New Projects and good prospects. will be the winner in 2004. IMO
25p in early 2004

From oilbarrel.com

01.12.2005
Petroceltic Increases Its Exposure To Close-Ology Drilling Project In Italy
2006 is shaping up to be a busy year for AIM-listed Petroceltic, which has wells planned in Italy and Ireland. Investors are also keen to hear news of drilling on its prospective acreage in Algeria but, in common with many companies, it would seem the tight rig market is thwarting an announcement on firm drill dates.

The company made a vote of confidence in its Italian acreage earlier this month when it upped its stake in the shallow water licence B.R.268.RG from 15 per cent to 40 per cent. The licence contains the 1992 discovery well ELSA-1, drilled by a consortium of companies including Agip and Enterprise Oil. According to consultants Petrel Robertson, this structure could hold 182 million barrels, an increase on the 108 million barrel estimate held by Enterprise. These numbers will need to be tested by the drillbit - Petroceltic plans an appraisal well next year.

This is a sign of Petroceltics confidence in this project. This is a deep well - down to 4,575 metres - and under the terms of its option, Petroceltic will pay 60 per cent of the costs. (Thereafter, its share of costs is 40 per cent, in line with its equity holding.) But as Petroceltic CEO John Craven points out, this is an exciting project, with independently assessed P2 reserves of more than 100 million barrels and next door to two producing wells - Agips Miglianico 1 and 2 - that are pumping from the same oil reservoir. Oil companies - and risk-averse investors - like the art of close-ology when wells are drilled close to proven producing fields but it never entirely de-risks an exploration project.

Across the Mediterranean, Petroceltic is active in Algeria and Tunisia. Algeria is, of course, one of the jewels in the portfolio. The company holds 75 per cent of the Isarene Permit, which covers more than 10,800 sq km and has yielded a number of proven discoveries in the past 50 years. It is also close to existing infrastructure, lying some 80 km of the nearest export pipeline. However, Petroceltic have not set any firm drill dates and rig availability in this part of the world is tight.

Tunisia has, by contrast, lost some of its shine and the company recently reviewed farmed down its Ksar Hadada production sharing contract to Independent Resources plc for US$400,000. The option gives Independent, which owns gas storage interests and exploration rights in the Mediterranean region, the right to earn a 38 per cent interest in the PSC. In return it must pay 40 per cent of all future seismic and drilling costs on the 7,000 sq km licence area.

The Ksar Hadada permit has been the scene of a number of highs and lows. The low-point was the drilling of the Sidi Touri structure in late 2004. Sidi Touri 3 was drilled some 4.5km to the east of the 1950s-drilled Sidi Touri 1 well and was designed to probe the crest of a 30 km-long structure, which pre-drill estimates had reckoned could hold more than 400 million barrels of oil. In the event, oil shows were recorded over a 177 metre gross interval in the target formation but a short open hole test failed to recover any hydrocarbons. The company continues to mull the potential of this prospect.

Close to home, Petroceltic is active in Ireland, where it derives revenue from the Kinsale Head royalty interest. Petroceltic is hoping Irish waters will yield more riches. It has a 16.25 per cent stake in some frontier exploration acreage in the Donegal Basin off Irelands west coast. The Donegal licence includes the Inishbeg structure, a ready-to-drill anticline that could hold similar volumes to Corrib.

This is high risk stuff: the geology has yet to be fully tested, the drilling costs are expensive and apart from the newly-built gas-fired power station onshore near Derry, there is little commercial infrastructure in the region. But, as Shell has proven with the Corrib gas field, there are hydrocarbons in sufficient quantities to justify commerical development on the Irish Atlantic Margin.

Petroceltics partner here, Island Oil and Gas, has secured a rig for this high risk/high reward drilling project next year. This promises to add some real excitement for investors who like this kind of white-knuckle wildcatting: others, however, are likely to prefer the more prosaic art of close-ology in Italy

When we get into late feb/early march watch the rise in volume. This may push the sp up to 16/17.

thats what i bought at 18 months ago!!!!

Yes, but they were 8 at the end of may. Drilling in april, what price for a find?

well MRP just found something - 95% rise in one day? if only :-)

6716000 thats a good buy

Price has fallen back from 14.25, a good time to buy . Somebody hitting this after the bell.

Yes, it has started to pick up buyers again. up 1 today

Watch this one , its starting to get some daily volume.

A raise again, something is going on. Anybody still holding ?

PCI may be re-rated at any time due, to exciting prospects in the middle east.

Drilling plan with Schum.-is that the reason,anything else,any views ,in since 3p.

might have something do with it :-) full story on PCi website
http://www.petroceltic.ie/pub/060320%20Award%20of%20Drilling%20Contract%20and%20Underwritten%20Placing.pdf

Press Release Dublin: 20th March, 2006: Petroceltic International plc (Petroceltic or the Company) Award of Algerian Drilling Contract and Execution of US$25 million Underwriting Agreement Petroceltic is delighted to announce the award of a major drilling contract to Schlumberger for the Companys 2006 drilling programme in Algeria in addition to the execution of a US$25 million underwriting agreement with funds managed by RAB Capital plc (RAB), in conjunction with a placing of new ordinary shares of 0.0125 each (Ordinary Shares) to new and existing shareholders of the Company (the Placing). The RAB Underwriting Agreement The Company has entered into a conditional underwriting agreement whereby RAB has agreed to underwrite 102,000,000 new Ordinary Shares at a placing price of 14p with a total value of approximately US$25 million, subject to a minimum participation by RAB of approximately US$12 million in the Placing. The Parties to the Underwriting Agreement anticipate the Placing to be completed by no later than 31st March 2006. Algerian 2006 Drilling Programme The 2006 programme provides for the drilling and testing of two appraisal wells on the Companys Isarene blocks 228 and 229 in the Illizi Basin of Algeria. Both wells will have multi targets in the Carboniferous, Devonian and Ordovician zones and will each be drilled to a depth of approximately 2,300 metres. It is currently expected that drilling operations will commence by the end of June 2006. The Company points out that this initial drilling programme is the start of a planned multi-well drilling and seismic programme to be carried out on its Algerian acreage over the next three to four years. Award of Drilling Contract to Schlumberger Schlumberger won a competitive tendering process initiated by the Company and its Algerian partner Sonatrach last December. Schlumberger was awarded the contract because of its technical competence, its recent Algerian experience and because it offered the most comprehensive project managed proposition. The Schlumberger award is subject to the completion of legal and normal regulatory processes. Schlumbergers most recent Algerian experience is on Block 245 operated by Rosneft of Russia which is immediately adjacent to the North East of Petroceltics block and where Schlumberger on behalf of Rosneft has just completed the drilling of a third consecutive oil

Added some more at 18 , the next few weeks could be interesting.

A new high again, some big trades going through. Drilling and finding oil will send this sky high.

A new high again , I wish chp would move at this rate .

Its buy back time . nice 4m buy

Any body holding pci and waiting for news ?

news is arriveing shortly on the progress on the Algerian site , rest assured its an update on the drilling schedule which is in good progress.

drilling starts , lets hope we find something .