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

Now has web site up and running.http://www.petroceltic.ie/pc/index.php3

Excellent news today, looks like they may go it alone now on the projects in Tunisia! should fund other projects as well.

RNS Number:0421W
Petroceltic International PLC
02 March 2004

Petroceltic International plc

Petroceltic raises #4.3m ($7.9m)


Petroceltic International plc (the "Company") has agreed to raise #4.3 million
(with a possible further #2.15 million) from the issue of new shares to
institutional investors in U.K., Ireland and France. The Company will issue
85.168 million shares at Stg5p and 42.584 million warrants exercisable before
the end of May at 6pstg.


Brian Cusack, Chairman, commented "The Company is extremely pleased to complete
this over subscribed funding and to receive support from major institutional
investors for its development strategy. The proceeds from the Placing and the
Warrant Exercise will primarily be used to expedite and expand exploration work
on its North African oil and gas assets, which give Petroceltic access to
significant potential hydrocarbon reserves.


In addition to its previously announced Sidi Toui appraisal prospect in Tunisia,
the Company has identified a second structure on its Ksar Hadada licence in a
similar geological setting. The structure is near to a previous oil discovery.
While not as large as Sidi Toui, it has many similaritiesand has an equivalent
risk profile. Further work is being conducted to assess the possibility of
drilling this prospect in addition to Sidi Toui this year."

The Company has entered into arrangements to place 71,882,768 ordinary shares of
Euro0.0125 each in the capital of the Company ("Ordinary Shares") at Stg#0.05 per
share (the "Placing").


In addition, pursuant to the exercise of warrants, the Company has allotted
13,286,186 Ordinary Shares at Stg#0.05 per share ("Exercise of Warrants"). The
Exercise of Warrants follows the repricing and assignment to new investors of
warrants over 13,286,186 Ordinary Shares that had been retained by the Company
following the previous exercise of such warrants, as announced on 3 October
2003.


In conjunction with the Placing and Exercise of Warrants, the Company will
allocate conditional warrants over 42,584,477 Ordinary Shares (the "Conditional
Warrants") with an exercise price of Stg#0.06 per share. The Conditional
Warrants, which will not be tradable, are being issued on the basis of one
warrant for every two new Ordinary Shares allocated.


The Placing and Exercise of Warrants have been arranged by Davy and will raise
Stg#4.3 million before expenses and before any possible future proceeds from the
issue and exercise of the Conditional Warrants.


The issue of the Conditional Warrants is subject only to the passing of certain
resolutions, at the Company's next annual general meeting (currently planned to
be held in late April 2004), to grant the Company the necessary authorities to
issue the Conditional Warrants. If and when they are issued, each Conditional
Warrant will be convertible into one Ordinary Share at an exercise price of
Stg#0.06. The exercise period will be for a period up to 28 May 2004 or one
month following the date of the Company's next annual general meeting, whichever
date is later.


Application will be made to the London Stock Exchange for 85,168,954 Ordinary
Shares to be admitted to trading on the Alternative Investment Market of the
London Stock Exchange. Dealing is expected to commence in these shares on 5
March 2004. These new Ordinary Shares have been allotted and will rank pari
passu in all respects with the existing issued Ordinary Shares.

Another rise today, looks set to break out over 7p tomorrow!looking good!

Petroceltic looks Interesting

A Must Read argues Stewart Dalby of oilbarrel.com for Uk-Analyst.com

As most mid and small cap oil and gas shares headed south yesterday Petroceltic International, the Dublin and London mining group turned oil explorer saw a nice surge upwards and that has continued today with the stock hitting 7.725p. The company has just started to raise up to 6.45 million pounds through a new share issue to institutional investors in the UK, Ireland and France. The company will issue 85,168 million shares at 5p to raise 4.3 million pounds and 42,584 million warrants exercisable before the end of May at 6p.

