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

seawallwalker: Good man. Nice to find someone alive and kicking.

Hopefully this is the bottom as far as the falling bid price goes. Cheers for the updates Grevis, hope you didn't need too many Hamlet's to get you through this phase!

Cheers gadvfc: Still enjoying my cigars. Even more so now that I've been able to top up below 15p.

From Oilbarrel.com.

September 17, 2004

Hurricane Ivan The Terrible Whips Oil Markets Into A Frenzy

By Eithne Treanor
_________________________________________________________________________


It was Ivan the Terrible that whipped the oil market into a bit of a frenzy on Monday and the same hurricane continued to wreck havoc all week long with prices hovering in the low 40s. The oil price rebounded Thursday after two days of decline. The close in New York on Thursday was US$44.00. The opening on the floor of The IPE in London on Friday was US$41.05.

More than 13,000 offshore oil workers were evacuated midweek as the hurricane headed towards the Alabama coast. Then along came Jeanne. There are now fears that this new storm picking up wind in the Caribbean will delay tankers on route to the US further. As Ivan showed no mercy in residential and business areas, the oil market breathed a sign of relief as its severe force missed refineries in southern Louisiana. The refineries here are the second biggest in the US and Louisiana is the countrys fifth biggest oil producer. The eastward direction of the hurricane kept oil prices steady. Crude oil production in the Gulf of Mexico was down as many platforms were evacuated, but this is at a time when many US refineries close for maintenance thanks to that seasonal decline in demand at the end of the summer driving season. The shut downs, combined with delayed tanker arrivals, will still have an impact in US data for the coming weeks.
Unrest in Iraq continued to dominate the headlines with severe clashes midweek and now the report of three westerners being kidnapped. The three worked for Gulf Services Co., a United Arab Emirates-based construction company. The UN Secretary General Kofi Annan told the BBC on Thursday that he felt the war in Iraq was illegal and not in conformity with the UN charter.

The big oil majors met with OPEC members and leading industry watchers in Vienna after the formal OPEC meeting on Wednesday. BPs Lord Browne told The Financial Times that there was no shortage of oil and that we just have to be willing to look in different regions. He cited areas like Russia, West Africa and the Middle East. He also added that he felt OPEC was in a position to take up the challenge of greater supply. But he also spoke of the need for better cooperation and investment, while paying great attention to rates of return. Access needs to be accompanied by the right business opportunity. This was a sentiment echoed earlier in the week from Thierry Desmarest, the CEO of the French oil company,Total.

From another BB. Anyone care to comment?

PCI in IC today, its says they are already drilling in Tunisia, have they got it wrong, I thought it was not due for another week

I emailed PCI on 1/9 to confirm drillings start date. John Craven confirmed to me end of Sept in his reply to me. Perhaps IC mean that the site is being prepared for drilling? Don't get IC so can't confirm the statement.

gavdfc: Cheers for that.I think IC made a typo error. Just checked PCI's website and no mention of drilling having started. Would expect an RNS next week as we are fast approaching the fourth quarter of September.

IC is generally full of s**t. Dunno why people read it. (IMO, etc)

Still holding and looking to add as they drill unless 13p goes. ;-))

Glad to hear you're still holding Big Al. Take it you don't read IC then!! A thought on why the sp has fallen slightly this week, perhaps Island Expro Group dumping their 1607717 shares for a quick profit? The trading in these shares did start last Monday. Thoughts anyone?

gavdfc - gave up on IC a few years ago. It seemed to be populated by industry trainees with very little knowledge. Have you ever tracked their (or any other) tip? They've got as much chance of picking winners as your average private investor with some reading/analysis IMO.

Al

Al, bought 2 issues this year. In one of them they tipped Bovis as a "strong" buy in April I think at around 6, it subsequently fell pretty rapidly to 5ish. If I remember correctly also, they weren't too keen on PCI. Glad I decided to do my own research and not rely on "tips" in magazines.

