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 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.

silly boy! ...... i have plenty of capital losses to make use of before worrying about the tax man .... as and when it gets to that stage, may switch back to s/b which has no tax implications

harry .... i think the 30 day rule of trading in/out is linked to what is or is not taxable with regard to SIPPs

The 30 day problem is a tax issue and I bet that most people don't even know about it, if you are trading within a Sipp : then there is no problem, you can buy and sell at will, for PCI that's ideal. Now in an Isa you can do the same : buying and selling but only main market and "dual listed" stocks only, dual means a stock listed on Aim and on a foreign main exchange, now there are few of those : JLP is the only one that springs to mind (you cannot put PCI in an Isa), now we come to the ordinairy trading account : for instance you have bought PCI 10000 shares at 8p, you decide to sell them at 12p.....nice little profit, but you have to wait 30 days before being able to buy them back again. Now supposing they rise to 14p and you decide to buy them back within that period, well you can !, but you will have to pay the cgt right from 8p up to the following time you exit, 16p or more. Now I'm not an accountant but the tax issue gets very complicated and you need to pick up a tax guide on this....this is why I say this is a pain because each time I wait 30 days before buying back in,,,it's crazy for small investors...another of "Brown"s crackpot ideas penalising the small guy !.

Cynic : you are right about tax losses...I have plenty as well and may use them up likewise...but there are people that probably don't have any....and may be puzzled by this scheme, and you have to pay the accountant !.

Thanks for spoiling my day RF. You mean, whilst I've been making a few squid playing the banks ect, I shall be liable to cgtax, b......r

RNS manana?

It has been mentioned on another BB that PCI had a board meeting on Friday. Is anyone else aware of it?

grevis,results tommorrow?

Why?

Sorry hermana, that was a bit brief. I thought they produced their results in June of each year. However, that's not of great importance. The market is waiting for news on the rig and perhaps more speculatively for Iberdrola to confirm or deny the rumours that have been circulating.

grevis,Iberdrola will make no comment.

why on earth would Iberdrola make any comment?
if it's for general consumption, an announcement would be made

'Cos they want to keep us happy? ;o)

Them big cos. never comment on mere market rumours. Twould be beneath them.

From another BB:

Cash-rich Petroceltic in pole position
Sunday Business Post
March 29, 2009 - By David Clerkin Markets Correspondent

Sunday, March 29, 2009 - By David Clerkin Markets Correspondent
Happily for Brian OCathain, the credit crunch is something that is happening to other people. The newly-installed chief executive of oil and gas explorer Petroceltic began 2009 sitting on a cash pile of $56 million (40million) and is in the comfortable position, unlike many of his peers, of spending more time working out how to spend it than how to find it.

OCathain took over from Petroceltic founder and oil industry veteran John Craven last month, two years after parachuting into the company as executive chairman on the back of a 23-year career in the industry that included lengthy spells in Shell, Enterprise Oil and Tullow Oil.

The company has changed a lot over the last two years, OCathain said last week. Weve been keeping the head down, keeping quiet and raising money to drill even when the market wasnt open.

OCathains efforts in his role as chairman included selective hiring and putting in place key personnel on the ground in the companys three main locations: Italy, Algeria and Tunisia. But of greater interest to shareholders was a tie-up with Spanish utility company Iberdrola, which came on board last year with a $55 million cash injection in return for a 22 per cent stake.

Iberdrola was not Petroceltics initial target - a prior deal with another investor fell through at a late stage - but OCathain is more than happy with the twist in the tale that opened the door for the Spanish company. Theyve been absolutely great. Theyre very professional and very supportive.

We get on very well with them.

Iberdrola brought firepower to OCathains plans, which will gather momentum in the next few weeks when an ambitious plan to drill up to seven wells in Algeria gets under way. He emphasised that Iberdrolas cash injection was highly non-dilutive for Petroceltics existing shareholders and said the timing last summer, given the chaos that has taken over the financial markets since then, was sweet. With hindsight, it was a fantastic deal. We might say we were lucky, but you make your own luck.

Having access to cash has allowed OCathain to beef up numbers - Italy, for example, has gone from two people to 20 - and, in his own words, professionalise the organisation. Most of the companys spending will focus on the Algerian drilling programme for the time being.

Petroceltics share price has taken a hit since OCathain came on board, nonetheless. Valued at 150 million two years ago, the companys market capitalisation stood at 70 million last week - although the (sterling-denominated) share price has bounced from a recent floor of 3.5p to almost 7p.

But it is far from alone. The sector has suffered on the back of the spectacular retreat in oil prices, which followed the equally spectacular spike that afflicted airlines and motorists for more than two years.

OCathain, however, sees an advantage in falling prices for now- lower prices mean lower revenues for oil companies that depend on production income. Petroceltic, in contrast, already has the cash it needs to fund its upcoming drilling, and can take advantage of the relative weakness of those with money tied up underground, rather than in the bank.

Our relative competitive position has improved enormously, he said, as the problems being faced by other companies have resulted in easier availability of drilling equipment and lower costs. This makes the current environment an attractive one in which to drill.

OCathain also remains committed to spending money on assets that come on the market. Although he had signalled strong interest in taking part in industry consolidation on his arrival into Petroceltic two years ago, it is only in recent months that deal-making prospects have improved.

Its been slower in coming than we would have thought, but were beginning to see it now, he said, citing a raft of deals done in the industry in the last month. We aim to be consolidators, rather than the consolidated. Weve got the management team and the shareholder base.

So after two years of hard work behind the scenes and a change in job title, OCathain is preparing for a higher profile. Were much closer to generating newsflow, which is what shareholders want. This will be a year of very intense newsflow.

On board as of this morning.... onwards & upwards (I hope!)

There were rumours of a board meeting last Friday which led to a lot of conjecture on another BB. However, it would seem that a meeting did take place as the following announcement was issued at the end of trading today. It would also seem that Mr Craven may not have been over popular with the board as the RNS lacked the usual vote of thanks for a departing former CEO.

RNS Number : 8533P
Petroceltic International PLC
31 March 2009
Petroceltic International plc ('Petroceltic' or the 'Company')
BOARD CHANGES
Petroceltic confirms that it has today received notice of the resignation of John Craven as a director of the Company. As announced by the Company on 24 February, 2009, Mr Craven recently stepped down as CEO of Petroceltic.

News concerning the Rig
From another BB> The person concerned has been pretty accurate so far, so I have no reason to doubt his sources:

"Can give you some encouraging drilling news.

The equipment is moving on to the drilling site in the next few days followed by the rig personnel on the 8th April. They are now hoping be in a position to spud during week 17 (before the end of April) which is earlier than previously thought.

They are only drilling around 3000 feet so the drilling should take approx two weeks. It is a new team however so the first well might take slightly longer

No idea if they intend to issue rns about this or not."

Should you wish to see PCI's potential then have a gander at the Oilbarrel presentation by typing the following into your browser:

http://www.petroceltic.ie/content/uploads/081127_oilbarrel_presentation__compatibility_mode__001.pdf