The funding adds to the 3.9 million US dollars the company has raised through the disposal of non-core interests and an earlier equity placing and will be used to "expedite and expand" exploration work on the Tunisian asset base, Brian Cusack, Executive Chairman of Petroceltic was clearly pleased at the warm reception. "The response has clearly been very good," he said. "We got ten new institutions and had over a 90 per cent hit rate." While it is very nice to have this institutional support, it is not just the city analysts, which like the look of Petroceltic. The shares have motored up steadily from below 2p last September because retail investors also like what they hear about the company's prospects in Tunisia.
Petroceltic has a presence in Ireland. Its coffers are boosted by an annual cash flow of about US$400,000 from an ongoing royalty from the Marathon Oil- operated Kinsale gas field in the Celtic Sea offshore southern Ireland. It also has an interest in the East Kinsale area, which lies immediately to the south of Kinsale. Cusack told Oilbarrel.com that Ramco's recent problems at the nearby Seven Heads gas field cast no aspersions on the two prospects it has identified at East Kinsale. He said:

" We hope to be a mirror of the Kinsale field itself - we are in the same sands as Kinsale and there is no geological comparison with Seven Heads."
But Tunisia is Hotter
But it is the Tunisian acreage, which has got pulses racing. There it is a 100 per cent ( 95 per cent net) operatorship of the 7000 sq km Ksar Hadada block onshore Tunisia, adjacent to the Libyan border. There are several major structures on the block. The main attraction is a potential 400 million barrel Ordovician structure - known as Sidi Toui - which yielded oil when a test well, ST-1, was drilled on the flank in 1958. Seismic was subsequently conducted over the area but no further exploration work was done. The shallow nature of the structure should allow for a cheap (c 1.5 million dollars) appraisal later this year. Cusack told us that he will be drilling one or two wells in the third or forth quart of 2004.

The second, as yet unconfirmed well would be a probe on a second structure on the licence in a similar geological setting. This has only recently been identified. You never know until you drill. Petroceltic's own model for Sidi Toui is that there could be a risked value to the company at a Net Present Value discounted at 10 per cent of 173 million pounds or 50p a share. This assumes P50 reserves of 400 million barrels of oil and 160 cubic feet of gas, production of 50,000 barrels of oil a day and a 20 dollar a barrel oil price. But this is just Sidi Toui.

On the new structure Brian Cusack says: "While not as large as Sidi Toui, it has many similarities and has an equivalent risk profile. Further work is being conducted to assess the possibility of drilling this prospect in addition to Sidi Toui this year." But the prospect of one or more company making discoveries has been advanced by news of two significant Ordovician oil and gas discoveries elsewhere in southern Tunisia this year.But, to repeat, you never known until you drill.

Key Data
EPIC: PCI
NMS: 10,000
Market: AIM
Spread: 7.6-7.85p

it really surprises me that more people aren't talking about this share, especially after recent broker reports...

Quite agree MrDavis, more positive news from the AGM....this has massive potential..

Petroceltic may drill up to three wells this year


Dublin: Wednesday 21st April 2004

At the Petroceltic International plc AGM held in Dublin today Brian Cusack , Executive Chairman, said that the recently completed evaluation on the Sidi Toui oil prospect in Tunisia was, "very encouraging".

He confirmed that the company anticipates drilling a well on the prospect by August. He said "The Sidi Toui structure is very large and could be capable of holding up to 400m barrels of recoverable light crude oil. We are satisfied that there is a significant amount of oil in place and are drilling to establish the extent and the recoverability of this resource."

Mr. Cusack told shareholders that Petroceltic had recently identified a second major structure "Oryx" within its "Ksar Hadada" licence area in Tunisia. Oryx is close to Sidi Toui and though smaller it has similar geological characteristics and risk profile. Oryx may also be drilled by the end of the year.

Regarding Petorceltic's interest in the Celtic Sea, Mr. Cusack said that the company is very encouraged with the outcome of the reprocessing and interpretation of the seismic data over the licence area. "The results indicate that the main structure "Old Head of Kinsale" may be a mirror image of the nearby Kinsale Gas Field operated by Marathon Petroleum. The Old Head of Kinsale structure has the potential to contain gas reserves in excess of 40% of the Kinsale Gas Field. It confirms our view that this prospect could be a company maker". The company is examining options to fast track the development of this prospect and is discussing plans and opportunities with its partner. We are encouraged that there is an intention by another licence holder to bring a drilling rig to the Celtic Sea this summer. Petroceltic has a 38% interest in a three-block option area in the Celtic Sea.

