AGM Statement

Celtic Resources Holdings PLC
23 July 2001



                        Celtic Resources Holdings plc

                    ('Celtic Resources' or 'The Company')

                       Result of Annual General Meeting


At the Annual General Meeting of Celtic Resources held today, the Company's
Irish Pound denominated share capital was redenominated and renominalised into
euros.

The authorised and issued Ordinary Shares of nominal value IR2p each, the
Redeemable Convertible Preference Shares of nominal value IR£1 each, and the '
A' Preference Shares of nominal value IR£1 each, were re-denominated and
re-nominalised respectively to Euro0.025 each, Euro1.26 each and Euro1.26
each.

These adjustments will not alter the number of Ordinary Shares or Redeemable
Convertible Preference Shares in issue and existing share certificates
continue to be valid.

A resolution was also approved to reduce the capital of the company by the
cancellation of the sum of IR£6,600,000 currently standing to the credit of
the Company's share premium account. This will be subject to the consent of
the High Court.

It was announced that the upper house of the Russian Duma approved the
production sharing agreement for Nezhdaninskoye on Friday.



Enquiries:

Kevin Foo, Celtic Resources Holdings Plc. Tel: [phone]

Ron Marshman, City of London PR Limited. Tel: [phone]

Nigel Heneghan Public Relations Tel: [phone]



23 July, 2001