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 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....)...

rf you must be feeling some pain, best to move on and wait for the buying opportunity.

RF - re asc; that reads like a total contradiction

StockMarketWire.com
Petroceltic International plc, has announce its Interim Results for the six months to 30th June 2011 showing a strong cash position with balance of $90 million at 30th June 2011 and current cash balance of $84 million and no debt.

Highlights for the company over the period include Enel $100 million plus investment underscores scale and value of Ain Tsila discovery.

Enlarged Algeria appraisal programme in progress with further results due in September. Entry to highly prospective blocks in Kurdistan Region of Iraq in partnership with Hess Corporation

Transfer of operatorship of Carisio Permit in Western Po Valley to ENI and the successful placing in May raised $60 million

Commenting, Brian O'Cathain, Chief Executive, said: "Petroceltic's asset portfolio has been considerably strengthened over the last 12 months by the Ain Tsila appraisal programme, the $100 million plus farm-out to Enel and our country entry into the Kurdistan Region of Iraq.

"Algerian drilling operations will see at least three further well results and four test results completed in the next six months, and our objective is to maintain and exploit the momentum created in this world class discovery.