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

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.

Report from Algeria (Al-Khiyal)

Petroceltic raises US$40m in share placing

April 30, 2009 -- Oil and gas exploration company Petroceltic has announced it raised US$40m from a conditional placing of 392,464,000 new ordinary shares of 0.0125 each.

The proceeds will be used to support Petroceltics upcoming Algerian drilling programme, where it expects to drill between five and seven wells, and to accelerate its drilling activities in Italy planned for 2010/2011, the company said in a statement released this morning.

According to the chief executive of Petroceltic, Brian O'Cathain, the placing was oversubscribed, despite the difficult market conditions.

Petroceltic, which focuses its exploration in North Africa and the wider Mediterranean region, also reported its results for 2008 today.

The companys cash and cash equivalents were US$43.4m at the end of 2008, and the company had no debt, it said in a statement.

Revenue increased to US$962,000 in 2008 (2007: US$549,000), with the increase mainly due to higher gas prices during the period, the group said.

Current revenue comes from royalty income from the Kinsale gas fields in Ireland.

The companys operating loss for 2008 increased to US$3.7m (2007: US$2.5m). This increase, the group said, is a reflection of higher administrative expenses as Petroceltic expands prior to its forthcoming drilling programmes in Algeria and Italy, and also due to US/euro currency movements on administrative expenses.

Andrew Bostock, chairman of Petroceltic commented: 2008 was a year of positioning Petroceltic for the future. We focused on maturing our exciting prospects in Algeria, Italy and Tunisia towards the drilling phase and putting in place the team and financial resources necessary to optimally exploit the attractive opportunities available to the company.

We are now poised for the most exciting phase in the history of the company, with the imminent start of exploration and appraisal drilling operations in Algeria due to be followed by wells targeting the most attractive prospects in the much-expanded Italian portfolio.

Petroceltic
Buy
Current Price : 0.09
Price Target : 0.13
Analyst: David Dunk
Friday 1st May 2009

Petroceltic announced its annual results yesterday. The company had
$43.4m in cash and equivalents at the end of 2008. In addition $5.6m
of the upcoming drilling campaign is already funded. The company
experienced an increase in operating loss of $3.7m, due to higher
administration charges. Revenue increased 75% to $962,000, as a
result of higher gas prices.
In addition, Petroceltic also announced a $40m (27.5) placing to
existing and new institutional shareholders. The placing consists of
392,464,000 ordinary shares, at a price of 7p each. The new issuance
will compromise 28.9% of the equity share of the enlarged capital
base of the company. The money raised is intended to fund the
drilling programme in Algeria, as well as drilling operations in Italy in
2010. Strategic investor, Iberdrola, has 21 days to decide if it will exercise
its right to avoid dilution, and partake in the equity pacing.
Currently, Petroceltic has $56.3m in cash to fund operations, taking
into account the $7.3m option payment from Iberdrola, and the $5.6m
drilling prepayments. A 7 well drilling programme would result in a
cash burn of $64m for 2009. If Iberdrolas option for a 49% stake in
any of Petrocletics licenses were to be exercised, Petroceltic would
receive $55m. However, the uncertainty of this payment, in terms of
execution, and timing, has prompted the equity placing. In addition,
the additional funds raised, will allow a drilling programme on the
Italian licenses, in 2010.
Drilling will commence on the Algerian campaign in the middle of
May, a fortnight later than expected due to regulatory delays. The
campaign, which will run into 2010, will likely consist of 5-7 wells.
Although the planned drilling may change, the first drill will be located
in Issaouane Sud, followed by 2 wells in the Ain Tsila prospect to the
East. The focus will then move to the South, to the previously undrilled
El Biod (oil) prospect, before a further 2 wells in the Issa prospects,
and a third well on the Ain Tsila ridge.
The Issa wells are all shallow wells, taking approximately 10 days to
drill, with 20-30 days drilling time required for the other wells. Petroceltic
will use different teams for drilling and testing, as a result, the
first drilling results will be from Ain Tsila prospect, expected late August,
early September. Due to discoveries by previous operators, the
Issa wells are considered appraisal wells, while the Ain Tsila and El
Biod wells are exploratory wells. The objective of the drilling is to
prove up resources in commercial quantities for future production. In
particular an oil ring around Issa Sud, which could be brought into
production significantly faster than gas reservoirs.
Our price target remains unchanged at 13p per share. While the recent
placing dilutes equity holders, we take into account, money
raised from the equity sale. We have also slightly reduced the risk on
our NAV estimates, based on recent discoveries in the area. We see
potential for value in Petroceltic at levels significantly greater than
13p per share, but we are looking for further de-risking of its Algerian
drilling operations first. Also, we note that Petroceltic is a high risk
investment.
Analyst: David Dunk
Friday 1st May 2009
Petroceltic
Buy
Current Price : 0.09
Price Target : 0.13