2009-08-04-2009-07-01

To acquire 29.93% WI interest in Ksar Hadada onshore exploration permit in Tunisia.

A subsidiary of Hong Kong-listed PetroAsian Energy Holdings Ltd. has entered a farm-in agreement with Petroceltic International Plc (London: PCI) for an interest in the Ksar Hadada onshore exploration permit in Tunisia. PetroAsian Energy (Tunisia) Ltd. will earn a 29.93% interest from Petroceltic Ksar Hadada Ltd., which held 57% and will now retain a 27.03% participating interest in the permit and continue as operator. PetroAsian has committed up to US$14.5 million to the seismic and drilling of at least two wells. Petroceltic's co-venturer in the permit, Independent Resources Plc, is participating in the agreement with PetroAsian and has farmed out 21.03% of its previous 40% interest, giving PetroAsian an overall participating interest of 51%. The primary targets on the Ksar Hadada block are Cambro-Ordovician quartzites and the Silurian Acacus sandstone.