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

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

Re my previous post:

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.

true, but then at least several more weeks before any indications at all ..... still, if the shares go up, should i/we care?

Absolutely!

Craven had to go as he was holding up things. BOC promises to move things along better...

This is a dent buy hermano.

will someone please identify BOC for me?
as far as i am concerned, BOC = British Oxygen Company which was bought out by Linde Gas about 18 months ago

Big Brian aka Brian O'Cathain.

I think that's Brian O'Cathain, the new CEO.

previously the chairman I believe--formerly of BP and lots of experience! It is rumoured that Craven left because he wanted to sell out and Big Brian didn't--he is making very positive statements about 2009 being the year shareholders get their rewards! hope so!