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

back to 18p I hear.,.

only if they consolidate the shares!

Petroceltic International plc ("Petroceltic" or "the Company"), today announces its results for the year ended 31 December 2011.

Highlights:
· Successful six well appraisal drilling campaign in Algeria completed on time and under budget.

· Petroceltic estimate of most likely gas resource in place in the Isarene permit area, Algeria, increased by c.70 per cent to 10.3 TCF.

· Enel introduced to the Isarene permit as 18.375 per cent partner. Over US$100 million received to date.

· Substantial progress on finalising with Sonatrach a plan of development incorporating gross recoverable contingent resources of 2.2 TCF of gas and 180 million barrels of condensate and LPG recoverable contingent resources over life of field.

· Sonatrach, Petroceltic and Enel agree to a three month period from 24th April 2012 to conclude the Final Discovery Report and submission of the Declaration of Commerciality for the field.

· Entry into two highly prospective licences in the Kurdistan Region of Iraq.

· Preparation for drilling of high value Carpignano Sesia prospect (formerly Rovasenda) in Italy.

· Strengthened investor base following successful US$60 million share placing in May 2011.

· Funded and well placed to continue to develop and grow the business. Net debt position of US$15 million at year end and cash at 31 March 2012 is US$64 million with no debt.

Robert Arnott, Chairman of Petroceltic commented:
"Petroceltic delivered on all of its key targets for 2011. The Isarene farm-out deal was approved by the Algerian authorities, the Company completed its appraisal campaign on time and under budget, achieving significant success, the plan of development was submitted to Sonatrach on time, and the portfolio expanded through the addition of two highly prospective licences in the Kurdistan Region of Iraq.

The coming year will see the maturation of our Algerian asset towards development sanction, the booking of commercial reserves, and accelerated activity on some exciting exploration in Italy and Kurdistan. In 2012, the Company is well positioned, operationally and financially, to take advantage of opportunities to expand its portfolio".

http://www.moneyam.com/action/news/showArticle?id=4356404

Any views about PCI?

None that I could post here and get past the censors!

.

Lagging somewhat of late!

It appears that there is nothing negative. There are many activities and any single positive one can push it back to 7-10p range.

Algerian second farm-out
Algerian production
Onshore drilling Italy and ? farmout
Offshore Italy laws withdrawn
Kurd seismics and drilling

SP crazily under values all of this, IMO

Tis a joke it is!

Life is joke anyway.
But this company has cash and good prospect.

I agree and picked up a few at 5.6p too.

68mln shares traded today. The next highest voume was 100m when it was moving towards 8p.

If it touch 100mln shares today, the price can get above 10p within next week or two, IMO.

Phoenix Rising for sure!!!

Over 79m traded and up 12.82%. Bring on tomorrow U say...

Hi Guy's (Code name Gerponville18). I am fairly new to these threads, so I hope you don't mind me joining your thread!

I have been an investor of Petroceltic for a couple of years now. I am still feeling the pain from when I bought stock at £0.105. Bought more stock at £0.05, wish I had at £0.036. Anyway, that’s high risk stocks for you. I am pretty upbeat with the news today. Now the Italians have lifted the drilling rights close to their coast lines we will see the stock rise fairly steadily up to the £0.10 for sure.

Extremely large volumes being bought in the last hour.........Tomorrow could be another good day?

My next wish, is that "Range Recourses" head northwards?

Very frustrating share and a serial under performer. Currently holding from 11p & 10p, but might be tempted to buy more now to have an earlier exit.
(Gerponville - Normandy connection?)

Gerponville Normandy France.........Really?

I am from South East Kent (Pretty Near to Normandy I suppose)!

Update on Italian Offshore Legislation

Decree DL 83/2012 (the "Decree") was published on 26 June 2012 in the Italian Official Journal. The new Decree modifies, and in some cases extends restrictions on offshore oil and gas exploration and production originally introduced by DLGS 128/2010 in August 2010. The Decree is effective immediately, but requires formal ratification by the Italian Parliament within 60 days, and may be amended during this period.

Under the Decree, the restriction applicable to offshore exploration and production activities under DLGS 128/2010 will now apply to activities up to 12 miles offshore the Italian coastline. The Decree also imposes an increase of 3% in royalties payable by offshore oil and gas producers. The proceeds of this additional Royalty will enable the Ministry for the Environment, and the Ministry for Economic Development, to support the monitoring and enforcement of marine environmental protection and supervision of environmental safety for exploration and production activities offshore Italy.

http://www.moneyam.com/action/news/showArticle?id=4398219

Yippee some good news at last!

Silly season at PCI now officially over!