Iberdrola Completes $55MM Placement in Petroceltic's Shares

Petroceltic International plc has announced that following the approval by shareholders of the proposed placing at the Company's recent AGM, Iberdrola has now completed its subscription of US$55 million for a total of 215,769,231 ordinary shares in the Company at a subscription price of Stg£0.13 per share.

Accordingly, application has been made to the London Stock Exchange and Irish Stock Exchange for the balance of 68,303,667 new ordinary shares of nominal value €0.0125 each in the capital of the Company to be admitted to trading on the AIM Market of the London Stock Exchange ("AIM") and the IEX Market of the Irish Stock Exchange ("IEX"). Dealing is expected to commence in the Ordinary Shares on August 28, 2008. These Ordinary Shares rank pari passu in all respects with the existing Ordinary Shares of the Company.

Following this investment, Iberdrola is now the Company's largest shareholder, holding an equity stake of 22.6% in the enlarged ordinary share capital of Petroceltic.

The total number of ordinary shares in issue in Petroceltic is now 953,097,049.