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

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.

for what it's worth, absolutely huge volume today = 14.5m vs norm of 1.75m

From another BB:

3 Jun'09 - 16:06

Nothing really new but here is my take on AGM

With relation to present drill at INE only comment was its approaching the end, whatever you take from that.

With relation to Takeover BOC stated that we plan to continue on as a company and Acquirer.

It seems that Sonatrach are really in control of things dictating as to when news can be released and when not.

As of yet NO contract has been entered into with regards drilling in Italy but things should be underway in the latter half of 2010 or 2011.

In giving reasons for the new share issue it would appear that Iberdrola are very interested in taking up on their option on the Algerian permit but this must be first sanctioned by Sonatrach, BOC mentioned also that should permission not be given that there is a possibility that Sonatrach may also be interested in covering this option themselves.

On Tunisia they are actively looking for a farm in partner, and they dont expect drilling until 2010/2011.

Although they are looking at an acquisition there is no news to report at the moment.

As stated by BOC it is a requirement by all listed companies to report by RNS all market sensitive info and that would be done. I felt this contradiction to sonatrach controlling the news flow, but however.

A number of questions were asked by the floor but nothing too important. All the best, N K

BOC holds a few aces at Isarene which of course is no secret to Sonatrach and who knows what Iberdrola knows?

INDEPENDENT.ie:

Thursday, June 04 2009

Petroceltic optimistic about future prospects for extensive portfolio

By Pat Boyle

Thursday June 04 2009

Irish investors have always had a liking for penny shares, particularly those focused on the exploration sector. The logic is that they can give a decent return for relatively small outlays -- as long as you have the patience and live long enough to see it.

Shares which have been busily adding value over the past year are those of Dublin-based Petroceltic.

This company has been chipping away for years in the Mediterranean area, including Italy and North Africa, with relatively little success.

But things have taken off recently, notably with the arrival of Brian O'Cathain in the chief executive's chair. The former head of Enterprise Oil and Gas in Ireland when the company found the Corrib gas field, O'Cathain subsequently worked with Tullow Oil.

The group has recently announced a share placing which will bring in a total of 27.5m, leaving it well funded for active exploration programmes in both Algeria and Italy throughout 2009 and 2010.

These programmes are aimed at appraising discoveries already made in both areas but will also extend operations into new exploration prospects.

Company chairman Andrew Bostock says he is optimistic that this programme will start to unlock the value Petroceltic believes exists in its extensive portfolio.

In the last year, the company has "embarked on a journey of significant change" he told shareholders at an annual general meeting yesterday.

"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.

More importantly he offered shareholders the prospect of plenty of exploration drilling over the coming year and said "we can now look forward to an exciting period of enhanced news flow in the period between now and the next AGM".

News flow is everything to companies like Petroceltic as it keeps the company in the public eye.

Brian O'Cathain, told the meeting that this year's Algerian drilling programme is focused on prime locations identified in an 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 under way will appraise this potential," he said.

The current programme envisages a total of five to seven wells in Algeria and with more drilling slated for Italy in 2010, there should be plenty of news flow to stimulate interest in the stock, which has climbed from 3 cent to 13 cent in the past year -- a rise of 310pc.

- Pat Boyle

Davy Research
Issued: 11/05/09
Price 11p
Target: 24.2p

All resolutions were passed at Petroceltic's AGM to allow the completion of the second and third tranche of the recent 27.5m placing.

Petroceltic is currently drilling a well in Algeria, the first of a five-to-seven well
drilling campaign to appraise the gas potential of the Isarene licence, located in the
Illizi Basin in southern Algeria.

One of Petroceltic's main attractions for us is that the investment angle works both
at company level and from a more top-down approach. For instance, Europe needs
Algerian gas to meet future demand and energy security concerns. To highlight the
latter point, the Russian prime minister is reported as saying that Russian gas transit to the Ukraine will cease in June if gas bills related to winter storage are not paid.

Plodding along here in long runup to Isarene results. Need news on other fronts pronto.

The Company received a notification on 2nd June 2009 from RAB Capital plc
stating that RAB Capital plc has an interest in and is the registered holder of
54,508,546 ordinary shares which represents 4.71% per cent* of the Company's
issued ordinary share capital.

important RNS just out - see Newswatch

Cynic,Big Brian is delivering here!!!

but sp isn't!

Cynic,this is a slowly slowly catch the monkey share. Davy have put out a 24p per share risk weighted valuation today.

Davy Stockbrokers:

Petroceltic
PCI LN
Tunisian farm out
Caren Crowley


Petroceltic has farmed out some 30% of its 57% interest in its Tunisian permit to PetroAsian Energy, a listed company in Hong Kong. The farm-out is in-line with assumptions used in our valuation of Petroceltic. Importantly, it kick-starts activity on the Tunisian Ksar Hadada licence.

In return for equity, PetroAsian Energy will pay Petroceltic's share of the costs of drilling and testing of two exploration wells and the acquisition and processing of 100km of 2D seismic data. The gross cost of the seismic acquisition and two-well programme is up to $14.5m. Seismic acquisition is expected to complete in 2009 while drilling is scheduled to commence in 2010, subject to rig availability.

Our risk-weighted valuation for Petroceltic's ultimate equity in the Tunisian licence is 3.2p per share. Unrisked, our valuation becomes 40p per share. Recent exploration success in neighbouring blocks in Tunisia and Libya are encouraging for the forthcoming exploration campaign on Petroceltic's Ksar Hadada licence.

Our risk-weighted group valuation remains some 24p per share, more than double the current share price.

from Dolmen...


Petroceltic : Buy Current Price (0.10) Price target (0.13) Analyst : David Dunk

Petroceltic has announced a farm-out of its Tunisian Ksar Hadada onshore oil & gas exploration permit. PetroAsian Energy Holdings, a listed company in Hong Kong, will receive a 29.93% stake in the licence from Petroceltic. Petroceltics stake in the licence drops from 57% to 27.03%, and will continue to act as operator. In return, PetroAsian is committing to the drilling of two new exploration wells, in addition to the acquisition and processing of 100km of 2D seismic data, at no cost to Petroceltic. Petroceltic values the capital commitment of these works at up to $14.5m. Petroceltics co-venture in the permit, Independent Resources, is similarly participating in the farm-out agreement, and is farming-out a 21.03% stake of the permit to PetroAsian. The news is positive for Petroceltic, as it allows for an earlier than expected drilling of the Tunisian licence, and at no cost to the company.

http://www.dolmenstockbrokers.ie/reports/9th%20June%202009.pdf

Caren is a wee Beauty!!

i believe in this company enough to have bought another slice, so in a way was quite happy for sp to be a bit depressed

Nice one--Boc is the man!! If it stays down we have a chance to keep topping up.

MP.it will rise once we sober up from all the Sangria!!!!

Petroasian Energy Holdings Limited Formerly known as China Oil Resources Holdings Ltd. The Group's principal activities are manufacturing and selling paints and blended solvents, plastic colorants and chemical materials. Other activities include investment holding and exploiting and selling crude oil. Operation of the Group are carried out in Hong Kong and in People's Republic of China.

Grevis,heavy hitters onboard!