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

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.

have just topped up this morning at 10.5...... interestingly, IG have reached their internal limit

well timed trade too.

Talk of move to well 2 here!

http://www.lse.co.uk/ShareChat.asp?ShareTicker=PCI&share=petroceltic

Smoke is rising mi amigo!

Rising like a horny jack russell here. AGM should be interesting...

Think you need to get out more, hermana... lol

BL,when she hits the quid I will never be in!!

The following was posted yesterday and seems to have been responsible for the rise in PCI. Mulligan has been very accurate so far and many seem to trust his postings. If he is right and I have no reason to doubt it, then there could be an announcement at today's AGM.

2 Jun'09 - 14:26


Good news from Algeria. They have already finished drilling the first well and are moving on to start drilling the next one.

Looks like they have found substantial gas down there. Currently inserting a line down.

Congratulations to all holders.

Regards

Mulligan

We should get an AGM statement by the end of today. It will be interesting to see what it contains.

RNS Number : 2968T
Petroceltic International PLC
03 June 2009


Dublin: 3 June 2009

PETROCELTIC INTERNATIONAL PLC

Annual General Meeting

Petroceltic International plc ('Petroceltic' or 'the Company'), the upstream oil and gas exploration and production company focused on North Africa and the Mediterranean is pleased to announce that at the Annual General Meeting of the Company in Dublin on 3rd June 2009, all of the resolutions put to the meeting were passed.

Speaking at the Annual General Meeting, Andrew Bostock, Chairman, said:

'I am pleased to be able to report that all of the resolutions at today's AGM have been approved, including the recently announced share placing, which will now proceed to completion. Petroceltic has raised aggregate gross proceeds of 27.5 million from this placing and is now well funded for active programmes in both Algeria and Italy throughout 2009 and 2010. These programmes will appraise the extent of discoveries already made in both areas and also extend our operations into new exploration prospects. We are optimistic that this programme will start to unlock the value which we believe exists in our portfolio.

In the period since the last AGM, we have embarked on a journey of significant change in Petroceltic. The start of the multi-well appraisal drilling programme in Algeria, just three weeks ago, was a major milestone and would not have been possible without the underlying improvements to our Company made at board, operational and financial levels over the last 12 months. We should also not underestimate the importance of the huge amount of work that has been put in, both in Dublin and on the ground in Algeria, to ensure that we are fully prepared for drilling, not least last year's very successful acquisition of a large seismic programme.

It gives me great pleasure to be able to report that having now got the preparation right in Algeria and with drilling in Italy likely in 2010, we can now look forward to an exciting period of enhanced newsflow in the period between now and the next AGM.'

Brian O'Cathain, Chief Executive, told shareholders at the meeting: 'This year's Algerian drilling programme is focused on prime locations identified in the extensive 3D seismic survey completed in 2008. The discoveries made by ourselves and earlier operators have the potential to deliver substantial reserves of gas and to prove up significant oil prospects. The drilling now underway will appraise this potential.

Drilling of the INE-2 well on our Isarene permit has been underway since mid-May and we expect a second well to commence during June. The current programme envisages a total of 5 to 7 wells in Algeria. Subject to the Company's regulatory announcement obligations, first test results are expected to be available in September in accordance with the announcement provisions of the Production Sharing Agreement with our co-venturer Sonatrach.

Funding from the placing has also enabled the Company to accelerate the Italian exploration and appraisal programme. We are now preparing for the drilling of up to three wells on our Italian acreage during 2009/10' Mr O'Cathain added.

The remaining shares relating to the 27.5 million share placing announced by the Company on 30 April 2009 will now be issued in accordance with the terms set out in the circular accompanying the notice of meeting, subject only to the admission of these securities to trading on AIM and IEX. It is expected that admission will occur and that dealings in the Second Tranche Shares and Third Tranche Shares will commence on AIM and IEX on 8th June 2009. Following the admission of the new shares, the total number of shares in issue in Petroceltic will be 1,358,261,049.

The meeting today also passed a resolution enabling communications with shareholders to be conducted electronically in future.