Petroceltic International reports the completion of the equity placing. A total of 351,000,000 new Ordinary Shares of the Company (the "Placing Shares") have been conditionally placed by Merrill Lynch International (BofA Merrill Lynch), J&E Davy (Davy) and Mirabaud Securities LLP (Mirabaud) acting as joint bookrunners (the "Joint Bookrunners") in relation to the Placing at a price of 10.5 pence each, to raise approximately US$60 million (£37 million) before commissions and expenses.

The Placing Shares equal, in number, approximately 17 per cent. of the Ordinary Shares in issue immediately before the Placing. The Placing Shares will be issued credited as fully paid and will rank pari passu with the existing Ordinary Shares.

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