New Projects and good prospects. will be the winner in 2004. IMO
25p in early 2004

oilbarrel.com Conference: Investors Appetites Whetted By News Of Northern And Black Rocks Drilling At Home And Regal And Petroceltics European And North African Ventures

July 2, 2004

Investors have responded to the Petroceltic story.

The share price has not gone up by magic, said Craven. Its because we put in the activity and continuous news flow.

A chief driver of this success has been Petroceltics Tunisian acreage. Describing Tunisia as north Africa for beginners, Craven said the company had received a number of approaches from companies looking to farm-in to its Ksar Hadada licence in southern Tunisia, home to the 400 million barrel Sidi Toui prospect and a number of look-alike structures.

Craven told investors, however, that Petroceltic will hold onto its stake for now. The well will drill to 1,400 metres at a cost of US$2 million and we can absorb that on our own, said Craven. We plan to drill it and keep the equity going forward because we believe we will get better value for it later on.

In Ireland, the company enjoys a royalty stream from the Kinsale gas field, which is expected to provide the exploration outfit with a secure income until 2014. It also holds a 38 per cent stake in acreage around the Celtic Sea gas field, where it has identified two structures in the Kinsale A sands, which are quite distinct from the B sands that have proved so troublesome for Ramco at nearby Seven Heads, and which could hold a combined reserve base of 1 trillion cubic feet.

The conference also saw Petroceltic please investors by announcing a new acreage win, adding Italy to its growing portfolio. As reported by oilbarrel.com, the new acreage lies close the to Miglianico oilfield, the largest oil discovery in Italy in the last 20 years.

Craven added: New ventures are the lifeblood of companies and we are looking at projects in Algeria, Libya and Europe and hope to make announcements in the next few months.

Good article that from Oilbarrel. Lots of good stuff on that site and since the conference, lots of positive talk about PCI. Think the price will drift upwards towards the drilling in AUG/Sept. When the drilling results are known, who knows what the price will do. Good results and the price will go up further hopefully. If institutions keep buying and PCI have to keep releasing RNS's, then I'm sure that will push price up further!

gavdfc: Just walked away for a minute and up goes the price again. Now showing bid/ offer at 13.25 to 13.5p. Just the ticket!

gavdfc:
How are you coping with level 2?
I've just been told EVO are bidding for 1 million shares.

Looks as if today's rise isn't finished yet! Wish every day would be like this one!

Seems not! Just noticed a nice 500,000 trade go through. Paid 13.62p.

Dont know how to tell if Evo are bidding for 1M shares. They are on the bid at 13.25, but dont know anything about 1m. Price up 9.18% today, nice! 2v2 just now.

gavdfc: Even higher now. Bid/offer currently 13.5 to 13.75p.

Great end to the day Grevis. Up 11% and some good buys at the end. Roll on tomorrow!

12.24% up today. kumon PCI..... Is it us holding this stock???

This is what we need for our stock to keep upwards, at least 38USD/gallon


Oil slips with OPEC likely to stick to output hike
AFX
OPEC output still on track but US energy department expects continuing high prices

Crude-oil futures slipped with investors reluctant to pull prices past $40 a barrel amid renewed confidence that OPEC will go ahead with an output hike in August. OPEC will go ahead with plans to increase the cartel's quota next month by 500,000 barrels, Ali al-Naimi, Saudi Arabia's oil minister said, according to the Middle East Economic Survey. August crude is down 43 cents at $39.22 a barrel on the New York Mercantile Exchange. August heating oil is down nearly 2 percent, and August unleaded gasoline and natural gas are each down by around 1 percent.

Meanwhile, US Energy Department said crude oil prices are likely to remain near current levels near $40 a barrel through 2005. In its monthly short-term energy outlook it said inventory levels remain low, particularly in the context of stronger demand.

'The chances for even a gradual, sustained decline in crude oil prices through 2005, as previously projected in this outlook, seem to have diminished,' the agency said. 'Low world oil surplus capacity levels provide an extremely limited cushion in the event of unexpected world oil market disruptions.' For the summer, the agency is forecasting an average price of $1.89 a gallon, down 2 cents from last month's forecast.

gavdfc: An excellent day yet again. Get your picnic set out and set it up for tomorrows feast!

xmortal: Good for oil stocks but not so good at the pumps!

yes, i know not good for my other stocks either....but in this world nothing is balanced. Anyway at least we are winning in this one ans we should be happy (selfish I know)

xmortal: 'Happiness is a cigar called Hamlet.' Think I'll just pop out for one!

An after hours trade has just shown up; a 250,000 at 14P. Terrific!

Grevis, excellent day!! Will have to get that picnic in for tomorrow, but have to go out again for a while. This might be of interest to you:

http://boards.fool.co.uk/Message.asp?mid=8649911&sort=postdate

Xmortal, well at least PCI will be giving you a boost today, and tomorrow also hopefully.

Cheers

Gav

KUMON Evil Knievel, cast a good spell on PCI:

How To Play The Oil Game
By UK-Analyst.com

Back in May the bears favourite argument was that spiralling oil prices would cripple the economy. The headlines talked of $60 crude. And then the threat seemed to disappear as OPEC promised to increase production and Tony Blair brought peace in our time to Iraq. Brent crude "collapsed" to just $33 in the space of a few weeks.

We say collapsed because that is how the newspapers report it. But you may remember that BP has admitted that at anything over $20 Brent it is making such huge windfall profits that it will have to hand billions of pounds of spare capital back to its shareholders. The reality is that $33 oil is very good news for the oil producers.

But crude won't stay in the mid thirties for long. It is slowly dawning on investors that OPEC has always cheated on its quotas so increasing production quotas does not necessarily equate to higher output. Moreover even if many OPEC producers wished to produce at full tilt it is very doubtful whether the infrastructure of, say, Iran could manage to run at full capacity for more than a few weeks. And of course Iraq is still not quite East Surrey - the export pipelines are blown up on a weekly basis. As an added bonus for oil bulls the Russian oil giant Yukos seems to be on the verge of going bust which is unlikely to add to exports from the FSU. With no sign of any slippage in demand you would be crackers not to have oil exposure in your portfolio.

Our view is that the way to play the oil game is via the second line explorer/producers. Unlike the majors these are pure oil plays with no exposure to refining or chemicals. As producers they benefit from higher short-term crude prices. But there is an added attraction. Companies such as BP and Shell now find themselves with an embarrassment of cash. However both have "mixed" exploration records of late. As such "drilling in the City" may well be viewed as a more attractive option than exploration in the field. Historically the oil cycle has worked this way. It is inconceivable that - at some stage over the next year - one of the majors won't have a pop at one of Tullow, Burren, Cairn or Dana. And when one receives a bid all will be re-rated. So we'd be looking to play the oil game with some exposure to the UK second liners.

UK-Analyst.com is a free website which sends out the UK's top stockmarket report plus a free share tip written by a panel of 25 top tipsters each working day. For more details of this free service click here

gavdfc: Found it:

Lost my bottle and dropped another 200,000 shares at 13p after posting this. Just seems to have gone too far too fast. Immediately got filled and starting to regret it since I was called 30 mins later because an institution was bidding for 5 million shares.

Didn't really want to let any more go before drilling but 96% of advfn users ( according to their user sentiment poll ) rate this a buy. Whilst I agree with SirL's general prognosis of a higher share price in coming months, that scares the hell out of me!

Still holding 1.4 million shares and holding on tightly.

WShak

Same message from someone else on yet another BB:

just a little some thing to wet your appetites,a broker was ringing round big holders today,trying to fill a 5mil order from a institutional buyer.

xmortal: Interesting post. Keep 'em coming!