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

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!

Nice flurry of buyers towards the close.

RNS Number : 6624T
Petroceltic International PLC
10 June 2009

Petroceltic International plc ('Petroceltic' or the 'Company')

Holding in Company

The Company received a notification on 9th June 2009 from Capital Research and Management Company ('CRMC') stating that CRMC has an interest in and is the registered holder of 68,700,000 ordinary shares which represents 5.06 per cent* of the Company's issued ordinary share capital.

Lucky lot too!

all we need now is some positive news from Algeria, but good to see the institutions taking some interest

all we need now is some positive news from Algeria, but good to see the institutions taking some interest

From another BB today. Sounds encouraging if true:

Algerianexpats
Everyone needs to stay calm lads. The well 1 is good and that is from a Sonatrach employee. Our contact with them is trying to find more details from their top management but nothing as yet. All we can say is we are still buying probably of the stop loss numpties but one mans loss is our gain. All of our earlier predictions are still good if not better as the Tunisia project has now been de-risked. Hang in and keep buying if you have the money. By the way between us we are holding>3million.8

RNS Number : 7001T
Petroceltic International PLC
10 June 2009

Petroceltic International plc ('Petroceltic' or the 'Company')

Holding in Company

The Company received a notification on 10th June 2009 from BlackRock Group stating that BlackRock Group has an interest in and is the registered holder of 102,475,000 ordinary shares which represents 7.55 per cent* of the Company's issued ordinary share capital.

* This percentage shareholding is based on a shares in issue figure of 1,358,261,049 ordinary shares.

Dublin: 10th June 2009

This information is provided by RNS
The company news service from the London Stock Exchange

END

I have a lot of respect for Blackrock. Their BRMW is one of the top performing resources investment trusts. That's really positive news.

Grev,things getting interesting!!

hermana: Long may it continue!