nite ram
- 22 Sep 2006 13:12
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
grevis2
- 01 May 2009 01:03
- 320 of 1234
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.
grevis2
- 01 May 2009 01:06
- 321 of 1234
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.
grevis2
- 01 May 2009 11:13
- 322 of 1234
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
grevis2
- 01 May 2009 15:06
- 323 of 1234
Petroceltic raises 30m to fund drilling and exploration
By Geoff Percival
Friday, May 01, 2009
IRISH oil and gas exploration company Petroceltic has raised $40 million (30.2m) through a share placing to help fund its drilling plans in North Africa and the development of its exploration activities in Italy.
The Dublin-headquartered company in which Spanish energy group, Iberdrola bought a near 23% stake last year for 35m also yesterday reported that its losses widened last year.
Petroceltics pre-tax loss for 2008 amounted to $3.7m, up from a loss of $2.46m in 2007.
Similarly, the companys loss per share increased year-on-year from 33c to 44c.
The companys operating losses reached $3.7m for the year mainly from higher administrative expenses and movements in the foreign exchange rates.
However, the companys revenues did grow from $549m to $962m.
The companys management told shareholders yesterday that 2008 was "a year of positioning for the future" and that 2009 will herald "the most exciting phase in the companys history".
That phase is set to include drilling activity in Algeria exploration and appraisal drilling is due to begin shortly there to be followed by drilling in "the most attractive prospects" in the companys expanded Italian asset portfolio.
Petroceltic non-executive chairman, Andrew Bostock said: "Our shareholders have been patient in waiting for the necessary foundations to be put in place to ensure the company can maximise its chance of success.
"Were optimistic that this patience will be rewarded as we start to unlock the value which we believe exists in our portfolio."
The company is to drill seven wells in Algeria.
This story appeared in the printed version of the Irish Examiner Friday, May 01, 2009
hermana
- 05 May 2009 08:28
- 324 of 1234
Oilbarrel appearance on May 12 may shed more light pre spud.
grevis2
- 08 May 2009 11:43
- 325 of 1234
Hermana: 4 days to go then!
grevis2
- 08 May 2009 15:37
- 326 of 1234
That was a rather brief RNS. Seems as though we will have to wait for news until 12 May. Our CEO has no doubt keep his amo close to his chest until then
Oilbarrel Conference
Natural Gas Partners
12th May 2009
9.30 am - 1.30 pm
The Brewery, Chiswell Street, London EC1Y 4SD
Serica Energy plc
Melrose Resources plc
Leed Petroleum plc
Coffee
Petroceltic International plc
Meridian Petroleum plc
IDC Palm Energy
If you would like to attend this event, please contact Mary Smith at conference[at]oilbarrel.com.
grevis2
- 09 May 2009 10:51
- 327 of 1234
I've just come across this item posted on another BB today. Of particular interest was the reference to previous gas discoveries that were ignored as they had only been looking for oil at that time.
Petroceltic prepares to get busy
Created: 4 May 2009 Written by: Martin Li
North African and southern European-focused Petroceltic announced a $40m (27.5m) placing with these full-year results. The proceeds will be used to support an imminent drilling programme in Algeria, and to accelerate appraisal and drilling activities in Italy.
Existing revenue relates to a royalty from gas fields in Kinsale, Ireland, although the company is on the verge of much greater activity. A drilling programme, featuring up to seven exploration and appraisal wells within the Isarene permit in Algeria, will commence this month. Earlier gas discoveries in this area were ignored as the search was then for oil, and a key objective of Petroceltic's programme will be to appraise the commercialisation of existing, and therefore lower risk, discoveries. The company is targeting a substantial potential gas resource comprising trillions of cubic feet of gas.
In its second core area, Petroceltic is appraising prospects in the Po Valley, central Adriatic and Sicily Channel areas of Italy. Assessment is well advanced and the company hopes to select drilling locations in the second half, and to have wells ready to drill in 2010, subject to permitting and rig availability. Along with the development of its organic portfolio, Petroceltic is also looking for corporate and asset acquisitions.
nite ram
- 10 May 2009 11:51
- 328 of 1234
Hermana
Fill coffee flask and have potty at the ready for this coming week
grevis2
- 10 May 2009 23:41
- 329 of 1234
Should be a more exciting and constructive week and time to get this stock moving forward again. Good luck!
hermana
- 11 May 2009 09:01
- 330 of 1234
NR,ready for liftoff here at last....
grevis2
- 11 May 2009 19:16
- 331 of 1234
Looking forward to hearing from PCI tomorrow
hermana
- 12 May 2009 08:18
- 332 of 1234
BOC is not turning for the vino and lunch....
grevis2
- 12 May 2009 09:14
- 333 of 1234
Some nice buys going through this morning.
grevis2
- 12 May 2009 09:58
- 334 of 1234
From another BB this morning:
Petroceltic
PCI LN
An in-form stock; impending
multi-well programme to
maintain momentum
Caren Crowley
+353 1 6148923
caren.crowley@davy.ie
Petroceltic has licences in Algeria, Italy and Tunisia. Our group valuation is quite
evenly spread across these assets, which form a well-balanced portfolio. Risk is
reduced by a healthy level of diversification and by the relative maturity of the
licences. Exploration activity on all assets is well-advanced.
Petroceltic's stock has more than doubled since the start of 2009, but there is still
170% upside to our group risk-weighted valuation of 24.2p per share. A multi-well
programme in Algeria will commence in mid-May. This drilling campaign will
continue to provide a catalyst for the stock. A successful Algerian campaign in-line
with our prudent assumptions provides 37p (153%) upside to our group valuation.
Petroceltic has some $90m in cash, and a further $47.7m is expected to be injected
into the company in the coming months. This cash will unwind any remaining
financial risk in today's share price. Petroceltic also has highly tradable equity in its
Italian and Tunisian assets. Farm-out agreements on these licences should add
value as the market will appreciate an improved chance of development success
and more activity.
For further detail, see our research report issued May 11th.
hermana
- 12 May 2009 11:04
- 335 of 1234
BOC will pump up the volume soon...
grevis2
- 12 May 2009 12:55
- 336 of 1234
Someone has just bought 500,000 at 9.5p. Does that signal something good has come out from the oilbarrel conference?
grevis2
- 12 May 2009 14:59
- 337 of 1234
Taken from another BB from someone who attended todays oilbarrel conference:
spud date sunday 17th barring any last minute glitchs ,photos of rig up and ready to go at this mornings meeting .Found BOC really confident knowledgeable guy went through the whole presentation without a pause so didnt get a chance to make many notes ,the room was packed and after his presentation 40% left ,so maybe PCI was the main event .if the presentation is on the website its well worth a read
mcgrath1958
- 12 May 2009 16:34
- 338 of 1234
Well grevis2 , your be happy that a very big 6 Million etc buy just gone through at 16.25hrs , so someone is feeling confident about forthcoming news soon !
hermana
- 13 May 2009 06:15
- 339 of 1234
mc,this drill is an appraisal..