New Projects and good prospects. will be the winner in 2004. IMO
25p in early 2004

Well I'll give you a real laugh then. Went to look at getting a new car earlier today, looked to spend about 5k on a good small used one. Saw one i liked then the guy looked at mine. Came back with an offer of a trade in at ....... 100! Said they would just send it to auction and it would only get 100! Then upped it to 200 offer. Told him to sod off and came home. Not the best start to the day, but PCI and SEY made up for his cheek! LOL

Was he offering to buy the other wing mirror?

LOL He was offering to buy the whole car! Think I'll just keep it! See we've hit 14.5 on the bid now.

gavdfc: Morning. The bid went a bit higher I see! Slight bit of profit taking but buyers are still ahead.

Morning Grevis. Bid down to 14.25 after 2 trades! Still ahead as you say with buys. After last nights US sell off, would be happy to close here, or even up a tick or 2! OPEC meeting later I think in Vienna. Wonder what they will say re supply.

Not an OPEC meeting, just a press conference. Just heard on CNBC.

We cannot expect stock to rise every day, although that would be nice. It's encouraging however to find the big boys have been growing their stakes.

Just when you are hoping to top up on the cheap, up pops another announcement. Glad I spotted it in time and grabbed a few more on the way up.

All three of PCI's biggest shareholders have upped their stakes in recent weeks

5 Feb Gartmore held 18,195,349, now they hold 38,945,349

22 March Fidelity held 23,925,811, now they hold 35,544,294

Carmignac Gestion held 4,960,000, now they hold 19,600,000

That's some fairly hefty increases the top 3 have done this year. The problem with not being in this stock if you like it is that an RNS can come out at any time re drilling or inst buying. When it does, the price will change very quickly. Good to hear you topped up Grevis, wish I had some funds to do same.

We seem to have run out of steam for now. Good chance for Fidelity et al to pick up a few more.

From PCI's website:
World class petroleum systems across the region from Algeria through Egypt. Significant remaining potential. Majors increasing investment. Proximity to European Markets.

Petroceltic has signed its first licence in North Africa The Ksar Hadada block in Southern Tunisia

The Ksar Hadada Block
Area: +7,000 sq km on shore
Location: Southern Tunisia adjacent to Libyan Border
Term: 10 years Exploration
Life of field Production
Contract: Production sharing
Petroceltic Interest: 100% working (95% Net)
Hydrocarbon Plays:
1. Ordovician Fractured Quartzite (Sidi Toui appraisal prospect)
2. Triassic

General Comments
The principal Hydrocarbon objective is the Ordovician Fractured Quartzite. This is now the most important objective is Southern Tunisia with three new discoveries (Anadarko and ENI) in 2003.

Within the Ksar Hada Block oil has already encountered in the Ordovician in the Sidi Toui well. However it was drilled in the 1950s without subsurface seismic data and when drilling/completion techniques to exploit fractured reservoirs did not exist. Seismic data acquired in the 1980s demonstrated that the Sidi Toui well was located down-dip to a significant structure. This structure is some 35kms. long and has the potential for reserves of 400mmbbls.

Strategy/ Plans
Drill the Sidi Toui structure in Q3/2004

Has anyone been contacted by a broker called Edward Tate & Co. The firm is not registered with FSA. Beware!

Alert from FSA concerning this company at:

http://www.fsa.gov.uk/enforcement/edward_tate_24june04.pdf

re - the "broker" Edward Tate and others such as Sukumo selling restricted shares or IPOS or investment opportunities etc
the fsa is usually way behind..!

fyi
http://www.boilerrooms.co.uk/
registration is free

Morning all,

Thanks for the warning Grevis. I wonder if we will see some consolidation at these levels for a while. Wouldn't do the sp any harm I think. Seemed to hold up well in yesterdays bad market. Of course, an RNS could be relesed re more inst buying, and off we would go again!

Morning gavdfc. I think we should hold around this level for a while. Once we get into August, the excitement should build again. Of course there is always a chance that Gartmore, Fidelity or Compagnie will decide to top up yet again. Great stock to hold!

grahamrae: Will the FSA ever get their act together; I doubt it!

Morning Grevis,

Your right about great stock to hold just now. Would hate to be waiting on the sidelines trying to get a cheaper price. If any news comes out re drilling or buying then we're off again! Can't see many people forgeting about this stock right now, once the drilling date approaches buyers will be back again. Aug/Sept should be exciting times here.

gavdfc: Agreed! With Tunisia about to be drilled, we are in for a fun time.

late rns out major holders have sold again should we be concerned about this

Hi Patsym,

Think Gartmore have reduced their holding to 33m according to the RNS, so they sold about 5m. But 33m is still a large holding. I'm not too concerned about this, after all, they do still hold a large chunk of shares in PCI. Guess they're just banking some profits.

Perhaps Fidelity just took the 5m or so from Gartmore?

1/7 - RNS stating Fidelity hold 30,394,294

7/7 - RNS stating Carmignac hold 19,600,000

9/7 - RNS stating Gartmore hold 38,945,349

20/7 - RNS stating Fidelity hold 35,544,294

23/7 - RNS stating Gartmore hold 33,195,349

All in all, I'd say a pretty positive month re newsflow of inst buying in PCI.

Cheers

Gav

agreed, watch out for developments at Paladin!!