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

Harry,they are using a separate rig for testing. They are testing first 2 drills now while the other rig is being used for drilling well no.3.

Ah, cheers h. I know I read that they wouldn't issue RNS every time they drilled, only when a series of testing had been completed. All is now clear!

Sorry Harrycat, did not make myself clear enough...

the situation will be more in next 3 weeks...

don't disagree though thought update was scheduled to be sooner

Early September it seems...

Just to clarify the testing details as per the pdf doc on PCI website:
"The Company plans to test and where necessary fracture the objective reservoir sections of the wells drilled without using the drilling rig (rigless testing). The rigless testing approach has many operational benefits, and reduces cost and programme length overall. The first two wells in the programme will be drilled and suspended ready for testing before the test crew is mobilised to the block.
The optimimised operations plan requires the wells to be tested once the rig has completed drilling and completion operations and has departed from each well site. The testing will then be carried our as a continuous batch process independent of rig operations.
The Company does not intend to announce the commencement of each well in the campaign. Well test results will be announced when individual well tests have been completed, and when the co‐venturers have agreed the announcement in accordance with the public announcement provisions of the Isarene Production Sharing Contract. On current planning, the first testing results are expected to be announced in September 2009."

Nice rise in a dull market today.

..and on an altogether dull day. Thanks guys for drawing my attention to what's going on at PCI

Picked up 40k more yesterday so glad to see strength today.

Looking good now.. now a double bagger from me .. wish I'd bought more etc., etc., etc., still, can't complain !...onwards and upwards !

my original outlay was about 75% of norm which i felt was more than sufficient for such a diddly company .... if it all comes up rumps then great, but to be greedy with the unknown from the outset would have been lunacy

cynic,it did look too tempting at 2.2p in February though.

bought this crap about 5 years ago......another 2p and i'll be breaking even.

not sure i'll be investing in diddly silly irish companies in future

Why didn't you average down to try & reduce your breakeven point?

i only had quite a small amount in it......and i did this average down on a few of my larger holdings which plummeted from last year which have fortunately rebounded lots this year

Shame, as this one has fortunately turned up trumps, but easy to throw good money after bad sometimes.

Just doing a bit of research as to why the sp went to approx 23p in May 2006 & this seems to be the reason:
"Exploration giant BP and a number of Far Eastern players have held talks with Irish-based Petroceltic about a possible joint venture in Algeria.
Petroceltic has a 75 per cent interest in a 10,800 square km exploration block in Algeria, which includes seven wells that have shown the potential to produce up to 4.7 million cubic feet of natural gas a-day.
BP holds the licence for an area next to the Petroceltic block, and recent reports suggested that it was interested in entering a joint venture with the Irish company on its prospect."
However it seems they ran into difficulties with the Algerian government, but would it be right to now asume that the sp could rise to +/-23p even without the final test results? Although that figure was based on an assumed farm-in agreement with BP, a gas strike would add a positve asset to what was just an original hyped sp.

H,BP walked from those talks and will have competition for buying into PCI or Isarene now....

still think if a significant gas strike is made Iberdrola will make a bid for the remaining 75% of the shares they don't already own.