Petroceltic successfully completes USD100m placing

• Joint book-runners are Davy, HSBC and Mirabaud
• Proceeds will be used to "provide financial flexibility to pursue growth opportunities across Petroceltic's existing portfolio and also through new ventures"
• Dovenby Capital will be a new strategic shareholder, subscribing to USD50m of the placing
• Dovenby Captial is an investment company led by Dato' Ahmad Fuad, a Malaysian oil and gas industry specialist

Update on assets

• Algeria
• Ain Tsila / Isarene PSC - tender for FEED at end 2013, farm-out to Sonatrach (pre-empted) - post farm-out Petroceltic (38.25%), Sonatrach (43.375%), Enel (18.375%)
• Egypt
• Award of El Qa'a Plain, North Thekahm South Idku ratified
• Commenced drilling on South Dikimis in May 2014; gross mean unrisked prospective of 7.6mmboe
• Kurdistan
• Shakrok-1 TD reached in April 2014; four zones selected for testing - 2 flowed formation water and no hydrocarbons, remaining 2 zones still being tested
• On Dinarta licence, preparation for drilling Shireen-1 well, targeting gross mean unrisked prospective of 706mmbbl
• Petroceltic holds 16% WI in the above two licences, Hess (64%*), KRG (20%)
• Other assets in Bulgaria, Romania and Italy