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

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!!

Seems that The Sunday Times is promoting this one today - that must be good

what that article says Patsyme?/

For you guys : press mention in the Sunday Times today.

July 25, 2004

Sharewatch
EDITED BY FRANK FITZGIBBON



Petroceltic shows lively potential



LAST January we noted the air of optimism surrounding Petroceltic and tipped the exploration minnow at 5.35p (8.1c) ahead of an investment roadshow in the UK.

The shares obliged and now trade at more than 14c. We still like the story but fancy there might be more short-term action at Providence.

This week the company is due to start drilling its Blackrock prospect in the Celtic Sea. The company confirmed last week that drilling will take place for up to four weeks with further time set aside for testing potential production zones.

We have no idea what will happen despite the companys claim that the prospect holds an unrisked potential volume of up to 613m barrels of oil. But we have been around long enough to know that these ventures tend to develop a life of their own during crucial phases of the exploration process and this excitment is usually reflected in the share price.

The shares have nudged marginally higher since we gave them the nod in May but punters who dont lose their shirt at the Galway races may consider it worthwhile putting a few quid on this potentially exciting punt.

http://www.timesonline.co.uk/newspaper/0,,2769-1189956,00.html

Morning all,

Good to see the bid come back to 14 after dropping to 13.5p. The trades of 378k and 250k look as if they are delayed buys to me. They went through at 9.39am and 9.28am when the offer was 14p.

Morning gavdfc. Looks as though someone is still stake building. Seems to have pulled to price back to square one this AM. Not sure we will go blue again just yet.

Morning Grevis,

More inst buying I wonder. Hope so! Seems to be the 14p mark is some sort of consolidation point just now. If so then perhaps a good base to move up from in the next few weeks gradually. Saw your name appear on the MPH thread. Good share that one, been in it for a while, def a long term hold is MPH.