In Europe the company is at an advanced state of negotiation on the acquisition of a major interest in a substantial offshore oil appraisal project. The project is in the EU Mediterranean area and provides the company with a further opportunity to achieve its objectives within its defined strategy. Petroceltic expects to be in a position to make an announcement on this project shortly.

In addition, Petroceltic is in discussions with a number of international companies on potential joint ventures in Tunisia. It is also analysing oil and gas opportunities in Algeria and Libya.

Following resolutions passed at the AGM and subject to the exercise of conditional warrants, Petroceltic will have cash reserves of $15 m to pursue these and other opportunities. " This financial strength leaves us extremely well positioned to pursue our strategy of low risk projects with high potential," said Mr. Cusack.

I like what i read about this company, I have bought some in anticipation......I like the fact they are chasing prospects in Libya & Algeria plus the regular income from their gas wells in EIRE. Give it few months after some announcements and price will double. So far the charts looks good. Good luck to all.

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Enjoy!!! 10% up Am i the only one here???

Company Petroceltic International PLC
TIDM PCI
Headline Acquisition
Released 07:00 30-Jun-04
Number 2827A



PETROCELTIC INTERNATIONAL PLC

Acquisition of stake in Italian Exploration Permits

BRG 490 and Civitaquana



Petroceltic International plc (Petroceltic), an AIM quoted upstream oil and gas company, announces that it has entered into an agreement to acquire up to a 40% interest in two permits which will give exclusive right to explore and produce hydrocarbons in two blocks, BRG 490 (offshore), and Civitaquana (onshore) in Eastern Italy.



In the offshore block, BRG 490, an oil discovery, ELSA 1, was made in the early 90s. Earlier this year, onshore and less than 2 km from BRG 490, drilling at Miglianico has confirmed the largest oil discovery in Italy in the last 20 years. Petroceltics evaluation of the geological, seismic and drilling data strongly indicates that BRG 490 shares the same geological, structural and reservoir characteristics as the Miglianico discovery, which is now in production. BRG 490 is thought to have the potential to contain 100-300mmbbl of recoverable oil.



Petroceltic has agreed to acquire an initial 15% interest from Rigo Oil, an Independent Italian oil company, with an option to increase its interest to 40% up to the time that a decision is made to drill. Rigo Oil will continue to hold the remainder of the stake in the permit, over which Petroceltic will hold pre-emption rights. Under the terms of the agreement, Petroceltic will issue as consideration 6 million warrants, which can be converted to ordinary shares in Petroceltic at Stg 9.94p, exercisable over a period of three years.



BRG 490 is situated on the Adriatic coast and the onshore block, Civitaquana, is located close by in Italys Abbruzzi province.



Brian Cusack, Executive Chairman of Petroceltic, commented:



We are extremely pleased to enter into this agreement, which fits into our strategy of acquiring low cost, high impact, appraisal projects in an established oil province. The Italian exploration and production terms are comparably very attractive and our initial work on the project has made us confident that we can conduct a successful appraisal programme in the near future.



Contacts:



Petroceltic International plc Tel: +353 1 662 7993
Brian Cusack, Chairman
Tel: +353 87 257 5476

brian.cusack@petroceltic.ie

John Craven, Managing Director
Tel: +353 86 386 2076

john.craven@petroceltic.ie

www.petroceltic.com





Binns & Co PR Ltd Tel : +44 (0) 20 7786 9600

Paul McManus
Mob: +44 (0) 7980 541 893


paul.mcmanus@binnspr.co.uk

Simpson PR

Ronnie Simpson
Tel: +353 1 260 5300




Davy

John Frain
Tel: +353 1 679 63 63




END





2004 London Stock Exchange plc. All rights reserved

Today's Leaders and Laggards
Shares in Petroceltic International rose 6% to 10.575p on news that the company has agreed to buy up to a 40% interest in two permits, which will give exclusive right to explore and produce hydrocarbons in two blocks, BRG 490 (offshore), and Civitaquana (onshore) in Eastern Italy. BRG 490 is thought to contain as much as 100-300m barrels of recoverable oil, it said.

xmortal: Other BBs are much more active on this stock. Price has just ticked up again. Now 11.10p on the offer and set to rise further. Prediction is 12p before the week is out. Hold tight and enjoy the fun.

