This data provides the basis for planning of the Rovasenda-1 well and the possible farm-out of part of Petroceltic's 47.5% interest in the permit. The drilling of the Rovasenda prospect is a potential company-changing event, with estimated gross prospective resources of up to 270mmbbls of oil.

Elsewhere in Italy, the Company's Elsa prospect continues to be impacted by the sudden and unexpected change in environmental legislation announced in June last year. However, the Elsa license has been suspended in order to preserve its value until there is clarity regarding this change in the law. The associated farmout and financing transactions have also been extended.

Petroceltic is now well positioned to add value within its existing business through its ongoing exploration and appraisal programme. We continue to explore opportunities to expand our portfolio in areas that exploit the strengths of our highly experienced team and complement our existing portfolio. The appointment of Tom Hickey as Corporate Development Director in November 2010 brings an important additional and experienced resource to these efforts. We continue to evaluate opportunities open to the Company, both in existing and new territories.

In order to fund the Company's activities, particularly the successful exploration and appraisal work on the major Ain Tsila discovery, Petroceltic raised $178m in 2010 and 2011. Both fund raisings were extremely well supported by existing and new institutional investors. Post these fund raisings and following completion of the ENEL farmout, the Company remains in a strong financial position.

I would again like to thank shareholders for their ongoing support of Petroceltic. We are optimistic that this support will be rewarded with growth in shareholder value with exciting prospects for the year ahead as we develop our existing assets and actively seek new opportunities.

We would also like to thank Petroceltic's staff and contractors, our partners and other stakeholders for all their hard work and loyal support in bringing the Company to this exciting stage in its development and we look forward with enthusiasm to 2012 and the years ahead.

-ENDS-

Press Enquiries to:

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

Philip Dennis/Jenny Renton, Pelham Bell Pottinger Tel: +44 207 861 3919

Joe Murray / Joe Heron, Murray Consultants Tel: +353 (1) 4980300

Hugh McCutcheon / John Frain, Davy Tel: +353 (1) 679 6363

Notes to Editors:

Petroceltic International plc is an independent upstream oil and gas exploration and production company, focused on the Mediterranean, Middle East and North African area, and listed on the London Stock Exchange's AIM Market and the Irish Stock Exchange's ESM Market. The Company has exploration and appraisal assets in Algeria and Italy.