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

Good morning all, look forward to PCI making some headway this week.

Pinched this off advfn site, hope LBO does'nt mind (it all helps the good cause!!!):

The Sunday Independant in Ireland

Thumbs up for Petroceltic's Algerian well
PETROCELTIC is probably the best pure exploration company that Ireland has given the world. Its share price has more than quadrupled since the start of the year. But rumour now has it that Davy's Job Langbroek is currently working on a research note examining the potential of the company's recent permit award in Algeria.

Petroceltic's Algerian permit contains possible reserves of more than four trillion cubic feet of gas and of more than 400m barrels of oil. Located less than 100km from a major operating gas infrastructure, these reserves could be commercialised at a relatively low cost.

The other companies which were successful in tendering for the permits in Algeria recently were all majors, such as Statoil and Repsol.

Job's new note is likely to point out the potential for more than 100 per cent further upside for the Petroceltic share price from its current 16p level.

It is looking better and better. I have not been this excited since I got married 25 years ago.

same here!...........but I'm telling you, the divorce papers are at the ready!!!!(only joking!!)

Morning all! Nice to see MM and B buys this morning.

good morning grevis, looks promising......

Morning rooandu: From Irish broker Dolmen's daily note:

Todays Recommendations
Petroceltic (16p) Algerian upside Stuart Draper
Results preview : With Petroceltic due to report results for the
6 months ended 30/06/04 within the next 10 days, some attention
is soon likely to turn to the recent Isarene Permit
award in Algeria, the announcement of which has to date had
very little effect on the share price, even though it will have
major implications for the companys future direction.
Algerian upside : The Isarene Permit covers over 10,000 square
kms in the prolific Illizi Basin of southern Algeria. It contains
existing reserves of 380 bn cubic feet of gas, as well as possible
reserves of more than 4 trillion cubic feet of gas and of
more than 400m barrels of oil. Being less than 100 kilometres
from a major operating gas infrastructure, will also enable
these reserves to be commercialised at a relatively low cost.
Upcoming drilling : At the end of this month, Petroceltic will
also announce the start of drilling at its Sidi Toui 3 Well in
southern Tunisia. This prospect has the potential to contain
over 400m barrels of recoverable light crude oil within a large
fault block structure. Petroceltic has also identified a second
major prospect close to Sidi Toui, called Oryx, which may be
drilled by the end of this year.
Cash position : Crucially for equity investors, Petroceltic has
no near term funding risk and has cash reserves of c.$15m. In
addition, the company has a small royalty interest in the
Celtic Sea which generates net cashflow of 0.25m per annum.
Healthy scepticism : Following disappointing drilling results
from both Ramco Energy and Providence within the last 12
months, there is now a healthy scepticism towards the sector
from investors. This should help ensure that future drilling
success is even better rewarded by the stock market than
would have been the case without these failures. Drilling operations
and site preparation have already commenced at Sidi
Toui under the supervision of Norwell Ltd., a major Aberdeen
based drilling project management and well control company.
Sector outperformer : While any potential risk adjusted valuation
for Petroceltic is still very subjective, its projects are
lower risk than many oil and gas exploration projects. Given
the current buoyancy of peer valuations in the sector and the
companys strong cash position, with a current market cap of
c.78m, we would continue to rate Petroceltic as a sector outperformer.
Petroceltics share price has risen by 240% since
our BUY note of 23/01/04 : Speculative BUY.

Good to find PCI's share price holding steady at this level. Also encouraging to see some chunky buys coming through, in particular 400,000 which appeared around 2.30 this afternoon.

Afternoon all,

Thanks for posting that Dolmen's note Grevis. Noticed a 600k delayed trade after the close, looks like a rollover to me. Also liked the 400k buy. :-) Looking forward to tomorrow!

what impact has a roll over in the price?? do they count perhaps on a later date? Please informe me. Thanks

Morning all.

Xmortal: would have thought it was already in the price, but when they close the position then I think it would affect the price. Anyone any other thoughts?

Morning all. Still holding steady. Bid was lifted to 16p earlier. Spread is very narrow. Barclays are quoting 16.03p to 16.10p. When these finally break out, the upward movement could be quite rapid.

http://moneyam.uk-wire.com/cgi-bin/articles/200409081235177405C.html

Well spotted Big Al. The RNS is as follows:

Petroceltic International PLC
08 September 2004

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

Petroceltic Extends Licensing Option


8 September, 2004

The Board of Petroceltic announces that it has decided to extend and take a 38%
interest in Celtic Sea Licensing Option 03 / 4 with the Island Expro Group
pursuant to an agreement originally entered into in October 2003. Licensing
Option 03 / 4 covers three part blocks adjacent to the Kinsale Head Gas Field
offshore Ireland and contains a prospect named 'Old Head of Kinsale' which has
similar geological characteristics.

The consideration for the 38% interest in the Licensing Option is the allotment
of 1,607,717 shares in Petroceltic to the Island Expro Group. The extension and
Petroceltic's participation is subject to ministerial approval and the shares
allotted to the Island Expro Group can not be traded until such approval has
been confirmed.

Application has been made to the London Stock Exchange for 1,607,717 New
Ordinary Shares of nominal value 0.0125 each in the capital of the Company to
be admitted to trading on the Alternative Investment Market of the London Stock
Exchange. Dealing is expected to commence in these shares on 13 September, 2004.
These shares rank pari passu in all respects with the existing Ordinary Shares
of the Company.



For further information contact:

Con Casey (Director, Petroceltic) +353 1 661 1245

Stephen Barry (Davy Corporate Finance) +353 1 679 6363



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

North Africa is certainly the place to be:

First Calgary completes initial drilling of LES-1 well in Algeria

LONDON (AFX) - First Calgary Petroleums Ltd said the initial drilling
results of exploration well LES-1, an exploration well on the Ledjmet Block 405b
in Algeria indicates the presence of 60 metres of net hydrocarbon pay over
multiple geological intervals.
In a statement, the oil and exploration company said production testing is
anticipated to commence in late September as equipment becomes available.
President and CEO Richard Anderson said: "The wireline logs indicate the
presence of high quality sandstone reservoirs with excellent hydrocarbon
saturation."
newsdesk@afxnews.com

Thanks for that Big Al, missed it earlier. Grevis, what do you think about the Celtic Sea option? Another 1.6m shares to be issued. The Algeria news sounds good for FCP. Hope we can do as well in Algeria.

Hi Gavdfc: I'm not over excited about the Celtic Sea. North Africa is something else. With luck we will pass 20p when drilling is announced this month. Good luck!

Hi Grevis, yes you're right about the Celtic Sea not being the jewel in the crown here, Tunisia and Algeria are. Just a bit concerned about the new shares to be issued on 13/9. Hopefully they won't hold us back too much.

Guys,

Can't see 1.6m shares doing too much. It's only about half daily volume most days. MM's might use it as a "fear factor"!! If they pull it back, it might prove a good time to add with drilling potentially 3 weeks away????

;-))

Big Al,

Cheers for that. Looking at it this way, it's only about 0.42% of the shares in issue so hopefully it wouldn't hold us back.

Iam holding these long and have been enough to show profit.

Nice for a Ferengi