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

Rooandu - agree with what you said. I'm not interested in selling at 18p, holding out for a much better price hopefully. Could have sold at 18 and bought back yesterday and increased the amount of shares I have. But im not a trader, would rather hold than trade. Lots of potential here re Tunisia and Algeria. The problem with trading a share like this is what happens if you are on the sidelines waiting to buy in and news is released, sp will be moved up very quickly if news is good and you end up paying more to get back in.

"The problem with trading a share like this is what happens if you are on the sidelines waiting to buy in and news is released, sp will be moved up very quickly if news is good and you end up paying more to get back in."

A very good point. I am holding a core block of x shares and trading up to an additional 2x.

If they start to rise the whole 2x goes in and 1.5x is sold if they make a decent (20+) price, cutting the potential reward if they soar, but also cutting the risk of major losses on a very chancy share. If they hit 15p, and they're heading that way, I am going in with the 2x because I don't see them getting much cheaper.

That's my theory, for what it's worth.

Chinapete - thats a good strategy. You probably hold a lot more shares than I do so what you're saying makes a lot of sense re risk/reward. I got in at 7ish and more at 11ish so am happy holding right now. Right now, Im happy with my level of risk/reward in this share. Should that change, I would probably sell some but keep some as well.

Ther seems to be support at the 15+ level today. Anyone got an opinion on when we might get some drilling news?

Chinapete - I emailed the company this morning asking if drilling had started or if not, could they give me a date when they would be starting. Not had a reply yet. When I get one I will post here with any details. As far as I know, drilling was meant to start in Aug, but read in a few places that it might be in Sept.

This is part of an article dated 30/6/04 from Oil Barrel.com:
"The new acreage fits well with the companys existing properties offshore Ireland and onshore Tunisia. These are exiting times for the company, said Cusack, with drilling expected to get underway on two structures in the 7,000 sq km Ksar Hadada exploration concession in southern Tunisia within the next six to eight weeks. The drilling campaign in Tunisia has the potential to transform Petroceltic: the Sidi Toui structure alone could hold up to 400 million barrels of recoverable light crude."

So perhaps drilling will start end Aug start Sept at the latest.

Cheers

Gav

much obliged

cp

lots of sells this morning and a staedy decline over the past few days. wilkl we ever get to 25p?

well, looks like some are getting out - taking profits? but half as much again are buying back in - is it MM driving price down awaiting drilling news later?
wish I had some spare cash to buy at the lower value - surely if pci hit oil, whatever the barrel price at the time its worth a lot of beans given the current climate?

few oil explores starting their drillings in August are down, notably HNR, PMO, SEY and wpl.ax. these are just MM tactics. Hold on or if poss add more to your portfolio. Even DES is trailing down on 3D seismeic results.

i am very new to this and am getting into investing into these energy stocks as they are pretty exciting.
i am just concerened that on these boards there seems an absolute confidence that drilling results will be positive and all the people selling before these results are somehow mislead.
do these companies ever produce negative results? i am sure it happens all the time.
i am holding on for the results in a few of these companies PET, PCI, PRE but there doesn't seem much confidence at the moment as they are all falling.
i am not sure exactly how mm's earn their corn but they can't be blamed for everything surely. they have to get it right some of the time

agree with xmortal....hold on there.....your patience will be rewarded.....predrilling/drilling news can't be too far around the corner. PCI may drop and may fall even further....but watch the bounce as it will come.....and all this will be history...

oh i am holding as i am the eternal optimist also. you guys seem to really know what you are on about so that gives me some hope. whether this will make me any money, we will wait and see

PCI has been flavour of the past couple of months so expect volatility.

Personally, went long earlier and would likely add down to 13p. Any less and I'll stop out.

I don't add, top up, etc. If it's going down, I'm gone.

Just topped up again. Hang in there Mates, the darkest hour is just before the dawn! When the hell are they going to start drilling?

Bit suprised to see Al in here......and ramping :-)(ever so slightly) Not a Bot is it?? I thought to enter at 14.75p or under. Now I will wait for the bottom. Could go lower.....don't know why, 'cause It's coming back up for sure. (sic) dyor.
regards

patience all..............anticipate info within next 2 weeks but could be beginning of Sept, no one really knows.........but be assured, it will come and when it does, brace yourself cause PCI ARE GOING TO FLY!!!!!!!!!!!

Reading rooando, I noticed my previous post. "Could go lower than the bottom"? Now that's fecking low. Anyone picking these shares up with a minus in front of them......good luck. Charge them to your overdraft account....."a bank with it's head up it's arse"??....the ABBEY right????.....Is that lible?...only if your a liar.....is this.........Bail out now baby, whilst your in front......"I am?"...can I buy more??....gawd.............................
regards

teletigger

I turn up all over the place! ;-))

Took a wee long early today at 14p on the basis it is currently oversold in an uptrend. May be premature so am prepared to add down to about 13p mid. Any lower and it's a short for a further 2p drop with the potential of 8-9p if it really drops off a cliff and the sector tutns.

As you know, I don't really care about what the fundie prospects are. I've long bought and sold stocks in this sector, having worked in the oil business for 23 years, and it comes and goes in and out of fashion at the drop of a hat - not a sector to buy and hold IMO after the run it's had. You can get burned big time and wait years for a return to fashion. In actual fact, I'm becoming more bearish on the small cap oils in general. They've had a fantastic run, but most are definitely running out of steam. How many have dropped back or treaded water in the past 4-6 weeks despite oil's onward march?

Makes you think.

Have fun!

Al
;-)

this is not PCI.............prove me wrong..........but it will fly............
soon.......hold out there.

good morning all

Petroceltic signs drilling contract for Tunisian well
AFX


LONDON (AFX) - Petroceltic International PLC said it has signed a contract with Great Wall Drilling Co (Tunisia) for the GW 92 land drilling rig for its Sidi Toui 3 Well in the Ksar Hadada Permit Area in southern Tunisia.

In a statement, the company said the contract is for one well with a second well option which can be exercised during the drilling of the first well.

The Great Wall rig GW 92 is currently working in Tunisia for the Austrian oil and gas company OMV. This work is expected to finish over the next few weeks after which the rig will mobilise to the Sidi Toui 3 location to commence drilling for Petroceltic.

Petroceltic has a 100 pct working, or a 95 pct net interest in the 7,500 square kilometres Ksar Hadada Contract Area through a

Production Sharing Agreement with ETAP the Tunisian state oil company.

newsdesk@afxnews.com

ra