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

Business; Opinion, Columns
Petroceltic
8 January 2013
The Times
© 2013 Times Newspapers Ltd. All rights reserved

The logic behind the merger between Petroceltic International and Melrose Resources, which completed in October, was that the revenues from the latter's production assets in Egypt and Bulgaria would help to fund development of the former's exploration licenses, in particular the giant Ain Tsila gas project in Algeria.

This could contain as much as half a billion barrels of oil equivalent and be equal to almost 10 per cent of that country's production when it starts production in 2017. Also exciting, if less proven, is Petroceltic's prospect in Kurdish Iraq, in an area where the Abu Dhabi national oil corporation has just invested $600 million. Drilling there starts this year.

The first trading update since the merger was a mixed bag. The company has eased back slightly on its forecast production for the current year and a well in Egypt has come up dry and been abandoned. Strong cashflow from the Melrose assets has reduced debt to about $210 million and capital expenditure is forecast at $150 million this year.

Progress on developing a prospect in the Po Valley in Italy has been slow, hampered by that country's nervousness over oil and gas production, which led to the cessation of offshore drilling after the BP spill in the Gulf of Mexico in 2011.

Petroceltic shares have trod water since the merger and are well back from the first quarter of last year.

There are four significant developments that could provide some fresh impetus. There is Kurdish Iraq and also the renegotiation of its $300 million financing facility. A partner is being sought for Ain Tsila, to take an 18.375 per cent stake alongside Enel, the Italian utility that may be the eventual purchaser of the gas, and help to finance development of the field through to production.

Finally, there is the question of an eventual promotion from AIM to the main market, probably in the summer. Hold for now.
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Busy morning on the back of the HSBC, Merrill Lynch and the Times comments!

See my recommendation, post 1204. It is slightly cheaper now!

Big volume a good omen too!

http://tradingresearchpoint.co.uk/2013/01/09/petroceltic-pci-2013-exploration-is-the-key/

IMO.......In the not too distant future, the SP of this share will reach 11/12p.

Finally they have been noticed for the potential for 2013 drilling campaign and (hopefully)the further 18%+ farm out on their Algerian gas find.

GLA.......Gerponville18

Tom and Sam aint mugs either!