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

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

Good article in Sunday Business Post last Sunday too.

Seems to me that Iberdrola wish to emulate BG's success as an oil and gas explorer. PCI is it's first step in that direction and with their backing their is no excuse for failure.

$55m investment undertaken in two
tranches:
Tranche 1: Iberdrola
subscribed for 20% Petroceltics
Iberdrola will pay $7.3 mm for an
option to acquire 49% financing
interest in any single Petroceltic
asset for a consideration of $55
current share capital (147m million shares) at 0.13/share for a
total of $38m
Tranche 2: Iberdrola
b ib d f dditi l 68
million, subject to government and
partner consents
Asset must be selected by Iberdrola
within 6 months of agreement date
subscribed for an additional 68m O ti ill i t i d
shares at the same price of
0.13/share for a total of $17m
Option will expire if not exercised on
or before 1st May, 2010
Future operational funding will be
split 49:51 (Iberdrola : Petroceltic)

from Davy today...

http://www.rte.ie/business/2009/morningrep/download/0401davy.pdf

The resignation from the respective Boards of Petroceltic by John Craven and from Petroneft by Des Burke should be seen as part of the natural evolution of these companies. Both former directors were very involved in and played a large role in the initial set-up and subsequent build-up of their respective companies. Both companies are on the cusp of a step change in activity and are likely to see a major scaling up of operations over the coming years.

Baldy will be back elsewhere. BOC is the King now.

I just wonder if this statement sheds light on why Craven left the board. Perhaps he wanted to sell out to Iberdrola but O'Cathain and the rest of the board wanted PCI to reap the rewards instead. Would explain the rumours about being taken over by Iberdrola.

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.

There has been a sudden flury of activity late afternoon. Closed at 7p. Are we on our way?

does not necessarily follow as markets will not be logical a until at least next week - i.e. until start of new fiscal year . .... with regard to PCI specifically, there may be more general interest getting under way, even if it's really a bit premature, as if memory serves me right, they should start test drilling in Algeria in 6/8/10 weeks