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

fyi

best leave my cash in there then to make a modest profit?

http://news.bbc.co.uk/2/hi/business/3606406.stm

Oil prices cease five-day slide
Oil prices inched up on Friday, after five straight days of falls from the record highs hit a week ago.

The slide had seen the cost of a barrel of oil on the Nymex futures exchange in New York drop 13% from $49.40, an all-time high.

But concerns about global demand and supplies from Iraq in the wake of fresh sabotage saw a slim rise of 8 cents to $43.18 a barrel.

London's Brent crude also rose from its three-week low, gaining 0.8% to $40.64.

The question is now whether Friday's firming of energy prices is a pit-stop on the way down, or marks a return to the seemingly relentless rises seen over the past few months.

Renewed speculative interest has been blamed for a proportion of the recent surge in prices, with some estimates suggesting it has added $5-$10 to the cost of a barrel of oil.

Certainly the unwinding of "long" positions - bets by investors on continued price gains - contributed to the $6 fall and ensured that the $50 barrier was not breached.

But after two nights of sabotage near Basra and Baghdad, supplies from Iraq are 500,000 barrels down on the 2 million a day seen earlier this week.

Demand remains at 24-year highs as well, fed by both the US and the fast-growing Chinese economy.

Found this tonight in the International Herald Tribune, it's a few days old. It's about the Carmignac Gestion fund. The following is a snippet of the article.

"Oil will remain expensive, more than $35" a barrel, Carmignac said. A year ago, "oil wasn't in vogue. Now we're benefiting."
.
The Euro-Investissement fund has made a 140 percent return on the purchase of its biggest and best-performing holding, the Irish oil exploration company Petroceltic International.
.
The company has a stock market value of 71.5 million, or $128.5 million, which is less than 1 percent of the oil giant BP.
.
Simon Pickard, who manages the funds at Carmignac Gestion, said he liked Petroceltic because of its prospects in North Africa, the Mediterranean and the Irish Sea. The shares have nearly quadrupled this year.

Cheers

Gav

cheers Gav..........good to see CG made the right move too!!!!!!

You're welcome rooandu. 140% is a good return on their investment. Hopefully in a few months time we will all have more than 140%. Forgot to include the link to the full article. They, like me, like the buy and hold strategy.

Here's the full link: http://www.iht.com/articles/536125.html

cheers again gav......nothing's certain but I'll bet 140% will be beaten easily!!!

Hi guys! Well I'm back in. Think we must be close to getting that drill from the Austrians.

gavdfc: How are you? Noticed you've not been tempted to trade in and out of these.

Grevis: Well hello there. Good to see you back on board! Hope you took a good profit from these. I didn't want to be on the sidelines in case an RNS came out when I was out. You're right, not traded any of these. Still happy and holding! Hopefully the drilling should start soon. Then we all await the results....

Hello gavdfc: Yes I took a nice profit and bought back in today. Had held off until the price had settled down. Now believe we must be close to that 2/3 week period when drilling will start. That should see this stock get another run forward. Cheers!

Read on another BB that Brian Cusack advised work on the site is ongoing and drilling should start at the end of the month, and that they would announce when they start it. Someone emailed him and that was his reply. Wish he'd replied to my emails! Have emailed him before, but no answer.

Just to confirm above, emailed company again and got a response from John Craven who confirms drilling to start end of September but did not give a specific date.

Daily mail 3/9:

"Keep an eye on Petrocletic, 1/2p better at 15.5p. Dealers expect the short-term newsflow will be bullish. Deals are ready to flow. The Dublin-based oil and gas explorer, which emerged from Ennex last year, has signed a 1.6m contract with the Great Wall Drilling Company in Tunisia to produce a drilling rig for one of its wells in the south of the country. It recently peaked at 17.5p"

Looks very promising................expect some good upward movement now.......in preparation for pre-drilling news expected pretty soon......good luck to all.....we're going to do it!!!

Thanks for that Rooandu. Some decent buying today and near the close yesterday.

Morning all. Nice to see these mentioned in the Daily Mail. However, would question the previous high.

PCI hit 18.5p on 29 July and 18p on 4 August. Now that we are close to drilling in Tunisia, the previous high should be tested once again. Good luck!

Date Open High Low Close Volume Adj. Close*
09-Aug-04 16.25 17.00 16.25 16.50 4,824,610 16.50
06-Aug-04 17.00 17.00 16.00 16.42 5,295,500 16.42
05-Aug-04 17.50 17.50 17.00 17.00 1,555,050 17.00
04-Aug-04 17.25 18.00 17.25 18.00 4,132,370 18.00
03-Aug-04 17.00 17.25 17.00 17.50 2,928,540 17.50
02-Aug-04 17.25 17.25 17.00 17.12 4,648,650 17.12
30-Jul-04 17.00 17.25 16.75 17.00 7,062,560 17.00
29-Jul-04 18.50 18.50 17.00 17.25 14,316,400 17.25
28-Jul-04 14.50 16.50 14.50 16.75 12,026,600 16.75
27-Jul-04 15.00 15.50 14.50 14.34 6,454,450 14.34
26-Jul-04 14.25 15.00 13.75 14.75 6,253,280 14.75

gav.......does look pretty positive.....and sure we will maintain momentum north prior to pre-drilling rns........(albeit a few ups, downs and levelling offs along the way!!

Grevis, thanks for posting that. Will be interesting to see if we can pass the 18p mark in the run up to the drilling. If they release an RNS stating drilling has started then I think we will. Interesting times ahead!

Roo, a few days of good buying and hopefully continue today. Exciting times for all us PCI holders. Wonder if the traders will pile in or are in now? If they are, then would think they will be out before drilling results announced. As you say, up's down's and levelling off, but still upward trend.

gav......I feel this is going to beat the 18p mark easily before drilling commences.....as for getting out before drilling results were known.....who would pull out of a race when you know you had a fantatsic chance of winning!!.......I guess the majority will stay put......my gut gestimate is still mid 20's prior to actual drilling later this month(that's taking in to account rns', other acqusition news (if any)etc........).......

This particular trader is already in (again). ;-))

Big Al!!

How nice to see you on the bb.

I hope you had a good week, told you I fixed the weather.

Now all I need to do is fix the share price.

I am in too and up on the deal.

:-)