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

At 1 with a market cap of 737m,it would have to be a huge find!

Look at dana 981m market cap ,thats oil not gas!

pet,there will be oil aplenty at Isarene too.

Scandinavian Oil-Gas Magazine - News - http://www.scandoil.com/moxie-bm2/news/index.shtml


Petroceltic up on Sahara hire

Published Mar 23, 2009


Shares in Irish independent Petroceltic International soared 4.8 percent on Monday, after news customs in Algeria had cleared the rigs sent by drill-rig company KCA Deutag and that Schlumberger would oversee well services in the coming campaign.

Petroceltic and Sonatrach aim to start drilling in North Africa in May using Schlumberger business Sahara Well Construction Services, a partnership with Sonatrach subsidiary the Algerian National Enterprise for Drilling.

The new well construction contract covers wireline evaluation, testing, cementing services and civil works for drilling at the Isarene permit.

Petroceltic has a 75 percent interest in the Isarene, while Algerian state champion Sonatrach holds 25 percent.

Sultan of Spring on way here?

lots of lemmings(?) jumping ship ...... perhaps worth thinking about jumping back on board soon

cynic,traders likely.

guess that includes me - lol! ..... bought and held for only a few days and made a very nice profit (out at 7.38) on the modest sum invested

cynic,my cousin turned 425k from 4 to 7.5p,exiting yesterday. Great to have BOC at the helm...

that's 12m shares - are you sure you meant that? ..... what have BOC (now Linde Gas) got to do with anything?

425k shares. I am not Baldy Craven!!!

the lemmings are clearly bored and getting out ...... certainly worth watching with a potential view to climbing back in ..... currently 6.00/6.25

Posted on another BB:

Backed By Spanish Cash, AIMs Petroceltic International Gears Up For Possible Multi-TCF Drilling Campaign In Algeria

Cash is king in the current market and so investors in AIM-quoted Petroceltic International must be enjoying a slightly Regal moment as the company draws on the deep pockets of its Spanish backer Iberdrola to forge ahead with its drilling plans in Algeria. Last year the Spanish utility took a 22 per cent stake in the AIM firm, which also has projects in Italy and Tunisia, following an initial US$55 million investment, taking cash in the bank from US$23 million at the start of 2008 to around US$76 million by year end.
It is difficult to underplay the importance of this injection of capital from Iberdrola. I shudder to think how we would have raised this otherwise, Brian OCathain, Petroceltics new chief executive, told delegates at oilbarrel.coms November conference in reference to the tight lending conditions now prevailing. This cash base means the company has the financial muscle to drill up to seven wells on its promising acreage in Algerias Illizi Basin in 2009 as well as up to five wells in Italy during 2010-2011.

The coming year is going to be dominated by news from Algeria, where the company, backed by Iberdrolas deep pockets, will be probing a possible 2 to 6 tcf resource through a seven-well appraisal programme on the Isarene Permit in the south east of the country, about 120 km south of BPs giant In Amenas gas project. Petroceltic, which has seen its share price double since early January, is putting all the pieces in place for this aggressive drilling schedule. Only last week the company announced it has awarded a well construction services contract with Sahara Well Construction Services, a joint venture between oilfield services giant Schlumberger and Algerian state drilling firm Enafor. Sahara will provide all wireline evaluation, testing and cementing services and civil works for the drilling programme, which will now get underway in May, a few weeks later than planned due to delays with the customs importation procedure for the newbuild KCA Deutag rig.

The drilling campaign, which will take about ten months to complete, will appraise the gas and oil discoveries already made on the 7,5250 sq km Isarene Permit, equivalent in size to about 30 North Sea blocks, by Petroceltic and previous operators. These include the Hassi Tab Tab (HTT-2) and Isas (ISA-1) gas discoveries as well as the GTT-1 well, which flowed 500 barrels per day and is a candidate for a potential early oil development.

But investors arent only going to be watching for news from the drillbit in the months to come: there is also much speculation about how the Iberdrola relationship will develop. For not only has the worlds fourth largest electricity company taken a 22.64 per cent stake in Petroceltic through last summers share placing (priced at 13 pence a share compared to todays 7.2 pence) but it has also sought to link their futures through a financing option. This option gives Iberdrola the right to acquire a 49 per cent financing interest in any of Petroceltics existing assets for US$55 million in cash, of which US$7.33 million has been paid in advance. This was the Spanish firms first ever investment in an upstream oil and gas venture, making the deal a real coup for Petroceltic and quite a vote of confidence in the prospectivity of its asset base.

Although the companys Italian assets are promising (Tunisia is less convincing), most investors will agree that Algeria is the real prize in the portfolio and are likely to bet that Iberdrola will spend its next US$55 million taking a material slice of the Isarene permit. Yet there is also likely to be speculation that the Spanish giant may well seek to cement its hold on the Algerian project, as well as picking up the Italian and Tunisian properties, by taking out the entire firm, particularly as the market cap is currently languishing at 68 million. One to watch.

Buyers are still coming in but is this the turning point before the next RNS?

i have just bought back in, as i very much like that Sclum are partners with PCI ...... for those who do not know, Sclum is akin to Halliburton and one of the major players in oil/gasfield service provision

cynic,schlum did last Isarene drills.

the point from my angle, is that Schlum is (i think) a much larger entity than PCI so adds gravitas (to use a Rumpole word) and credibility to the whole operation

You know, I pictured you as a Rumpole, must be the nose.......

only due to the Chateau Pomeroy

At a guess when the drilling gets going if not before we shall be above 10p and rising, the problem is when to take profits if this really gets going, and when to get back in plus the 30 day problem that can only be solved within a Sipp, real pain in the neck that !, and as we go along it should be really exciting......and heavens if they strike a big gas discovery.....trouble is I've heard this before somewhere...now where was it ? hmmm.... something beginning with VO? possibly....just can't recall it...it will come back somehow in my dreams euhh sorry ! "nightmares" now what was the name of that company ? damn ! it'll come back somehow ! hang on perhaps it was SE? something ?, that's it !: SEO...no that's not it, it was something else...oh! I'll remember it sooner or later !.

30 day problem??? Please enlighten me. Something I clearly don't know.