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

Just topped up again looking good for next week.

Well done halifax. I have done the same. I would hate to be left out in the cold at the turning point in PCI's history.

Closed at mid price of 11.25p. Won't be long before we break above 12p.

Are we above the 12p yet ?

just joking... it's looking good !

From another BB and from a chap who seems well connected and has so far been pretty accurate with his information.:

"Just had confirmation that they are starting to drill early Sunday morning. Congratulations to all holders.

Regards

Mulligan"

starting to drill is akin to pulling the lever on a one-armed bandit ..... not quite fair i know, but it's a long way from hitting the jackpot

7 wells to drill, it is quite possible that the first one could be a duster, and one or two others as well....but with 7 or more there must be a big chance of them hitting something so : on spudding : a sp rise...if they encounter gas or oil : a substantial rise, but if the first well is a flop this will tank followed by recovery for the second spud....patience is needed for this one....!.

I agree with you rf. I therefore cashed in yesterday the shares I bought at 5.5p & am going to let the 7p & 8p ones ride. A duster is very likely imo along the way & will be easy to buy cheaper then.

Yes, need to keep a sense of realism here... I've been in quite a few promising shares only to see them dive/ disappear due to dusters ! hopefully it'll be different with PCI !

Point taken, there is always a need to be realistic. But, people who buy this type of share are not buying into established oil majors; they are looking for something much more exciting and indeed speculative. PCI has managed to extract a vast amount of money from Iberdrola and many, yet to be announced institutions for their forthcoming exploration. They are drilling into areas with known discoveries of gas that were ignored in the past when oil had been their goal. Iberdrola wants that gas for the pipeline with which they are involved. They know where the deposits are and are using new and proven technology to identify the most promising targets. I think we are in with a good chance here but would caution that with all exploration companies we are gambling and the rewards are uncertain, but it's no good crying after the event and saying "if only I'd taken a chance!"

As a poster on another BB said this morning:

"A few might be tempted to sell if the share price moves up to 12-13p on Monday, but I think that would be a serious mistake. With BPs success in the neighbouring fields, there is a better than even chance that PCI will realise the enormous potential which their plot offers. Patience will pay handsomely here imo."

Another member posted this interesting link:

http://quote.barchart.com/texpert.asp?sym=PCI.LS

exciting does not preclude taking prudent profits ....... i have actually cashed in 1/3 of my holding and may sell a further 1/2 of the remainder ...... if i sell early, so what, but there is nothing as galling as seeing a fat profit turning into a fat loss

cynic: I cannot disagree with your strategy. We all have a different attitude to risk and it is sensible to lock in profits on the way. Trying to determine when to sell or buy is not always easy. There is definitely more mileage in this stock, but people will come to their own conclusions as to the right time to move in or out. When exploration gets underway, excitement tends to build in anticipation of results that are yet to come. Speculation on what these may be can cause wild movements in share prices and it is the nimble fingered who can come out on top. One could buy into so called blue chips but quite frankly many of those have lost people a fortune over recent times. Fortunately I went liquid as the banking crisis developed and was able to attack this recent stock market rally with all guns blazing. One could therefore argue that I can afford to take a gamble. However I only invest where I feel there is good upside potential. I like the new management of PCI and with a successful firm like Iberdrola backing them, it gives me confidence for a successful outcome to their forthcoming endeavours. However, people should not forget that exploration companies are not for widows and orphans or those with a nervous disposition.

i do not dispute the potential at all, but as an active trader, i am glad to be in the position of being able to bank some decent profits while still leaving myself an adequate stake and having the firepower and balance to my portfolio to be able to buy back in as and when the time seems right

Just so cynic. For those who are still inclined, I have revisited Davy's recent report which some may find of interest:

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.

sk,getting better by the day here.

Spud RNS likely early doors here!

Davy.

Petroceltic

PCI LN

Drilling campaign kicks off

Job Langbroek


Price 11p Target: 24.2p Issued: 11/05/09 Previous: 22.5p Issued: 30/06/08

--------------------------------------------------------------------------------

Petroceltic's drilling campaign in the Isarene permit in Algeria has commenced. The INE-2 well, in which Petroceltic has a 75% stake, started drilling on May 16th. The second well in the programme is expected to start in four to five weeks. No testing of this well will take place until the whole drilling programme is completed. This will be the case for each well, with testing taking place in a cost-effective batch process. First news from the testing programme is expected to be available in September.
The first well will be a relatively shallow target and kick starts what will be a very active period for one of the best-funded E&P stocks on the market. We see a risk-weighted valuation for the group of 24p per share with the current drilling campaign a major value catalyst for the stock.

Should be at TD on drill by now...

I seem to remember that they were not going to issue a RNS every time they reached certain stages. They were just going to report once the test results were available for a number of wells (possibly to ensure stability to the share price?)

AGM tomorrow an opportunity for an update for holders here.