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

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!

money,Brian ex Shell,Tullow,Enterprise and Afren. A heavyhitter by all accounts.

I'm looking forward to his magic touch! I took profits on TLW far too soon but still hold AFR---exciting times for small oilies at the moment-watch out for GKP next week.

OIL FIRMS IN GEAR FOR THE BIG DRILL



OIL TANKER: Companys are gearing for great finds
Saturday April 4,2009
By David Shand OIL-company bosses are given to waxing lyrical about potential blockbuster discoveries even though there may be a distinct jam tomorrow flavour about many of the prospects.


The glass half-empty is an alien term to them but even this band of natural optimists must have had their confidence tested by the swathe of value destruction among quoted exploration and production companies since the crude price went into freefall from last summers near-$150-a-barrel peak.

Traditional investors such as hedge funds have had their spending instincts curbed, while the companies themselves have had to face up to the possibility of mothballing projects as money dries up.

But the recent stability of oil prices around $50 underpinned by the prospect of Opec (the cartel of leading oil-producing countries) cutting back production and a reawakening of merger and acquisition activity have fuelled hopes of an upturn in fortunes for prospectors in outposts from Vietnam and Kazakhstan to West Africa.

Predators have noted the huge gap opening up between explorers assets and their stock-market rating. Pulses across the industry quickened after the huge takeover premium ascribed to Africa-focused explorer Bowleven by a mystery suitor. Although cynics did not have long to wait before the bidder cut its offer price by a third, consolidation appears to be firmly back on the agenda.

This was exemplified by British Gas owner Centrica buying a 22 per cent stake in FTSE 250 company Venture Production, which could lead to a 1billion-plus takeover.

Backed by this speculative appeal, exploration companies with good stories to tell such as West Africa-focused Afrens exceptional drilling results from the Ebok field by Nigeria offering the potential of 106 million barrels of oil have begun to tempt investors back into the market. Petroceltic International has high hopes for its forthcoming drilling campaign in Algeria, having secured funding from Spanish energy giant Iberdrola, while Xcite Energy has reported outstanding progress in demonstrating the commercial potential of Bentley, one of the biggest proven but undeveloped fields in the UK North Sea.



Xcite shares have nearly trebled this year but the company is still worth about one-eighth of its initial value when it floated on Aim in November 2007. Richard Savage, oil analyst at broker Mirabaud, warned against investors being swept up by hopes of a rising tide of merger activity and buying stocks indiscriminately, pointing out that large integrated oil companies are likely to keep their spending powder dry for maintaining dividend payouts rather than chasing acquisitions.

He said: I would expect to see more consolidation, with funding difficulties leading to lowly valued stocks. The industry is finding it difficult to pay a big premium to farm into an asset (a co-investment arrangement), so why not buy the whole company? The kind of stocks we think are vulnerable have great assets attractive to bigger players but need funding. There will be some that could go under such as Oilexco (the Canadian explorer whose North Sea assets are being bought for 346million by Premier Oil), while others may not be overleveraged, just short of cash.

Savage said: You are more likely to see mid-cap companies acquiring small firms. We have seen banks willing to lend money to businesses they think are sustainable.

The danger of chasing the sector is that you will get flurries of activity, followed by periods where nothing is happening. Investors should be buying specific companies for the long term where you believe in the strategy.

Citigroups Marc Kofler reckoned acquisitive companies would be more likely to cherry-pick assets than target full-blown takeovers. Shopping lists might include FTSE 100 companies Tullow Oil, which has delivered
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Coffee flask and potty out for AM RNS

Who on earth is 5654 man?

prob a woman giving waist and hip sizes!

Hermana your projections give cause for concern. Please forget your coffee flask
but by all means prepare for a seat on your potty w/c 20th inst.

Announcements might be a day or so earlier as your company progresses many of the options and opportunities outside the commencement of Algerian drilling programme, which I add is going to plan.

Lastly, I say well done. You and some others have been more than patient awaiting
what I can only predict as a very large reward.

NR,financial websites were wrong about Prelims today. Seismics indicate a big prize but best to await proof in de pudding....

6-month figures were released on 28/8/08, but i see nowhere any indication of date advice for full year figures

Lady in HQ says before June....

should damn well think so ...... that would be 9 months after interims!

Sexy knickers FD taking time to settle in...

Will 5654 man turn up again today I wonder?

Iberdrola has the resouces to buy a big fish so one has to wonder why they attached themselves to a tiddler. They are part of the consortium building a gas pipeline across to Algeria and need to fill it with something other than fresh air. PCI has a massive acreage with gas known to be beneath it. All they need now is to prove it's viability.
Algeria strategy and objectives to April 2010
7- 9 wells planned in 2009 to:
Secure existing discoveries for future production
Prove large gas resources (>2TCF) on Ain Tsilla Ridge 3D
area
Obtain early oil production at GTT
Secure existing gas discoveries for exploitation via
adjacent planned infrastructure
Drill remaining exploration prospects
Capture 2P reserves
Drilling Rig Contract signed for KCA Deutag Nomad Class
Rig T-212
Drilling starts end Q1 200

This appeared on moneyam at the end of trading: 1,500,000 at 7.25p.

It's not the first of its type to be disclosed at the close of play. There have also been some strange trades of late. Just wonder if we are seeing stake building.

grevis,only a question of who?

Two large trades have appeared at the close of business.
timed at 10:50:20 = 2,500,000 at 7.10p
timed at 10:50:14 = 2,400,000 at 7.30p

The sp should get going soon with drilling soon to start...at a guess : we will be spudding in 30 days time perhaps less !, Happy Easter all by the way !.