Exercise of Warrants

RNS Number:5398Q
Ennex International PLC
03 October 2003



                             Ennex Raises over $1m

Dublin; 3rd October, 2003: Ennex International Plc ("Ennex") has announced that
pursuant to the exercise of warrants it has allotted 50,000,000 Ordinary Shares
of Euro0.0125 each at Stg#0.0125 per share raising a total of Stg#625,000 (Euro0.9m)
before expenses.

This warrant exercise follows the repricing and assignment to new investors of
warrants over 50,000,000 shares. In addition to the assignment the company's
wholly owned subsidiary Petroceltic Investments Ltd has retained warrants over
20,000,000 shares. The Company has allotted 10,000,000 Ordinary Shares in
consideration for the assignment by the holder of 70,000,000 existing warrants.
These 10,000,000 New Ordinary Shares are subject to lock up arrangements such
that they may not be sold or otherwise transferred for a period of 15 months
from the date of allotment.

Brian Cusack, Chairman, commented,  "We are pleased to have completed this fund
raising.  The proceeds from the warrant exercise together with the cash received
from recent disposals total more than $1.8m and provide the means for us to move
forward on a number of exciting opportunities. We are optimistic that we will
conclude negotiations on a number of fronts in the near future."

The company recently announced that, reflecting its new focus on oil and gas
exploration, it proposes to change its name to Petroceltic International plc at
the forthcoming AGM. The company also announced that John Craven (currently Non
Executive Director) is taking over the role as Managing Director and that Brian
Cusack will become Executive Chairman (currently Non Executive Chairman).

Ennex is headquartered in Dublin and listed on AIM in London.

End

Press queries to:

Brian Cusack (Executive Chairman) Tel: [phone]

Ronnie Simpson/Mary O'Brien (Simpson FT PR) Tel: [phone]


                      This information is provided by RNS
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