Petroceltic Resources : Results of Placing

Results of Placing

The Company is pleased to announce the successful completion of the planned Placing announced earlier today.

A total of 60,000,000 Placing Shares have been placed at a price of 5 pence per Share. The Placing, which is subject inter alia to the passing of the Resolutions at a General Meeting being convened at 10.00 a.m. (UK time) on 27 April 2017, is raising £3 million (before expenses) for the Company.

Accordingly, the Company is sending a circular to shareholders today setting out further details of the Placing and convening a general meeting to provide the Directors with the necessary authority to allot and issue the Placing Shares and certain other Shares and securities convertible into Shares.

The Placing is conditional inter alia upon the following condition precedents being satisfied:

• the passing of the necessary Resolutions by the Shareholders at the General Meeting to be held on 27 April 2017;

• the suspension of trading in the Shares being lifted;

• the Group's senior lender confirming to the Company that the Group's facilities are all operating within arrangements, that no breach notices have been issued and the senior lender has waived its covenant test for the quarter ending 31 March 2017 and that, subject to payment of not less than A$500,000 outstanding under the Group's temporary overdraft facility the balance of A$600,000 will be extended and/or amortised for (or over) a period of not less than 12 months to 31 March 2018; and

• Admission of the Placing Shares,

in each case, on or before 5.00 p.m. on 28 April 2017.

Unless the context requires otherwise, capitalised terms in this announcement have the same meanings as defined in the Company's announcement of the Placing released via RNS earlier today.

Application will be made to AIM for the Placing Shares to be admitted to trading on AIM. Subject to the satisfaction of the other conditions to the Placing, it is anticipated that the suspension of the trading of the Shares on AIM will be lifted on or around 7.30 a.m. and Admission will occur on or around 8.00 a.m. in each case on 28 April 2017.

This Announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 ('MAR').

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