New Projects and good prospects. will be the winner in 2004. IMO
25p in early 2004

RNS at 7am confirms PCI awarded the isarene permit(blocks 228/229a)
in Algeria with great potential.

Morning all,

Cracking start to the day! That's a major coup for PCI getting that licence!

"Information provided by Sonatrach (the Algerian State Oil Company) states that
there are existing discovered reserves of 380 billion cubic feet (bcf) of gas
with possible resources in excess of 4 trillion cubic feet of gas (tcf) and of
more than 400 million barrels of oil in the Isarene permit."

So add that to the potential 400mbl they hope to find in Tunisia already and that adds up to a lot of oil!

Also like this part:

"Brian Cusack, Chairman, commented 'This successful tender represents a major
milestone for the Company. It is a major achievement to be invited to
participate in the bid round and more pleasing to be successful at the first
attempt. It reflects the growing reputation of the Company in the Mediterranean
area. I believe that the hydrocarbon resources in the Isarene Permit area will
increase the value of the Company and its portfolio and also present significant
upside potential. It furthers the Company's strategy to acquire acreage with
substantial upside in the short term at not great cost. The Company is
considering an aggressive drilling strategy in 2005 to prove up the potential of
the area."

Here's to a great day and times ahead!

Morning! Time to take profits?

Wouldn't have thought so Grevis. Oil prices still rising, showing no signs of slowing down, Yukos and Russia having a bit of trouble to say the least and PCI seem to be on the right track! I'm not for selling!

why would you sell a share that is going up?

Tempting!

Nothing wrong with taking a profit. But depends what level of profit you're happy with and what you feel the future holds.

Just found this on the Telegraph:

"Bid rumours were rife for oil and gas explorer Petroceltic. It jumped 2 to a 12-month high of 16.5p as volumes reached 12m shares."

I would assume this means the Algeria bid and not an actual bid for the company?

So it means that they have been awarded for definate the permit or they have to keep on bidding. Soz im not that conversant with this

Xmortal: From the RNS:

Petroceltic International Plc is pleased to announce that it has been awarded
the Isarene Permit (blocks 228 & 229 A) in the 5th Algerian International
Licensing Round which closed yesterday.

Reading that, to me it reads that they have been awarded the permit for that area. Should there be a 6th round, then I think PCI would be able to bid for other areas as well.

HOT STUFF!!!

WE LOOKING 20P MARK TODAY

Just found on Business World :

Petroceltic wins Algerian gas licence
Thursday, July 29 09:05:51

(BizWorld)

Petroceltic has been awarded major gas blocks in the fifth Algerian international licensing round.

The company has been awarded the Isarene Permit (blocks 228 & 229 A) which covers more than 10,000 sq kms.
"Six wells already drilled in the blocks have flowed gas of up to 25 m cubic feet a day," the company said, adding that other wells drilled in the northern permit area have had oil indications.


Information provided by Sonatrach, the Algerian state oil company, states that there are existing discovered reserves of 380 bn cubic feet (bcf) of gas with possible resources in excess of 4 trillion cubic feet of gas (tcf) and of more than 400 m barrels of oil in the Isarene permit, it added.

"The company is considering an aggressive drilling strategy in 2005 to prove up the potential of the area," said chairman Brian Cusack.

The company said it believes that shallow drilling depths and the nearness of the location to an operating major gas infrastructure means the resources can be proved up and commercialised quickly and at a relatively low cost.

The Isarene permit will be operated through a production sharing contract with Petroceltic and Sonatrach as 75 pc/25 pc partners, respectively.

IT SHOULD GO TO 20P AT LIST TODAY,TOMOROW WILL BE VERY GOOD

I GOING TO TOP UP AGAIN,,MORE GOOD NEWS ON THE WAY GUYS,,

From RTE News:

Petroceltic wins major gas blocks in Algeria

July 29, 2004 12:53
AIM listed oil and gas exploration company Petroceltic International has been awarded the Isarene Permit (blocks 228 and 229A) in the fifth Algerian International Licensing Round, which closed yesterday.

The permit covers over 10,000 square kilometres in area and is located in the prolific Illizi Basin of southern Algeria. This basin contains giant producing oil and gas fields.

The Isarene permit will be operated through a production sharing contract with Petroceltic and Sonatrach, the Algerian state oil company, as 75-25% partners. The company has a commitment to drill one well, starting in September. It is also reviewing plans to drill a number of wells next year.


Sonatrach says there are existing discovered reserves of 380 billion cubic feet of gas with possible resources in excess of 4 trillion cubic feet of gas and of over 400 million barrels of oil in the Isarene permit.

The target reservoirs are at shallow drilling depths and the permit area is less than 100kms from established and operating major gas infrastructure. Petroceltic says it believes the resources can be commercialised quickly and at a relatively low cost.

Petroceltic's Chairman Brian Cusack says the winning of the permit reflects the growing reputation of the company in the Mediterranean area. He said the move furthers the company's strategy to acquire acreage with substantial upside in the short term at not great cost.

He added that Petroceltic is considering an aggressive drilling strategy in 2005 to prove up the potential of the area.

Got a mention in The Times today
under Talking points

Morning all. Someone has just dumped 2.5 million.

Morning all,

Thanks for that Patsym. Will look for it.

Markets



July 30, 2004

Talking points



Smaller stock to watch



Petroceltic International, the AIM-listed oil and gas vehicle, added p to 17p, on securing its largest permit after a licensing round in Algeria. It was been awarded the Isarene permit, which covers 10,000sq km in the south of the country. Other successful bidders included larger oil majors such as Statoil, Repsol, Sinopec and BHP/Woodside.