Board Changes at Petroceltic

Further to the announcement by the Company on 16 June 2014, Petroceltic, the independent oil and gas exploration and production company focussed on the Middle East, North Africa, Mediterranean and Black Sea regions, today announces a number of changes to the Board of the Company with immediate effect.

The Company welcomes Mr Don Wolcott and Mr Joe Mach to the Board as non-executive directors. Mr Wolcott and Mr Mach were recommended as directors pursuant to an agreement between the Company and Worldview Capital Management SA ("Worldview"), a 20.04% shareholder in the Company.

Mr Wolcott, aged 53, was Chief Executive Officer of Ruspetro plc from 2011 until 2013, including during its initial public offering on the London Stock Exchange in 2012. Prior to this, Mr Wolcott worked for Yukos Oil from 1999 to 2005 as senior vice president responsible for all aspects of production and reservoir performance. From 1996 to 1998, Mr Wolcott worked at Schlumberger Oil Field Services and prior to that at ARCO Alaska Inc., from 1989 to 1994.

Mr Wolcott has a PhD in petroleum engineering from the Colorado School of Mines.

Mr Mach, aged 65, was a non-executive director of Ruspetro plc from 2011 to 2013 and served as first vice president responsible for exploration and production at Yukos E&P from 1999 until 2006. Prior to Yukos, Mr Mach worked for Schlumberger from 1976 until 1999.

Mr Mach has a BSc degree in petroleum engineering from the University of Tulsa and served as Chairman of the university's petroleum engineering advisory board.

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