Petroceltic

completed

In the Arab Republic of Egypt, Petroceltic holds 100% operated interests in three concession areas on the onshore Nile Delta (El Mansoura, South East El Mansoura and Qantara) and a 40% interest in the Mesaha onshore exploration license in the South of the country. Future investment plans include continuing with the West Dikirnis (oil and rich gas) LPG plant expansion (in progress) and new onshore wells, West and South Khilala (dry gas) compression project and new onshore development wells, and the Mesaha onshore exploration well.In Bulgaria, Petroceltic has a 100% operated interest in the Galata concession which includes three production licences for the Galata, Kavarna and Kaliakra gas fields and an exploration licence, all located in shallow waters on the Black Sea, offshore Bulgaria. Future investment plans include the re-establishment of Galata field production, exploration drilling of the Kamchia gas prospect, completion of the suspended Kaliakra discovery well and tie-back to the Galata platform, and the tie-back of the Kavarna East development well. In Algeria, Petroceltic operates (56.6% interest) the undeveloped Ain Tsila onshore gas field located in the Isarene permitted area in southeastern Algeria. Future investment plans include development of the Ain Tsila field for which a development plan was approved in December 2012. The proposed investment by IFC will contribute to the funding of Petroceltic’s development and exploration programs in Egypt, Bulgaria and Algeria in 2013 and 2014.