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

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Brian O'Cathain, Chief Executive of Petroceltic, commented:

"It is particularly pleasing to close this final well test from the Ain Tsila field appraisal programme with this excellent result, which we understand to be the among the highest gas flow rates ever achieved from an "unfracced" Ordovician well in Algeria. The relatively high flowing well head pressure indicates that the well could potentially deliver at higher rates in a production setting and underlines our confidence in achieving our planned development plateau rates of 400 mmscf/d."

Look guys,not trying a scaremonger,but if you check out PTR trades,you'll see an 18.6million trade @11.6p. This seems to be BLUEGOLD who look to be in trouble,why i post as i believe they are holders of PCI? Be alert as they maybe a distressed seller?

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Better volume today too.

http://www.youtube.com/watch?v=iHU3I2SWvtA&noredirect=1

Seems PCI is undervalued...

ProactiveInvestor bonus not in evidence today just yet!

http://www.iii.co.uk/investment/detail/?display=discussion&code=cotn%3APCI.L&it=le&action=detail&id=9218504

A fellow posters take from the Video.

If you take the low ball figure of $35m then you have $140m for the 1/4 share. So PCI have $140m in cash and $420m as the remaining % stake = $560m = £350m.

Current market cap is £190m.

Plus Italy and Kurdistan for free.

A total no-brainer (and ignoring the increase in value of Algeria since the first farmout).

Petroceltic International plc - Completion of Transaction
Petroceltic International plc is pleased to announce the completion of its sale of an 18.375% interest in the Isarene PSC to Enel Trade SpA (Enel).

Under the terms of the agreement ENEL has:
· Agreed to pay up to US$36.75 million to Petroceltic, which equates to 24.5% of all back costs incurred from signing of the PSC in 2005 until the end of the exploration period in April 2010;
· Committed to fund 49% of the cost of the recently completed six well Isarene appraisal drilling campaign, which costs are capped, in aggregate, at US$145 million; and
· Agreed to pay Petroceltic a contingent cash consideration, up to a maximum of US$75 million, such amount determined by a number of factors based on the results of the appraisal programme, such as the overall level of reserves and the production profile.

Amounts outstanding under this agreement or to be paid under cash call arrangements currently exceed US$101 million and are now due for settlement within 30 days. Any contingent consideration amounts payable will fall due upon approval of the Declaration of Commerciality by the Algerian authorities, which is expected later in 2012.

Post - completion, Petroceltic operates the permit with a 56.625 % interest, Sonatrach maintains a 25% interest, and Enel holds an 18.375% interest.

Petroceltic International plc

Receipt of Enel Funds and Repayment of Loan

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, is pleased to announce that funds falling due upon completion of its sale of an 18.375% interest in the Isarene Production Sharing Contract to Enel Trade SpA (Enel) have been received. The amount received, which was in excess of $100 million, has been partly applied to the repayment of all amounts owing to Macquarie Bank Limited under the $30 million bridge facility negotiated in October 2011.

Further contingent consideration amounts may become payable to Petroceltic upon approval of the Declaration of Commerciality by the Algerian authorities, which is expected later in 2012.

Post-completion, Petroceltic operates the permit with a

It should jump, IMO

Yeah !, but I bet it won't,...this wouldn't jump even if you pinched its bottom !...

It is being pinched. Let's see how far it can go.

Less than 1%......it's always been the same with this one and god knows how I've kept the faith with it...and yet there is a phenomenal amount of gas there just waiting to be transported to europe....

A big boy should overtake this to gain out of so much asset.

It would probably be the best thing and then they could concentrate on Italy and Ireland....

Several bit posts by a attendee at last nights presentaion.

Its,Presentation was first class and Brian is working his tail off to get us to the FTSE 250 before he pops!

Said he was telling a group of Egyptian biz guys about $103m farmout in Algeria and they were flabbergasted at yawn from market. Also keen to consolidate but needs knockout news to accompany such a thing. Says new Italain President Monti is making moves to have offshore lifted too.

They are close to Shaikan. Seismics have been awarded and will begin next month.

He said it was submitted and hope to hear from them before Q3. Repsol got field development clearance on Wednesday.

He said PCI has been kicking around Kurdistan for 5 years now. They wore the Minister down and got 2 excellent blocks and then brought in Hess. Says they are still looking for more but hard to see any value now. He was in Egypt on Wednesday...

Dave has buyers on his books and he has that Friday Feeling!!!!!

25,In before the Yanks always more satisfying! Both blocks could contain between 500m-1Bn barrels....

Scen,says it is always on his mind but needs something very sexy to come after such an unpopular move. Says PCI now have $75m cash in the bank....

Another $30-40m to come in next 4-6 months too.

Signs of life here!