Celtic Resources Holdings PLC
1 November 1999
Celtic Resources Holdings plc
('Celtic' or 'the Company')
At an Extraordinary General Meeting held in Dublin on 30 October, 1999
shareholders in Celtic approved inter alia the Supplemental Loan Agreement
with Dragon Oil PLC, the alteration to the Articles of Association in respect
of new 'A' Preference Shares, an increase of the authorised share capital of
the Company and, subject to completion of the subscription by Redhaven Limited
for 13 million Ordinary Shares in Celtic, the appointments to the board of Mr.
Kevin Foo and Mr. Michael Kaufman as executive and non-executive directors
respectively.