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

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!

From another BB:

New broker notes now on website:

http://www.petroceltic.ie/content/uploads/090511_davy_note.pdf

http://www.petroceltic.ie/content/uploads/090512_mirabaud_note.pdf

Marni,the oil and gas bix is a wee bit different!

Taken from Mirabaud report of 12 May 2009. Link shown above:

Valuation: BUY recommendation; 15p price target
We have calculated a risked core NAV of 13.8p per share based on a discounted cash
flow analysis of the groups core assets in Algeria, including the Ain Tsila ridge, using
a 10% discount rate and a long term Brent oil price of US$75/bbl flat nominal.
Despite being risked conservatively (at 20-40%), our core NAV offers 66% upside,
and on an unrisked basis is four times the current share price. As such, we believe
that Petroceltics shares represent excellent value at these levels, moving into a
period of active drilling, which could substantially de-risk our core valuation.

I like the mention of "....our core NAV offers 66% upside and on an unrisked basis is four times the current share price...." Just wonder whether the latter is at all possible?

Grevis,if Isarene comes close to seismics then it is possible imho but best to wait for results before popping the old DP!

What's DP, deadly poison?

GR,a potion of pleasure called Dom Perignon!! Mine is on ice for results of drill 1,hopefully mid June.

relative to Cristal, yes

sp climbing again after mms "tree shake", await spud announcement.