PCI.L Regulatory News (PCI)

Dublin

7th April 2014

Petroceltic International Plc

Kurdistan Region of Iraq - Operations Update

Petroceltic International plc (PCI.L) ("Petroceltic" or "the Company"), the independent oil and gas exploration company focussed on the Middle East, North Africa, Mediterranean and Black Sea regions, is pleased to provide an update on its operations in the Kurdistan Region of Iraq.

On the Shakrok licence (Petroceltic 16%, Hess (Operator) 64% and Kurdistan Regional Government 20%), the Shakrok-1 well reached its total depth of 3,538m on 30th March 2014, in the Triassic Geli Khana formation. Wireline logs and fluid sampling via Modular Depth Testing (MDT) tool have established the presence of a 27m gas-condensate column in the Triassic formation. The co-venturers have decided not to test this Triassic zone, and the interval will now be plugged and abandoned.

The forward plan for the well is to carry out a comprehensive testing programme over a number of prospective oil zones in the Jurassic - the primary objective of the well. This program is expected to continue until mid-May.

On the Dinarta licence (Petroceltic 16%, Hess (Operator) 64% and Kurdistan Regional Government 20%), preparations for drilling continue. The Parker rig 247 is currently being mobilised to the Shireen-1 location, and the well is expected to commence drilling in early May. The Shireen-1 well is forecast to take circa 150 days of drilling to reach its forecast total depth. The well is targeting oil in both the Jurassic and Triassic formations, with mean unrisked Gross Prospective Oil Resources of 706 MMbbls*.

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

"This is our first exploration well in the Kurdistan Region of Iraq. While the secondary Triassic objective has found limited hydrocarbons, we believe that the outcome of the testing program on the primary Jurassic objective is independent of the Triassic result. We will continue to update shareholders on the outcome of the Shakrok well testing and Dinarta operations as soon as material results are available."

Ends

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 / Roland French, Davy Tel: +353 (1) 679 6363

Dr. Dermot Corcoran, Head of Exploration, Petroceltic International plc, and the qualified person as defined in the AIM Note for Mining and Oil and Gas Companies, June 2009, 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.

*706 MMbbls oil is the mean unrisked Gross Prospective Oil Resources for the Shireen prospect in the DeGolyer & MacNaughton Competent Persons Report of July 2012 for Petroceltic International plc.

Notes to Editors:

Petroceltic International plc is a leading Upstream Oil and Gas Exploration and Production Company, focused on the Middle East, 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.