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

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.

Cheers Patsy. Quite a bit of press attention the last few days. Hopefully we will get some more over the weekend.

I might even drink to that (tonight of course)

Think I may be tempted to have a drink myself tonight! Just found this from the Lebanon's Daily Star:

8 Algerian oil exploration bids awarded

By Daily Star Staff

Friday, July 30, 2004


BEIRUT: Eight out of 10 perimeters in Algeria have been awarded to foreign oil firms after the fifth exploration bid during a ceremony attended by Algeria's Energy and Mining Minister, Chakib Khelil.

19 bids were made by 14 international petroleum companies, including 3 consortiums. Stiff competition was focused on the Hassi Mouina perimeter, with 7 bids, with Statoil coming out on top.

The second most attractive perimeter was that of Gassi Chergui West (Berkine), with three bids, won by Repsol-Gas Natural consortium.

As for the remaining perimeters, Ksar Hirane went to BHP-Wood Side consortium, El Mezaid to CNPC (China), El Hadjira and Guerara to SINOPEC, Aghreb to Amerada Hess, while Isarene was awarded to Petroceltic. The perimeters failing to receive any bid were Melrhir and Agreb in the south-west.

Commenting on the process, Khelil described the results as "excellent," adding it was the best ever outcome since the implementation of the bid process. - The Daily Star