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

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

Looks like the mm's are "walking" the sp down again, we look forward to buying more at under 10p.

Good wait for well 2 RNS. Iberdrola 3rd Tranche takeup could be next item on agenda here

re -double top

the precaution comment, is taken its toll on the share price today 9,875p - 0.675p

Looking better today as well 2 moves along nicely....

Baldy Craven doing well at Lapp Plats so far. He and partners Gazprom will be keeping a beady on developments at Isarene...

re -double top

sad to say but it works that way now 8.94p- 0.36p after reaching 8.60p

i guess there is also a reasonable argument, assuming one believes that PCI is going to do rather better than just survive, that the current level is not a bad buying opportunity though the resistance of 10.5/11.0 once more comes into play

Looks like 7p is on the cards now.

Time to get back in?

grim isn't it ? not too alarmed as the market is crap at the moment...maybe time to top up a bit (imho)

difficult to judge an entry point, though 7.00 looks a good idea .... however, as far as i can see, the odds are pretty short on PCI come up with the goodies, so though i shall not buy more (i think), i am happy enough to hold

Good support at 7p, which looks likely pretty soon. The risk is if it falls through that. Worth buying at 7p & hoping for the best, imo, with an averaging down purchase if it goes lower.

Harry,found on all Algerian drills thus far!! This is a good bet...

Have we hit paydirt once again?

lots of buying today--fingers crossed for great news soon!