PCI.L Regulatory News (PCI)

3 Apr 2006 14:20

Petroceltic International PLC03 April 2006 Petroceltic International plc US$40 million Placing Petroceltic International plc ("Petroceltic" or "the Company") is pleased toannounce that it has raised US$40 million by way of an oversubscribedconditional placing of 153,637,642 new ordinary shares ("Ordinary Shares"). ThePlacing is being executed in two tranches (the "Placing") and has been arrangedby Davy and Mirabaud. The first tranche of the Placing consists of a conditional placing of115,337,642 Ordinary Shares for cash at a price of Stg£0.14 each (the "FirstTranche Placing"). The First Tranche Placing is conditional only on admissionof such Ordinary Shares to trading on the AIM Market of the London StockExchange ("AIM"). Funds managed by RAB Capital plc, who entered into a US$25million underwriting agreement with the Company, were allocated 49,337,642Ordinary Shares as part of the First Tranche Placing. The second tranche of the Placing consists of a conditional placing of38,300,000 Ordinary Shares for cash at a price of Stg£0.18 (the "Second TranchePlacing"). The Second Tranche Placing is conditional on admission of suchOrdinary Shares to trading on AIM and upon receiving shareholder approval tocomplete the Second Tranche Placing at an Extraordinary General Meeting ("EGM").A circular to convene such an EGM will be sent to shareholders shortly. John Craven CEO of Petroceltic commented: "We are delighted with the outcome of the Placing and the high level of demandthat we have seen in the Placing, which demonstrates the market's confidence inthe Company's strategy. "The net proceeds of the Placing, amounting to $38.9 million will be used tofinance the Company's 2006 three well drilling programme in Algeria and Ireland,to fund the Company's new Algerian seismic campaign and to allow the Company toaccelerate its drilling plans for Italy." Ends For further information, please call: John Craven, Petroceltic International plc 00353 1 495 9285 Billy Clegg/Edward Westropp, Financial Dynamics 020 7831 3113 This information is provided by RNS The company news service from the London Stock Exchange