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

gavdfc: If they hit paydirt, then 15p will be a distant memory. The big boys evidently believe that PCI is on to something big and as long as they feel that way then I will stay with them.

I wouldn't think the institutions would invest in PCI if they didn't feel confident of the companies ability to find oil. IMO, the sp will move upwards to the drilling results later in the year. Don't think it will move as fast as this every day! But will still be moving up gradualy. If they can prove anything near 400mbl in Tunisia, I think 15p will seem very far off.

gavdfc : Oil is king at present. Nice to see both PCI and EEN charging forward. Trouble with all this fun is it's difficult to break away from the screen.

Better to be glued to the screen when it's blue and not red! Noticed EEN moving up. Am in SEY as well as PCI. Looking to get more SEY and taking a look at some other oils. Was in EEN earlier, lost a few but not too much. Seems to be doing better just now.

A 1m buy just through at 15.25p. Institutions again I wonder?

and off PCI goes for higher grounds. Now up 12.73 up% I am afraid this could ( I said could reach 20p) nothing is stopping PCI now

and 14.53% up I told you guys and gals... im getting dizzy, give me more!!!

Splendid stuff! Keeping posting guys (and gals). With luck we will open above 16p tomorrow. Keep smiling and enjoy the ride.

I thought you would be interested to read the thoughts from another BB:

The MMs have tried to tree shake almost every day for over a week - they've had no luck. The short term resistance will happen when the fund managers decide that the price has reached a level at which they are not prepared to buy at. The risked value at Sidi is 41p/share. My guess the funds are looking to circa double their money - so a short term ceiling of 20p? If Sidi is a gusher targets will be reset, and there's more ...

... We have momentum, enjoy the ride, should stay with us throughout August. The drill results in September will then determine if the momentum continues up to the apprasial round 1Q2005. PCI will have newsflow in the Autumn/4Q04 - they have said so and have not let us down so far ...

If the exploration well is a success then the new target is the riskless value of 90p/share. Funds may buy up to 50p leading up to the appraisal programme. On top of this PCI have Orynx, Kinsdale, Italy and may have by 4Q04 Algeria. If Sidi is a success sentiment will be good for these other projects. Hence 1Q05-2Q05 we could be sitting on something far in excess of a 1

In a years time this 15p could seem cheap.

As for today I'm guessing we will finish at 15.75p with a large trade going through at 16p sometime around 17:30 today. That will trigger the same trading pattern tomorrow as today. Friday that 18p is on the cards.

If PCI get weekend coverage then who knows where this share is going. It actually amazes me no tipster has yet started to cover PCI.

All in my own opinion and feel for this stock - 1st brought a month ago or so at 7.4p so my first buy has now doubled. My last buy was at 11p, I'm pretty confident that by the time drilling date is published that last buy will have doubled.

This shares game is all about running you profits. You can be wrong 9 times out of 10, sell those 9 and make sure you are not shaken out of that 1 stock that gives you the gains for the whole year.

PCI will genuinely (ie not a shake) start to fall at some point, but when? Not before the drilling result I'm sure. If a good result then there is significant newsflow for the next year to keep it going.

Cracking day once again all! Strong finish at the end of the day. Looks like the buyers are still very hungry for PCI. Looking forward to tomorrow!

http://www.petroceltic.ie/pub/June_30_2004.pdf

This is what everyone is getting excited about. Take a look at the last page for price valuations !!

Hi Chester,

Read that presentation before and it makes excellent reading. Would suggest that those reading this bb who have not read the presentation from PCI go and read it. This is the part at the end re valuations.

Summary
High Impact Projects Underway in Tunisia, Italy & Celtic Sea
2 prospects in Tunisia
2 prospects in Celtic Sea
2 Prospects in Italy
New Projects in the pipeline
Present Market Cap: c.50.0m (9.8p/share)
Potential Value:
Risked: 200 million (41p/share)
Unrisked: 454 million (0.90/share)
+ Italy potential +100 million

Makes good reading to me!

Cheers

Gav

Far too much excitement for one day. Just had another Hamlet to calm me down. Will have to pop to the shops for some more. Expecting more of the same tomorrow.

A Hamlet and a cuppa! You're really celebrating Grevis!! Well deserved though. Looking forward to being at the pc all day tomorrow!

A Hamlet and half a bottle of scotch if you please. LOL!

Today was definitely a Hamlet moment! Would have to be a good malt to go with that cigar then!

Thursday Closing Oil Prices Barrel Higher

08/07/2004

For the first time in more than a month, oil prices have surged back above 40 dollars a barrel. Traders say prices shot higher after Homeland Security Secretary Tom Ridge held a news conference and warned that terrorists are looking to disrupt the November elections.

In New York, crude for August delivery jumped more than three percent, up a dollar and a quarter to 40 dollars, 33 cents a barrel. Crude futures are the highest they've been since before OPEC's announcement last month that it would boost oil production.

(Copyright 2004 by The Associated Press. All Rights Reserved.)

My take on the Technical Analysis (TA) after today's close on Xmortal's request :

I'm afraid to say the rally may be coming to an end in the short term. The RSI is in a very heavy overbought postion (14 day RSI at 91). In addition, the price has got way above the upper bollinger band (negative signal) which indicates a potential short term reaction down until the price is in between the bollinger bands again. The price may start to retreat now starting tomorrow morning or at some stage tomorrow or if you're lucky the price will rise again tomorrow holding onto any gains and start to ease come Monday next week. If you're holding these for the short term then it may be a good idea to take profits at some stage tomorrow, profit takers will move in once the TA traders start looking at the TA.

PS. If news comes then TA goes out of the window.

See below chart.



Best Wishes.

thanks sue... I kind of suspecting this especially after today's strong rally. Like Sue said if u are a short term trader then take some profits, if not then hold since the trend is upwards. To all good luck.

However.........there is some news that may keep PCI in its toes...

World oil prices soar
July 9, 2004 -


World oil prices shot higher, taking New York crude above $US40, as the market reacted with shock to a White House warning that al-Qaeda is planning a major US attack.

New York's benchmark light sweet crude contract for delivery in August soared $US1.25 to close at $US40.33 a barrel, the first finish above $US40 since June 1.

Brent North Sea crude leapt $US1.16 to $US37.77.

Homeland Security Secretary Tom Ridge issued the terrorist warning, which shattered market nerves even after weekly government figures showed commercial crude oil, petrol and distillate inventories on the rise.

"Credible reporting" indicated al-Qaeda planned a large-scale attack in the United States, Ridge said, adding that security would be stepped up at Democratic and Republican national conventions.

Ridge said he had no precise knowledge about time, place or method of attack.

"The fundamentals suggest that oil prices should have come down at least a dollar," said Oppenheimer market analyst Fadel Gheit.

"But Tom Ridge a couple of hours ago said that there is a high probability that there will be a terrorist attack during the Republican and Democratic conventions in Boston and New York in the next few weeks," he added.

"That scared the hell out of everybody."

The Democratic Party's national convention is to be held in Boston July 26-29, while President George W Bush's Republican Party is to hold its convention in New York August 30-September 2, ahead of the November 2 US presidential election.

The US Department of Energy said for the week to July 2 commercial stocks of crude oil rose by 100,000 barrels from the previous week to 305.0 million, petrol rose 1.0 million barrels to 206.1 million and distillate fuels - heating oil and diesel - were up 3.1 million at 114.0 million.