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

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.

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.

Hermana

Fill coffee flask and have potty at the ready for this coming week

Should be a more exciting and constructive week and time to get this stock moving forward again. Good luck!

NR,ready for liftoff here at last....

Looking forward to hearing from PCI tomorrow

BOC is not turning for the vino and lunch....

Some nice buys going through this morning.

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.

BOC will pump up the volume soon...

Someone has just bought 500,000 at 9.5p. Does that signal something good has come out from the oilbarrel conference?

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

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 !

mc,this drill is an appraisal..

PCI's conference notes are now available on their website. The following was posted on another BB by someone who attended yesterday's presentation:

"here's some notes from OB today

Algeria
* Of the 5 export routes to Europe from Algeria, 1 the MedGaz pipeline to Spain is due to open this year and is 25% owned by partner Iberdrola
* Isarene permit : reservoir already known to produce and is well known as there have been 16 wells drilled there in the past. Most were not tested or not tested properly though all logged gas as they were looking for oil. PCI's 2 wells there : one 2006 well flowed at a commercial rate of 15.3 something.Their other well was damaged so needs retesting. The appraisal drilling there is to see if wells can flow at a commercial rate. Good infrastructure and pipeline access in the area.
* rig was erected a few days ago (pictures shown - see presentration document) and will spud on or around the 17th this month
* EL Blod is a genuine oil exploration prospect and could be viable as a stand alone project; seismic has been shot
* "AinTsila Ridge vital and is the prize if the area is to be commercial". An old well there they now know missed a part of the target PCI have seen on modern seismic
* drilling to prove up commerciality and to carry licence beyond April 2010. First gas not likely till 2012
* "we believe significant gas resources there"
* first 3 wells committed, others dependant on results
* wells will be 2 to 2.5 kms deep - considered not challenging
*
* 5mmscf/d is their internal estimate of commercial flow rate threshold
* they have benefitted greatly from the work BP have done - much of it is now in the public domain so they have been able to access
*
* well testing will be done without the rig present - this avoids expensive rig days on site while testing goes on and also avoids delays in the Algerian army delivering the necessary explosives for the tests (only the army is allowed to deliver these and they take their time!)
* test results will be delayed beyond normal times as they have to be approved for release by local partner Sonatrach

ITALY
* they placed a suprising emphasis on the importance of their Italian portfolio
* "... acreage could be of interest to much larger companies"
* no rig yet for Italy; funds for seismic for Adriatic acreage (oil) and Po Valley (oil + gas)
* loads more info in the presentation

TUNISIA
* low costs there and looking to farm out oil prospect
PLACING
* will know in a week or so if Iberdrola wil take their share of the current placing (he didn't sound sure they will IMO)
* the placement funds came 50/50 from existing and new investors
* mentioned that there is a 3 year agreement that if PCI get a take over offer then Iberdrola have to accept it or make a better offer

ALGERIA Relationships
* PCI qualified as an operator with the Algerian government, by far the smallest co to do so. Only 30 out of 70 applicant co's got approved
* relationships with the govt described as very good
* govt attitude to Western co's said to be improved, perhaps because of poorish response to their last licensing round

Sorry if covering old ground here and somewhat jumbled up report - difficult to write and listen at the same time!

Thanks grevis2.,

SP moving up nicely today...

Due to spud on 17th I gather.

Small oilie minnows with assets doing fine, in fact "going great guns" you could say !.

major buying mms finding it hard to keep the sp down.

thanks grevis for info......i gave up on this years ago, its amazing its rising in probably the weakest time in our history!