Petroceltic has raised gross proceeds of up to US$40 million or £27.5 million by way of a conditional placing of up to 392,464,000 new ordinary shares (‘Placing Shares’) at a price of Stg 7p.

Highlights:

• Placing to raise US$40 million (£27.5 million) from both existing and new institutional shareholders • Proceeds to be used to support the Company’s imminent drilling programme in Algeria and to accelerate the Company’s ongoing appraisal and drilling activities in Italy

Brian O’Cathain, Chief Executive of Petroceltic said, “The funds raised through this placing give the Company the financial flexibility to underpin the 2009 Algerian drilling programme and at the same time to put in place the financial commitments needed to secure the appraisal and drilling programme planned for Italy in 2010/2011. We were particularly pleased that the placing was oversubscribed, despite the difficult market conditions, and we would like to thank our existing and new shareholders for their continued support”

Tags: Petroceltic International plc