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

We could see some comment from the Mail on Sunday, who tipped these some weeks ago with a "buy now" at the end of their article.

It's been quite a day. Looking forward to more excitement next week.

RNS AM?

Good time to top up if you're quick

We have how did you know?

Well done Halifax!

some of us consider we already have a healthy portion, and adding more could cause hypertension ..... do NOT take with a pinch of salt!

Finally we know who has been holding us back. Lets hope they have cleared the trough. Also posted on another BB that an institution has been buying in and that they caused the stir on Friday. Doubtless they have been mopping up Cantor's offerings.

RNS Number : 2447R
Petroceltic International PLC
27 April 2009
17:26 Petroceltic Intnl (PCI) Holding(s) in Company RNS

Petroceltic International plc ('Petroceltic' or the 'Company')
Holding in Company

Cantor Fitzgerald has confirmed to the Company that it no longer holds a notifiable interest in the share capital of the Company

Good riddance Fitzies!!!!

allowed myself to be greedy and topped up by 1/3 at 8.93 ...... so far so good, as that is now just in the money

The buyers are back in town now...

Nice bit of consolidation at this level. Looking forward to the next push forward.

Petroceltic is pleased to announce that it has raised gross proceeds of up to US$40 million or 27.5 million by way of a conditional placing of up to 392,464,000 new ordinary shares ('Placing Shares') at a price of Stg 7p (the 'Placing').

Highlights:

Placing to raise US$40 million (27.5 million) from both existing and new institutional shareholders

Proceeds to be used to support the Company's imminent drilling programme in Algeria and to accelerate the Company's ongoing appraisal and drilling activities in Italy"

Might see an acquisition very soon too. Conference call will be good...

why would PCI buy another company?
they are already pretty tight for cash and have plenty on their plate without being distracted elsewhere

cynic more likely Iberderola will take them over when their drilling progam is successful.

cynic,not a company, an asset. Could use some income here pronto.

more inclined to believe "ha" that "he" - lol!

7 wells to be drilled, that demands some backing !...., they already had some money in the bank, but this is a very large sum of money that's been raised...promising !.

Taken from another BB:

April 30, 2009

Petroceltic International Prepares For Key Drillbit Test Of Its Algerian Acreage

The coming year should prove exciting for backers of Petroceltic International, which is gearing up to drill seven wells across its Isarene permit in Algeria this summer and laying the groundwork for the first drillbit test of its Italian acreage in 2010. This work is backed by the deep pockets of its Spanish backer Iberdrola, which last summer took a 22 per cent stake in the AIM firm following an initial US$55 million investment, plus an additional US$40 million in new funds following this weeks oversubscribed institutional placing.

Petroceltic, which is due to present at the May 12 oilbarrel.com event in London, is set to spud the first well in Algeria in mid-May. The drilling programme will target four prospective areas within the Isarene permit in the Illizi Basin, in which Petroceltic has a 75 per cent interest alongside state energy giant Sonatrach. The four prospective areas are the Ain Tsila Ridge, the ISAS-GTT-INW and the Hassi Tab Tab appraisal areas and the El Biod exploration area. The wells will appraise existing discoveries, made by Petroceltic and previous operators, in a campaign that could unlock up to 6 trillion cubic feet of gas. In the companys results announcement, which saw 2008 revenues up 75 per cent on higher gas prices at US$962,000 and an increased operating loss of US$3.7 million due to higher admin costs, the senior management said the firm was now poised for the most exciting phase in the company's history.

The drilling campaign should take some nine-to-ten months to complete using a new KCA Deutag rig, T-212, currently mobilizing from Germany. The first appraisal well will target the ISAS-GTT-INW area, where five wells have tested gas and oil from a Devonian accumulation. Three wells flowed gas from the Devonian and one downdip well, GTT-1, drilled by Sonatrach in the early 1980s, flowed 500 barrels per day from an oil rim on the gas accumulation.

The Ain Tsila Ridge is the largest prospect in the Isarene permit. It alone could hold up to 6 tcf of gas. The company will be targeting a wide anticlinal four-way dip closed trap in the target Ordovician sandstones, the most important reservoirs in the Illizi Basin. It is important to position the wells correctly because these sandstones can hold large volumes of gas but flow poorly, as has been the case with the five wells drilled on or around the structure by previous operators some 20 to 40 years ago. Petroceltic will be using its recently acquired state-of-the-art 3D data to target its new wells in areas of better flow potential, a technique that has proved successful for BP in adjacent acreage.

Drilling plans are still being considered for the El Biod area in the southwest of the permit while there are no plans for appraisal drilling in the HTT area following the success of Petroceltics HTT-2 well of 2006, which tested at 15.8 million cubic feet per day from a number of zones in the Devonian and Carboniferous, one of the highest ever test rates in the Illizi basin from a Devonian reservoir.

The company is also laying the ground work for drilling on its expansive Italian portfolio in 2010. Here, the company has seven permits in the Po Valley, 11 offshore exclusive applications in the Central Adriatic and the Sicily channel and one onshore exclusive application in the Po Valley. In the Central Adriatic area, the company has access to a near contiguous proven hydrocarbon play fairway of over 2,660 sq km along the Apulian Carbonate Platform margin. The potential of these permits, which lie in water depths of between 30 and 150 metres and are adjacent to existing oil and gas fields, will be put to the test next year, when drilling works begins. A well is planned on the BR 268 RG permit, home to the Elsa-1 oil discovery with potential recoverable reserves of 182 million barrels. Petroceltic has a 40 per cent interest.

In Tunisia, the company has a 57 per cent interest in the 5,600 sq km Ksar Hadada permit, where there are a number of Ordovician and Silurian prospects in the southern part of the block. Drilling on the licence has been deferred to allow the incorporation of recent positive drilling results on adjacent permits, including a 170 million barrel Ordovician find in the Remada Sud licence immediately to the south of Ksar Hadada.

The company has the funds to back its ambitions in North Africa and the Mediterranean, ending 2008 with cash in hand of US$43.4 million and no debt. In February 2009 the company received an advance option payment from Iberdrola under the terms of last summers strategic alliance, of US$7.3 million and this week raised US$40 million through a conditional placing with existing and new shareholders. Although primarily an exploration company, Petroceltic is not without income as a result of its royalty interest in the Kinsale gas field offshore Ireland. This is not a huge sum of money, US$962,000 in 2008, sharply up on 2007 levels due to higher gas prices, but it does keep the lights on. The company hopes to capitalise on its relatively strong financial position and weaker asset prices to make accretive acquisitions: a deal that brought some production or near-term development opportunities onto the books would probably be welcomed by investors as there is nothing like barrels in the ground to underpin an exploration campaign.