Offer has just jumped to 11.25p. Here we go!

Up she goes again. Now 11.3p.

Today's announcement was the expected Italian tie up. More news to follow.

Reply from PCI to a recent email:

I'm sure you will appreciate that any announcements re. Drilling news and
further North African Acquisitions are of a price sensitive nature and a
such will be announced to all shareholders via the Stock Exchange. I have
your email address and will ensure that any announcements that are made are
sent to you when they come out.

I'm not entirely sure on what your assumption that PCI will release news in
June is based.

You will see that in the AGM statement made on 21 April the company is at an
advanced state of negotiation on the acquisition of a major interest, in
Europe, in a substantial offshore oil appraisal project. At the time
Petroceltic said that it expects to be in a position to make an announcement
on this project "shortly". We are still awaiting such an annoucement to be
made.

Petroceltic also said in this statement that it is in discussions with a
number of international companies on potential joint ventures in Tunisia. It
is also analysing oil and gas opportunities in Algeria and Libya. No time scale was placed on these and should these discussions prove fruitful PCI will be obliged to make a statement to the stock exchange.

Finally you are correct re Drilling in Tunisia in the AGM statement the
company said that it anticipates drilling a well on the prospect by August.

I hope this is helpful.

Kind regards,


Paul McManus

Offer is now 11.5p and rising!

Percentage Gainers

EPIC Name Price Change(%)
1 (1) PEEL Peel Hldgs. 1230.0 35 A
2 (2) LPY Leisureplay 3.75 19
3 (3) NEB Netb2b2 1.1 18 A
4 (4) TMN Themutual.NET 0.205 16 A
5 (5) XEN Xenova Grp. 11.25 16
6 (6) CLC Clinical Comp. 25.0 13
7 (7) PCI Petroceltic 11.35 13 A

June 7, 2004

Libya: The Government Hopes To Attract US$30 Billion Of Foreign Investment In The Oil And Gas Sector

By Barney Smith

When President George Bush launched his war on terror, Libya was seen as a paid up member of the so-called Axis of Evil. Thus in political and diplomatic terms it was as significant as it was unexpected when Colonel Muammar Ghaddfi, the Libya leader renounced terrorism and announced in December 2003 that he had terminated his programme of weapons of mass destruction.

The reasons for this dramatic change of attitude were complex. Doubtless the invasion of Iraq helped drive home the thought that other members of the Axis of Evil might also be potential US targets. But the decision was more likely the culmination of slow process which started with the strong US reaction to the 1986 Lockerbie bombing. This involved both air strikes and a trade embargo entailing the withdrawal of all US oil companies still operating in Libya.

The economy had already been weakened by the idiosyncratic basis on which the economy had been run since 1970 when it produced 3.3.million bpd, more than double todays production of 1.5 million bpd. So the embargo, and the sanctions subsequently imposed by the UN in 1992, had an increasingly serious impact. (A striking, though almost perhaps typical example is the decline in production of the 5 fields formerly operated by the American Oasis consortium. When they pulled out in 1986 production was 400,000 bpd. Today the figure is only 100,000 bpd. The embargo simply made it impossible to get parts for the machinery installed by the consortium.)

The sanctions also had a domestic political effect, creating a sense of frustration with Libyas international isolation. But perhaps more serious was the steady growth of the feeling that the economy was not delivering the new jobs needed by the younger generation, resulting in their increasing alienation from the regime and it principles. An outbreak of religious dissent underlined the message from events in next-door Algeria that Islam can have great attractions for those disappointed by the unfulfilled promises of Socialism.






