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

Davy note 12th October
Petroceltic
PCI LN
Drilling of 2nd well in Algeria
Has begun; results expected in
4-6 weeks time; current market
Rating unjustified

Petroceltic spudded its second well in Algeria on October 9 and
Operations are expected to be completed in 4.6 weeks time. The well,
Hassi Tab Tab 2 or HTT-2, will target potential hydrocarbon reservoirs of
Carboniferous, Devonian and Ordovician age.
We believe that Petroceltic.s market rating is unjustified even in todays
Market where investors are no longer putting their marginal dollar in junior
E&P stocks. Since Petroceltic commenced drilling its first well in Algeria in
July, its share price is down 35%. Yet all the information we have on the
First well indicates a success: ISAS-1 flowed gas from three separate levels.
Such operational performance is hard to reconcile with Petroceltic.s market
Performance over the same period.

That says it all .

however, always worrying when a main board director (FD in this case) looks to have been booted out ...... that said, looks as though sp should be supported at this level

cynic - it certainly does look the best case for support at this level I have ever seen.

That being the case, it'll probably go down.

Loosing the FD is not good.

hi seagoon ...... if i was desperate to have a gamble, i guess there could be worse shares to buy, but other than that, i see no compelling reason to invest.

Afternoon - I held these once, in the same way actually held PRE(a couple of years back, so don't laugh!!)

The silly thing is the PCI sp went up nicely into the high teens and they missed the drill target, ran out of rig time and money.

Down went the sp in free fall........... I was lucky to get out with nearly what I started with.

I did not learn because I also as I said bought into PRE, won on the columbian wells, expected them to hit a massive target at the Danbury Dome, but who else didn't?

The company kept coming out with positive comments, only to find they found enough gas to light one barbie for a week!

Having been thousands in profit on both occassions, and nearly had a massive set back twice, I do things differently now, I generally ignore little oilies with no production and high hopes.

you are a wise man! for myself, with regard to oilies, i still hold BUR having just sold my TLW at a nice profit as they were/are heading towards a fairly substantial resistance .... i also have modest holdings in VOG, GOO and CHP, on the hope that at least one should come good .... if asked to say which, i would plump for VOG at this juncture.

Do you remeber GRV?

I did have a few, they fit the critera and their sp is depressed according to my research.

They went up just under 10% Friday on the TSX.

Dont know why but watch them this week.

know nothing about GRV at all ...... only 32k shares traded on Friday, so guess either tiny-tiny or totally illiquid or both

They are Canadian so their eyes are little dots.

I'll take this over to the GRV thread.

Technical bounce it is then! (expected) dyor etc.

Dolmen 20-10-2006
Investment Press
Petroceltic (12.5p) Management meeting update Stuart Draper
_ Management meeting: Following the completion of the Companys first well, ISAS-1, on the Isarene block in Algeria, There has been a great deal of uncertainty with regard to theLevel of success achieved. Our meeting with management this Week outlined a clear timetable of events between now and
Year-end through which this uncertainty should be eliminated.
_ Sonatrach approval: Petroceltic is due to meet its Algerian Partner, Sonatrach, on Tuesday week, 31st October. At this Meeting, it expects to receive Sonatrachs approval for the Publication of the flow rates achieved at ISAS-1, which should then be announced shortly thereafter. This announcement will
Also explain the potential for proven reserve upgrade from the Progress achieved at ISAS-1.
_ HTT-2 results: Petroceltic started drilling its second Algerian Well, HTT-2, on 9th October, which should take c.6 weeks to Complete, including testing. The company assured us that the Major delay post ISAS-1 will not be repeated again, and that the complete results of this well, including flow rates, will be Published by 30th November.
_ Approach clarification: The company also confirmed that it has Had unsolicited approaches from some of the major oil and gas Companies for participation in the Isarene block, and that it Expects to announce a decision by year end as to whether or Not to pursue such a joint venture strategy in Algeria.
_ Proven reserves: Petroceltic had a net cash balance of $55m as At 30/06/06, which with $20m likely to be sufficient to fund The drilling of both ISAS-1 and HTT-2, leaves a net cash position of 3.2p per share. The prices paid for similar Algerian block Interests, such as the $1.43 per bbl paid by Dana Petroleum in
2005 for a 15% interest in Gaz de Frances Algerian blocks, Imply a worst case value of 7p per share for Petroceltics Existing proven Algerian reserves of 68mmbbls.
_ Well funded: When the companys Italian assets, which have Been conservatively valued at 4p per share, are also included, This gives a current worst case value per share of 14.2p, in line
With the 14p level at which c. $30m was raised last April, and at A discount to the 18p level at which c. $10m after costs was Raised last April. We will continue to recommend PetrocelticWithin the exploration sector for Q4 2006: Speculative BUY

Excellent. Thanks for that stockw.
Well put together & should give investors confidence.

The people that can see a winner , have got more at current sp . They have been to 23p on little news .

It will need good news to get it back there.

Next report on drilling out soon .

Tuesday 31st October, should get publication of the flow rates achieved at ISAS-1,

There are a lot of big trades going through , 65 mil and 1 mil , found oil and gas ?

all very strange ..... volume is already 17.5% of market cap and 12x daily average, but no news anywhere.

i see i half predicted a technical bounce a couple of weeks back!

a dangerous thing to do, but have just managed to buy some at 13p