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

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!

Grevis,just wait until BOC gets to unlocking undoubted value of Italian portfolio. Obvious now why Baldy got the trapdoor!!!

RNS Number : 8421T
Petroceltic International PLC
12 June 2009

Petroceltic International plc ('Petroceltic' or the 'Company')
Holdings in company

The Company hereby confirms that following the recent completion of its US$40m placing, Iberdrola SA holds 215,769,231 ordinary shares representing approximately 15.89% of the issued share capital of the Company.
Dublin: 12th June 2009

well funded, institutions buying in all this points to a nice lift off very soon I hope!

What's sparked today's rise?

Some punters on LSE BB reckon well 1 produced a very respectable Gas find. Time will tell if this is so.

indeed so, though i hear indirect rumblings of support services being mobilised, so there may be some truth

not a bad result, but scarcely hats in the air


Algeria Drilling Update
Petroceltic International plc is pleased to announce that well INE-2, the first operated well in the current drilling campaign on the Isarene Block in the Illizi basin of Algeria, has been successfully drilled to its target depth of 1,020 meters. The well was targeting the Devonian F2 sands in the ISAS structure and was completed on prognosis and on budget. Wireline log information and drilling data have confirmed gas bearing intervals in the objective Devonian F2 sands which are in line with expectations. The well was drilled by Petroceltic (75% interest, Operator) in association with the Algerian Oil & Gas Company Sonatrach (25% Interest).

The well has been suspended for testing, and the rig has left the location and is mobilizing to the AT-1 location on the Ain Tsila Ridge. AT-1 is expected to commence drilling on location around 20th June 2009. The INE-2 well is planned to be tested after testing of the AT-1 well.

Brian O'Cathain, Chief Executive of Petroceltic, commented: 'It is very encouraging being the first well in the program with a new, recently imported rig that the well was drilled on budget and close to the planned time of 17 days and that preliminary results show it to be in line with expectations. We look forward to continued good progress with the second well and the testing programme.'

from Davy...

http://www.davydirect.ie/other/email/eqbrief20090616.pdf

Petroceltic has announced (June 16th) that the first well in its Algerian drilling campaign, INE-2, has logged gas at the primary Devonian target horizon in line with expectations. This is a very encouraging initial result, from both the point of view of asset quality and operational progress. While we note that the key risk in this drilling campaign is not the presence of gas, but rather the ability to get the gas to flow to surface in commercial quantities, the confirmation that gas is present confirms in part the companys understanding of the geology, and the technical capability of the newly-imported drill rig. The well was completed on prognosis and on budget.
The rig will now move to drill the AT-1 well, the first well on the large Ain-Tsila Ridge structure. Once this well is complete a separate testing crew will begin flowtesting the wells. This stage will be the key determinant of success for the programme. We expect initial flow tests to be published in September.
We retain our group risk-weighted valuation of 24.2p per share.

Cynic,dont you think BOC is being a wee bit vague?

AST Po Valley dry well today...

yes, but more good than bad

AST Po Valley well km away from PCI prospects

From Algeria, Al-khiyal wrote:

Petroceltic provides Algeria drilling update

June 16, 2009 -- Petroceltic International plc, the upstream oil and gas exploration and production company focused on North Africa and the Mediterranean, announces that well INE-2, the first operated well in the current drilling campaign on the Isarene Block in the Illizi basin of Algeria, has been successfully drilled to its target depth of 1,020 meters. The well was targeting the Devonian F2 sands in the ISAS structure and was completed on prognosis and on budget. Wireline log information and drilling data have confirmed gas bearing intervals in the objective Devonian F2 sands which are in line with expectations. The well was drilled by Petroceltic (75% interest, Operator) in association with the Algerian Oil & Gas Company Sonatrach (25% Interest).

The well has been suspended for testing, and the rig has left the location and is mobilizing to the AT-1 location on the Ain Tsila Ridge. AT-1 is expected to commence drilling on location around 20th June 2009. The INE-2 well is planned to be tested after testing of the AT-1 well.

Brian OCathain, Chief Executive of Petroceltic, commented: It is very encouraging being the first well in the program with a new, recently imported rig that the well was drilled on budget and close to the planned time of 17 days and that preliminary results show it to be in line with expectations. We look forward to continued good progress with the second well and the testing programme."

Do I see a double top during the last month?
The GOLDEN CROSS ( 50 ma crossing up 200 ma ) on early April has been very positive for the share price till now

no ...... both would have needed to be on a (sharply) rising trend and that was not the case.

however, it is worth noting the strong base sp is now building at 10.50/11.00, but holders had better hope that the next move is sharply up rather than down

cynic,news on Iberdrola placing takeup and well 2 will move PCI up or down. News on Italian prospects possible too.

am very happy with my holding here, though i confess i bought/sold another slice over the last few days