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

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.

http://www.investegate.co.uk/Article.aspx?id=201108300700191743N

http://www.davy.ie/content/link11.html

DMPCI

RNS Number : 3555O

Petroceltic International PLC

16 September 2011

Petroceltic International plc

Algeria Operational Update

Petroceltic International plc ("Petroceltic" or "the Company"), the upstream oil and gas exploration and production company focused on North Africa, the Middle East and the Mediterranean, today issues an update on operations at the Ain Tsila field on its Isarene permit (Blocks 228 & 229a) in south eastern Algeria. Petroceltic operates the permit with a 56.625 % interest, Sonatrach holds a 25% interest, and Enel holds an 18.375% interest, pending final Government of Algeria ratification.

-- AT-6 testing results

-- AT-8 and AT-9 operations update

AT-6 testing results

The AT-6 well, the third well in the current appraisal campaign on the Ain Tsila gas discovery, was drilled to a total depth of 2085m. The main objective of this well was to prove up Gas in Place in the south eastern extremity of the field outside the control of the 3D seismic area. This objective was successfully achieved, confirming the presence of the Ain Tsila gas column at this location and thus providing further evidence of the significant size of the in place gas resource on the structure. Testing operations commenced on 31(st) August and the well was suspended on 10(th) September.

A number of intervals in the objective Ordovician formation from 1952m to 1977m were perforated with one interval hydraulically fractured. The well was subsequently lifted with nitrogen to aid clean up however no flow was observed. The well was suspended for further analysis and possible future re-fracturing and the rigless testing unit has been mobilised to the AT-8 well location in the north of the field.

AT-8 operational update

The AT-8 well, a vertical well located in the north of the Ain Tsila field, is currently preparing to commence testing operations. The well reached a total depth of 2123m on 22 August 2011. It is located within the area of the 3D seismic data, 5km north east of the AT-1 well and 4.5km north west of the AT-5 well, in an undrilled section of the field. It was located to appraise a pop-up feature with a mapped fault system and to test the extent of the hydrocarbon column in the north of the field. Testing operations will commence on this well in the coming days once the rigless testing unit has remobilised from the AT-6 well location. The test programme will include hydraulic fracturing of the main reservoir interval, and results are anticipated in early October. After completion of the testing operations on the AT-8 well, the rigless testing unit will move to test the AT-7 well.

AT-9 operational update

Drilling on the AT-9 well with the KCA Deutag Rig T-211 commenced on 12(th) September. This well is the 6(th) well of the current Isarene licence appraisal campaign.

The AT-9 well is a horizontal appraisal well and is located towards the centre of the Ain Tsila field 4.3km north east of the AT-2 appraisal well and 7.8km south east of the AT-1 discovery well. Its main objective is to assess the productivity associated with a structural feature that is of a different style to those already tested at AT-5 and AT-8, and in an area between two known productive wells (AT-1 and AT-2).

It is anticipated that the well will take about 60 days to drill. Testing will be carried out with the rigless testing unit once it has completed operations on AT-7, which is anticipated to be around the middle of November 2011.

Brian O'Cathain, Chief Executive of Petroceltic commented:

"Although no gas flow rate has been achieved at this location, the result of the AT-6 well confirms the presence of the Ain Tsila gas column to the south of the 3D seismic area and provides further evidence of the significant scale of the Ain Tsila in place gas resource. The results of the overall programme to date have confirmed gas columns that have exceeded pre-drill expectation. We now look forward to seeing the results of a number of wells where we believe the potential for enhanced flow rates exist. The programme remains on schedule for submission of the Final Discovery Report in Q1 2012."

Ends

For further information, please contact:

Brian O' Cathain / Tom Hickey Petroceltic International Tel: +353 (1) 421 8300

Philip Dennis / Rollo Crichton Stuart, Pelham Bell Pottinger Tel: +44 (20) 7861 3919

Joe Murray / Joe Heron, Murray Consultants Tel: +353 (1) 498 0300

Hugh McCutcheon / John Frain, Davy Tel: +353 (1) 679 6363

Dr. Dermot Corcoran, Head of Exploration, Petroceltic International plc, is the qualified person who has reviewed and approved the technical information contained in this announcement. Dr. Corcoran has a B.Sc in Geology, a M.Sc. in Geophysics, and a Masters degree in Business Administration, all from the National University of Ireland, Galway. He also holds a Ph.D in Geology from Trinity College, Dublin. Dr. Corcoran has over 20 years experience in oil & gas exploration and production, and has previously worked at ExxonMobil, the Petrofina Group, and Statoil.

Notes to Editors:

Petroceltic International plc is a leading Upstream Oil and Gas Exploration and Production Company, focused on the Mediterranean and North African area, and listed on the London Stock Exchange's AIM Market and the Irish Stock Exchange's ESM Market. The Company has exploration and appraisal assets in Algeria, the Kurdistan Region of Iraq and Italy.

This information is provided by RNS

The company news service from the London Stock Exchange

END

FURLLFIAAEIELIL

abandon hope all ye who enter here

Cynic,
Does it worth buying here? Sorry, I can't understand what you meant above!

LOL! However his comment isn't of much help to those already in and trying to find a way out!

it means avoid or buy at your peril!

harry - jumping from a high balcony should work

Thank you.

Market giving PCI a good kicking today. Be greedy when others are fearful...

or be stupid when others are sensible?

Er....man about to jump here!!! A little tact please! ;o)

Harry go to the army surplus and buy a parachute which are going cheap after the recent defence cuts!

StockMarketWire.com
Petroceltic International plc, the upstream oil and gas exploration and production company has issued an update on operations at the Ain Tsila field on its Isarene permit (Blocks 228 & 229a) in south eastern Algeria.

Brian O'Cathain, Chief Executive of Petroceltic commented: "We are delighted to have achieved such excellent flow results from the Ordovician reservoir at AT-8 without fracture stimulation.

"These results confirm the potential for good productivity towards the north of the field, are likely to have a positive impact on our estimate of recoverable gas reserves and are very encouraging for the ultimate commercial development of Ain Tsila.

"They will be incorporated into the Final Discovery Report, (Field Development Plan), which we plan to submit to the Algerian competent authorities by the end of January 2012.

"Our appraisal programme is continuing at a rapid pace with further results from AT-8, the AT-7 well test results, and the AT-9 well logging and testing scheduled before year end."

StockMarketWire.com
Petroceltic International plc has announced that fracture stimulation of the AT-8 well on the Ain Tsila discovery in Algeria has further enhanced the substantial pre-facture flow rates announced earlier this month to 38.6 mmscf/d.

In addition the well has produced over 1,100 barrels per day of condensate. These results exceed the previous best test results achieved at AT-1 and further confirm the high deliverability achievable in this field.

Hate to admit it but I'm stuck in here, but this is a very good update......so quite pleased with this result.....just going to stay put until the markets recover as they should....