Results of Exploration

Celtic Resources Holdings PLC
13 May 2003


                         Celtic Resources Holdings Plc


    Results Of Exploration Programme At The Tamdykol Oil project, Kazakhstan


The Directors of AIM listed mining group Celtic Resources Holdings Plc (Celtic)
today announced results from the completed exploration and appraisal programme
of the Tamdykol Oil Field in Western Kazakhstan.


During the recently completed exploration and appraisal programme, 88.9 line
kilometres of 2D seismic was run after the completion of two post salt appraisal
wells that were drilled into the top of the salt in the centre of the field to
depths of 160m and 182m respectively. The drilling and testing results yielded
marginal success as the open hole logs indicated the presence of residual
hydrocarbon, though they were deemed non commercial given the limited areal
extent of the accumulation and the presence of large amounts of reservoir water
in the post salt Cretaceous.


However, recent 2D seismic interpretation indicated the possibility of the
presence of a sub-salt overhang in the Triassic located at depths between
900-1500m. This sheds positive light on the field as a number of other fields in
the vicinity have produced significant amounts of oil from similar formations at
similar depths. Celtic remains optimistic of this deeper salt overhang and
continues to review its options in connection with ongoing further appraisal and
development.


Given the desire to drill deeper into the field, Celtic is currently speaking
with suitable partners to share the project costs and risks associated with the
exploration, development and infrastructure installation, as well as the
potential upside.


"Tamdykol remains an asset that is important to Celtic, because the analogue in
the surrounding region supports large amounts of oil reserves recovered from
similar structures" said Kevin Foo, Managing Director of Celtic Resources. He
continued, "We are also reviewing all of our hydrocarbon interests at present,
including UK onshore and offshore projects and others of interest in Kazakhstan,
with a view to consolidating these assets. We expect to complete that review and
advise shareholders in June."


For more information please contact

Kevin Foo                                Cindy Dennis
Celtic Resources Holdings Plc            Capital PR, London
Tel: + 44 (0) 20 7593 0001               Tel: [phone]/ +44 (0) 781
                                         661 7959
[e-mail]   [e-mail]
---------------------------------------- ---------------------

Joe Nally / David Newton
Williams de Broe
Tel: [phone]

www.celticresources.com




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