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

Award of two Licences offshore Italy
Petroceltic International plc is pleased to announce that its wholly owned Italian subsidiary, Petroceltic Italia S.r.l., has been awarded two exploration licences in the central Adriatic offshore Italy.

Licences B.R 270 and B.R 271 are 144.5 km2 and 327.1 km2 in size respectively, and run for six years from the date of award. The Company has also applied for three other adjacent exploration permits in this area, which are currently under consideration by the Ministry of Economic Development. The permits, in water depths of 30 to 150 metres, are located adjacent to existing oil and gas fields which have demonstrated three working hydrocarbon plays in this region; the Cretaceous Miglianico/Elsa basin floor fan, the Cretaceous to Miocene Rospo Mare/Ombrina Mare platform carbonate oil plays, and the Santo Stefano Mare Pliocene biogenic gas play.

Interpretation of 2D geophysical data has already revealed a number of prospects and leads on the permits, at all three hydrocarbon play levels. Future plans involve obtaining additional new geophysical data in order to high-grade prospects for possible future exploration drilling. The permits have been awarded 100% to Petroceltic; however, as part of a farm-in agreement signed with Orca Exploration Group Limited ("Orca") in June 2010, Orca will have an option to earn a 15% interest in these permits subject to the usual regulatory approvals.

I am really disappointed by the lack of reaction to so many good news. I was expecting double digit before this news.

I expected double digits from Range, we all got that one wrong........For now anyway?

Petroceltic.....Hmmmm

Patience will prevail with this stock........They will get there; all my fingers and toes are crossed anyway!

Italy,Algeria and Kurdistan. How many outfits with sub 200m stg Cap are in these prolific regions? This SP stagnation will not last....................

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ahoj......Petroceltic is rising, very slow, but rising all the same. Will it reach double digits soon? No predictions from me, not after "Border and Southern".........My fingers are much burnt at the moment!

i used to be a fairly keen follower of this little stinker, but as a straight gamble, perhaps just trading momentum, it may be worth considering again for the next couple of weeks


Daniel Stewart maintained its "buy" rating for Petroceltic International (PCI) with a 16p target price. The oil and gas explorer is scheduled to provide an update on the commercial viability of its Ain Tsila field in Algeria on 10th August and the broker expects to see a positive result with the declaration of provable reserves. Daniel Stewart added that the firm is enjoying success in Italy with the Elsa discovery containing and estimated 104.2 million barrels of oil and 3.15 billion cubic feet of gas. The shares were unchanged at 8.05p.

I feel Petroceltic are worth a "punt" for the next couple of weeks at least.......10th August could be the changing point/catalyst......Hope so, the 10th is my birthday!

in monetary terms, i have now gambled - sorry, invested - very slightly more than in fogl in this high risk play

Flipping heck..........It has suddenly stalled........Presumably; we now have to wait until 7:00am Friday morning to get this share moving. GRRRRRR

some lemming interest this morning ahead of tomorrow's rns

Good Morning Cynic,

Looks like the "little stinker" has a nice little Algerian Gas aroma this morning!

Tomorrow morning could be even better?

no idea .... as i said, i bought in purely as a momentum play .... however, it was interesting that IG has a controlled book - i.e. 500k limit for any one client, which is not that much in monetary terms

Good Evening Cynic.......Is this good news for the share SP?

Away from the mining sector, Petroceltic International (LON:PCI) told investors that its 56 per cent owned Ain Tsila gas project, in Algeria, has now been officially declared commercial.

This comes as its partner Sonatrach agreed to market all the produced gas, based on a pricing formula linked to the Brent Crude Oil price.

Petroceltic says the development of the Ain Tsila gas project is now expected to start in 2014, with production coming online in 2017.

"The declaration of commerciality on the AinTsila field is a major milestone for Petroceltic and our partners,” said chief executive Brian O’Cathain.

“This is a critical step towards formally recognising the reserves on this substantial field and our asset team is now focusing on planning for the development phase of the project."

The declaration of commerciality will now be submitted to the Algerian authorities, along with a field development plan and supporting documentation.

Once the plan is approved by the authorities the Ain Tsila partners will be granted a 30 year exploitation permit for the field.

Ain Tsila is current believed to contain 2.1 trillion cubic feet of sellable gas, as well as 67 million barrels of gas condensate and 108 million barrels of liquefied natural gas.

The initial development will comprise 18 vertical wells, which will be hooked up to a new processing plant to produce gas at an average rate of 355 million cubic feet per day.

This average production rate would be maintained for a ‘plateau’ period of 14 years and it is estimated that an additional 106 development wells would be required to maintain the production rate over that amount of time.

From what i can see it's still a little stinker, stuck in here, glad i didn't average down for more bucks to go to waste.,.

i'm out with a tiny profit

I think it will move to 11p by October, so holding tiny bit, 50k shares.

I agree ahoj...........I think the share will be a slow climber, which should creep-up to 11/12p............It will rise quicker than October I feel?

The merger with "Melrose Resources"............So what does this mean to PetroCeltic investors?????

whatever it does mean, it's clearly not very good - sp is an obvious indicator