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

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!

Not before time either,thought we would be 10p+ on news of the $100m+ recieved from ENEL.

ON the day of news, the price was 7.5p, but everyone was selling!!!
Who was mad here?

Corporate news on way?

Perhaps the reason for todays rise?

todays Independent

The scribblers at Merrill Lynch gave a boost to those hoping for more takeover activity after predicting that "sector consolidation could gather pace in the coming months", claiming rising costs meant it was cheaper for the big companies to buy assets rather than discover and develop their own finds.

The analysts highlighted Rockhopper as a possible takeover or farm-out candidate, and the Falkland Islands-explorer climbed 11.5p to 382.75p, while Petroceltic (0.07p better off at 8.3p) and Soco International (1.6p better off at 315p) were also on the list.

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Sunday Post Strong Buy

Dublin-based company which looks for oil in Algeria, Italy and Kurdistan. It announced recently that it has received $103m (78.6 million) from the sale of a stake in a gas field in southern Algeria. Petroceltic sold an 18.3 per cent stake in the Ain Tsila gas field to Italy's ENEL. The farm-out deal was announced last April and was completed early this month but there have been some doubts last year about whether the sale would go through. The eventual receipt of cash and repayment of a $30 million loan from Macquarie was seen as positive for the stock. Petroceltic is also in negotiations for a second farm-out agreement and the shortlist includes several of the 'major' energy companies. In a recent note to clients, Merrion said Petroceltic's cash or near cash could rise to between $250 million to $270 million by the end of 2012, close to the company's current market cap, leaving investors with minimal exploration risk.

Seems to have broken out. Persistent buying today!

What is the target?

Happy with 13p, when I will consider my options!

I also think it will move up to 13p, and fluctuate between 11.5 to 14p to a while.

Still going well!

Business person of the month: Brian O’Cathain, CEO Petroceltic

A $100mn deal for a stake in Petroceltic’s Algerian gas field has left it fully funded for two years at a time when its rivals are floundering.

Because:
Earlier this month, Irish-based international oil and gas explorer Petroceltic received over $100mn from the sale of a stake in its Algerian gas field.

Italian giant Enel purchased the 18.375% stake in the Ain Tsilla gas field for an initial payment in excess of $100mn with further payments of up to $75mn depending on production at the field.

The deal leaves the Irish explorer with a 56.25% permit at the gas field and an opportunity to farm down another portion of its interest in the project.

The company has indicated that it is already in talks with a number of potential buyers.

A key benefit of the deal for Petroceltic CEO Brian O’Cathain is that it leaves the company fully funded for the next two years at a time when many independent oil and gas companies are struggling to raise funds.

Petroceltic say the funds will be used to continue their work in Algeria, pursue their interests in Italy and to start planning for the drilling operations in the highly prospective licence areas in the Kurdistan region of Iraq in 2013.

The Ain Tsilla gas field was identified independently as the ninth largest gas discovery anywhere in the world in 2009. Company estimates now suggest that the find could contain as much as 20.3 TCF of gas. To put it in context, Ireland uses .2 TCF per annum.

Following the discovery, the company put in place an ambitious nine well appraisal campaign and has invested approximately $300mn in their Algerian licence.

It is estimated that as much as $1.8bn will be spent before first gas is produced commercially. The final well drilled, completed in December 2011, flowed gas at a highly prolific flow rate and has made some of the larger oil and gas companies look very closely at this asset.

The company is planning first gas production from the field to begin in 2017 and it is likely by that stage that they will have further reduced their shareholding in the field.