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

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

Yes 13p showing as mid ground , but i think these are all buys .

there 2 huge buys of 65 million around 10 this morning

So 134 million shares traded here today & the sp has barely moved!
Rumour or inside knowledge?

If a rns comes out in the next few days, saying they have found oil , we will know what these trades are .

no idea ..... all very strange and just as strange is that sp hasn't moved at all

"Its 2nd well, Hassi Tab Tab 2 (HTT - 2), in the Isarene block in Algeria was spudded on 9th Oct 2006. It is expected that operations on the HTT - 2 well will take between 4 and 6 weeks to complete."

Does anyone know if they could be this far ahead of schedule? If on schedule, this news won't be released until end nov.

my only comment is that i would have thought (but don't know!) that PCI was almost obligated to issue a statement of some kind, even if to say they have no idea why the volume.

According to a poster on another bb, the large trade is Cantor moving their holding and has happened every month since May.