A changing attitude to the Lockerbie issue enabled Libya to secure the suspension of UN sanctions in 1999 and their final abolition in September 2003. This went hand in hand with a more market-orientated approach to the economy as it became clear that reform was essential. The pace quickened in the summer of 2003 with the appointment of a new prime minister, Shukri Ghanem, an economist, whose task was to promote foreign investment not only in the oil sector, but across the board, including tourism. He was also committed to abolishing the public sector. He promised a programme to privatise 360 companies by 2008, together with tax reductions, unification of the dual exchange rate system, and reform of the foreign investment law.

These moves have a better chance because, over the last few years, some of the economic numbers have started to improve. Oil export revenues in 1998 were US$5.9 billion. Helped by rising oil prices they rose to US$13.4 billion in 2003. This rise was highly significant since oil exports account for 95 per cent of hard currency earnings and 75 per cent of Government resources. Buoyant revenues have resulted in comfortable foreign exchange reserves, a current account surplus, a fiscal surplus and a GDP per capita figure the highest in Africa, along with Botswana and its diamonds.

But effective modernisation of the Libyan economy requires structural change. The population, though still under 6 million, is rising and the economy is not well designed for creating employment (the swollen public sector takes 60 per cent of the government budget). The physical infrastructure is poor, particularly roads and logistics. But perhaps more important for attracting foreign investment is the need to improve the commercial law framework and offer better legal protection. All this constitutes quite a challenge.

However the potential rewards are on the same large scale. Libya is sitting on 3 per cent of the worlds oil, with proven oil reserves of 29.5 billion barrels, together with 1.5 per cent of the worlds gas (46.4 trillion cubic feet and maybe much more.) Yet in spite of a long history stretching back to 1959 for exploration and 1961 for production, Libya is comparatively unexplored. As a result of the sanctions and the hard terms sought by the Libyan government, only 25 per cent of the countrys area is covered by agreements with oil companies. In addition, the crude is high quality and production costs are extremely low, down to US$1 per barrel in the case of ENIs vast Elephant field. Finally, Libya benefits from a Mediterranean location. Italy, Spain, France and Germany take 75 per cent of Libyas oil and their oil companies have substantial operations there.

In order to achieve the Governments target of raising production to 2 million bpd by 2010, it is estimated that some US$30 billion of investment is needed, partly to develop the new fields, partly to introduce modern enhanced oil recovery techniques, and partly to renovate existing facilities. There is no shortage of external interest. Apart from the European companies already present, some old players are getting back into the act. At the time of UK Prime Minister Tony Blairs recent visit, there was the announcement of a long-term strategic partnership between the Libyan State Energy Company and Shell, which was active in Libya from the late 50s until 1974, and did some further exploration work in the late 80s. In addition there has been a technical visit by the members of the old Oasis consortium (Marathon, ConocoPhillips and Amerada-Hess). The Libyans have reportedly suggested they build an LNG plant on their old concession.

There are some new players too: the Indians and the Turks have a joint interest in the concession blocks and the Chinese National Petroleum Co has completed a US$230 million pipeline project. And, in the largest deal of them all, Petronas of Malaysia and Nimr Petrol of Saudi Arabia have been designated as operators of the entire November 7th Concession, the area jointly owned by Libya and Tunisia, estimated to contain 3.7 billion barrels of oil and nearly 12 trillion cubic feet of natural gas.

The message seems to be that foreigners are welcome, but not just western foreigners.

Grevis... i visit ADVFN soemtimes... what boards do u suggests. BTW. Many thanks for your post. We will appreciated if you also keep this board updated. Ta

xmortal: Seems that ADV are the dominant force for BBs but keep it up on here as well. The more who learn about this stock the better. PCI stand a good chance of hitting paydirt in Tunisia and if they do, then this stock will double from here. Good luck.

Small Cap Company with excellent prospects.
Great news just released.
The company's share price is undervalued and it should be the big winner soon.

Here is the broker note from January that gives a "conservative" value of 18p :

http://www.davy.ie/other/email/petrocr20040121.pdf

Here is a company presentation from January/Febuary time :

http://www.petroceltic.ie/pub/Petroceltic-preJan04.pdf

Here is the AGM presenation from April :

http://www.petroceltic.ie/pub/PetroAGM-presentation.pdf