Subscription of Shares

Celtic Resources Holdings PLC
11 November 1999


CELTIC RESOURCES HOLDINGS PLC ('Celtic')

Celtic today announces that Redhaven Limited ('Redhaven'), a UK based
investment group acting as nominee on behalf of a number of investors, has now
completed the subscription for 13,000,000 Ordinary Shares of Celtic at par
(IR2p), raising IR£260,000 for Celtic before expenses. ESM Particulars
relating to these shares will be issued in due course.

Completion of the subscription fulfils the condition for the appointment of
Kevin Foo and Michael Kaufman to the Board of Celtic as managing director and
non-executive director respectively, as outlined in the circular to Celtic
shareholders dated 7 October, 1999.

In addition the resignations of Sean Finlay and Kevin Kenny as directors also
become effective today. As previously disclosed, Sean Finlay will continue as
company secretary.

Redhaven also has an option to purchase 5.51 million Ordinary Shares of
Celtic, which are currently held by Dragon Oil plc ('Dragon').  The option to
purchase the Dragon shares may be exercised in whole or in part until the
first anniversary of today's date. 

For further information please contact:

Sean Finlay (Celtic)                 + 353 1 6611245
Hugh McCutcheon (Davy Stockbrokers)  + 353 1 6796363
Nigel Heneghan (Heneghan PR)         + 353 1 6607395