PCI.L Regulatory News (PCI)

PETROCELTIC INTERNATIONAL PLC

Operational Update Tunisia

Petroceltic International plc (PCI.L) ("Petroceltic" or "the Company"), the independent oil & gas exploration company focused on the Middle East, North Africa and Mediterranean announces that the Oryx-1 exploration well, on the Ksar Hadada Permit in Tunisia, has reached its total depth at 1140m.

Although oil shows were encountered in both the upper and lower Ordovician reservoir units, log analysis indicates that no significant oil saturation is present in these reservoirs at this location. The Oryx-1 well has been drilled substantially under budget and without incident.

The well will now be plugged and abandoned, without testing, and the CTF Rig 06 will be moved to commence drilling of Sidi Toui-4.

Petroceltic has no financial exposure in the 2010 Ksar Hadada programme. Both Oryx-1 and Sidi Toui-4 wells form part of the work programme in the PetroAsian Energy Holdings Limited farm-in agreement. The agreement commits PetroAsian to financing all of the joint venture's work commitments in the current programme, including the drilling of these two wells, up to US$14.5 million.

Independent expert assessment by Blackwatch Petroleum Services Ltd. indicates a most likely (P50) contingent resources in the Sidi Toui Structure of 88 MMbbsl oil, with a 40% chance of success to a well.

Brian O'Cathain, Chief Executive, commented, "The results of this well will be used to high-grade the Ordovician prospect inventory for the Ksar Hadada permit. We are pleased to now focus on the drilling of the Sidi Toui-4 deviated well and our evaluation of the Sidi Toui Structure."

Ends

Press Enquiries to:

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

Philip Dennis/Klara Kaczmarek, Pelham Bell Pottinger Tel: +44 20 7861 3919

Joe Murray/Joe Heron, Murray Consultants Tel: +353 (1) 498 0300

Hugh McCutcheon/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 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, Tunisia and Italy.