Any experts out there with a view to todays RNS on Algerian gas find ?
Looks good to me but sp is down
Thanks in advance nr

StockMarketWire.com
Petroceltic International in association with its partner Sonatrach, the Algerian National Oil & Gas Company, has issued an operational update on its Isarene permit (Blocks 228 & 229a) in the Illizi Basin in South Eastern Algeria.

Petroceltic operates the permit with a 56.625% interest, Sonatrach holds a 25% interest, and Enel holds 18.375% interest, pending final Government of Algeria ratification, which is expected later this year.

At the AT-6 well the Ordovician reservoir was encountered as expected with good gas shows and a full suite of logs was run. Initial log interpretations indicate a gross Ordovician reservoir interval of 168m, and a net pay interval of 45m.

This confirms the extension of the field at this significant step-out from the previously drilled wells.

Testing is underway at the AT-5 well and a second rig has been mobilised to accelerate appraisal activities.

Drilling at the AT-7 and AT-8 wells is scheduled to begin this month.

Brian O'Cathain, Chief Executive of Petroceltic commented: "Initial results from the AT-6 well are very encouraging and increase the proven area of the Ain Tsila field considerably to the southeast with this large step-out.

"We are also extremely pleased that testing operations on AT-5 are underway. We are now entering a most exciting and busy period on our Isarene permit in Algeria with 2 rigs and a rig-less testing unit in operation. We look forward to announcing further well results by the end of July."

SP woes hard to follow as RNS on Tuesday contained plenty of good news.

StockMarketWire.com
Petroceltic International has announced that, in partnership with Hess Middle East New Ventures, a subsidiary of Hess Corporation, it has executed two Production Sharing Contracts ("PSCs") with the Kurdistan Regional Government of Iraq ("KRG").

The PSCs are in respect of the Dinarta and Shakrok exploration blocks ("Dinarta" and "Shakrok") in the central north of the Kurdistan Region of Iraq.

Dinarta is a highly prospective undrilled block in a proven but largely unexplored area along trend from existing discoveries in the Kurdistan Region of Iraq. The block, which covers an area of 1319 sq km, is located approximately 75 kms north of Erbil and along trend from the significant Shaikan, Atrush and Swara Tika oil discoveries.

The block itself contains a number of identified surface structures, the largest of which, the Chinara Anticline, is 25 kms along strike from the Swara Tika-1 well, currently reported to be testing a significant new oil discovery.

The other structures on the block also have significant potential surface closure areas with multiple reservoir targets believed to be likely to be present in the Jurassic and Triassic strata preserved in this block. The resource potential of the identified structures is considered by Petroceltic to be very significant.

Shakrok is a highly prospective undrilled block in a proven but largely unexplored area along trend from existing discoveries in the Kurdistan Region of Iraq. The block, which covers an area of 418 sq km, is located approximately 50 kms north east of Erbil and is along trend from the nearby Taq Taq oil field and the recently announced Bina Bawi oil discovery.

The block itself contains significant surface anticlines, and, similar to Dinarta, multiple reservoir targets are believed to be likely to be present in the Jurassic and Triassic strata preserved in the block. The resource potential of the identified structures and the Shakrok Anticline in particular is considered by Petroceltic to be significant and in line with other discoveries that have recently been made in the region.

Each PSC has an initial 3 year exploration period during which the joint venture plans to acquire 2D seismic and drill a minimum of one exploration well.

Based on the anticipated work programmes, Petroceltic's total financial commitment during the first licence period is expected to be approximately $72m., the majority of which will be incurred over the next six months. These amounts are inclusive of all signature and capacity building bonuses payable to the KRG under the terms of the PSC's.

Petroceltic holds its 16% participating interest (20% paying interest) in the PSCs, through a wholly owned subsidiary, Petroceltic Kurdistan Limited ("PKL"). Both blocks will be operated by Hess and the KRG has a carried interest of 20% in each PSC through all phases of operations.

StockMarketWire.com
Petroceltic International plc), the upstream oil and gas exploration and production company focused on North Africa, the Middle East and the Mediterranean, has issue an update on operations at the Ain Tsila field on its Isarene permit in south eastern Algeria.

AT-5 tests gas at a maximum flow rate of 3.50mmscfd; AT-7 and AT-8 wells spudded, AT-9 well approved for drilling and a delineation programme on schedule for year end completion

Brian O'Cathain, Chief Executive of Petroceltic commented: "While we are disappointed that the AT-5 flow rates did not meet our pre-test expectations, the well has achieved a commercial flow and provided important operational data in respect of the future design, drilling and testing of appraisal and development wells in the AinTsila Field. This is the third of the four wells tested to date to flow commercial rates of gas and further demonstrates the extent and scale of the discovery.

"Operational activity is now at a peak with two rigs and a rigless testing unit currently active in the field and we await with interest the results of the remaining wells in this current campaign."

i'm afraid this company has consistently and for quite a while failed to come up with anything good and it looks as though the market has finally lost all patience

Counting my blessings, got out months ago. Not quite so lucky with 1 or 2 others though.
2517

Overreaction by market on horizontal well. Will recover in next few days...

sorry old son, but i think even the straws at which you are grasping are now waterlogged

Sold a few at 6.98p. Cruel biz this at times.

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is this yet another oily con?

Selling overdone here as well......this is a big gas discovery....hydrocarbons in the ground are probably in value 5 times that of the market cap....(just a guess)...

PCI is a serial failure.

Sp wise it's not fab but nowadays : it's best not to update the market on anything, it's that crazy....only a crap market like this would drop RKH on what is a fabulous confirmation of a commercial discovery the other month....all stocks are taking a knock...POG ?...why ?....doing well with gold rocketing away.....just a bad, bad market....

so the answer is to bail out and sit on the sidelines.

A bit late now.....I would think.....an autumn general rise just has to come....

already done it in May.

Well done....wish I had done the same as I have negative positions across the board but an advance in share prices just has to come sooner or later now.

why?

Because it has.....boy ! do you have a negative view on things or what ?...mind you, I would not put a penny into retailers ....even Asos are going to end up with a sharp pullback....(best stock ever that one....)...