Just released:

Petroceltic International PLC
17 September 2004


Amendment #2

NOTIFICATIONS UNDER SECTIONS 67 TO 88 -- IRISH COMPANIES ACT 1990

1. Company in which shares are held: PETROCELTIC INTERNATIONAL PLC

2. Notifiable Interest: ORDINARY SHARES

A FMR Corp
82 Devonshire Street
Boston, MA 02109

Parent holding company of Fidelity Management & Research Company
(FMRCO), investment manager for US mutual funds,(See Schedule A for
listing of Registered Shareholders and their holdings.)

B Fidelity International Limited (FIL)
P.O. BOX HM 670
Hamilton HMCX, Bermuda

Parent holding company for various direct and indirect subsidiaries,
including Fidelity Investment Services Ltd (FISL), investment
manager for various non-US investment companies and institutional
clients. (See Schedule A for listing of Registered Shareholders and
their holdings).

3. The notifiable interests also comprise the notifiable interest of:
Mr Edward C Johnson 3d
82 Devonshire Street
Boston, MA 02109

Principal shareholder of FMR Corp.and Fidelity International Limited.

4. These notifications of disclosable interests constitute separate
notifications of interest in the shares and are combined solely for the
purposes of clarity and efficiency. Nothing herein should be taken to
indicate that FMR Corp. and its direct and indirect subsidiaries, Fidelity
International Limited and its direct and indirect subsidiaries or
Mr Edward C. Johnson 3d act as a group or in concert in respect of the
disclosed interests, or that they are required to submit these
notifications on a joint basis.


5. The disclosable interests arise under section 67 and 77 of the Act,
namely where a person, not being the registered holder, is entitled
to exercise a right conferred by the holding of the shares or to
control the exercise of such rights, respectively.


SCHEDULE A

SECURITY: ...PETROCELTIC INTERNATIONAL PLC Amendment # 2


SHARES HELD MANAGEMENT NOMINEE/REGISTERED
COMPANY NAME

(Ordinary Shares)

16,974,934 FMRCO MELLON BANK
5,831,011 FISL CHASE MANHATTAN BANK LONDON
694,171 FISL BROWN BROTHERS HARRIMAN LTD LUX
328,427 FIL DEUTSCHE BANK AG, LONDON
10,097,773 FIL HSBC


TOTAL ORDINARY SHARES: 33,926,316

CURRENT OWNERSHIP PERCENTAGE: 6.84%

SHARES IN ISSUE: 496,224,571

CHANGE IN HOLDINGS SINCE
LAST FILING: 1,617,978) ORDINARY SHARES.





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


Here's the seller, Fidelity have reduced their holding by 1,617,978 shares overall. Also seem to have been moving the shares around between themselves. HSBC's holding has changed from 5,503,275 to 10,097,773.

Poor week.

Things will get better with this one.

I am holding on till they hit 1 each.

Yours hopefully.

I do like your price targets SWW!

I wonder why they sold at this point when there is a good chance of a rise when drilling starts? Perhaps a good point that selling such a large amount of shares didn't depress the price more.

1 a share is realistic in my fantasy world!

chinapete: If you look more closely at that RNS you will notice that some have actually increased their holdings.

20/7/04 to 17/9/04

Mellon Bank 21,067,934 to 16,974,934

Chase Manhattan Bank, London 7,575,811 to 5,831,011

Brown Brothers Harriman Ltd., LUX 930,228 to 694,171

Deutsche Bank AG London 467,046 to 328,427

HSBC 5,503,275 to 10,097,773

Holdings via Mellon, Chase and Deutsche have decreased, whilst those under Brown Bros and HSBC are up.

This is the article from Investors Chronicle:

Petroceltic's transformation from moribund zinc miner to dynamic oil and gas explorer continued apace over the six months to June. The company acquired three new prospects - one in Algeria and two in Italy. The Italian prospects: one onshore and one offshore - have the potential to hold over 300m barrels of oil. But it's the 10000 sq km of onshore Algerian acreage that look the most interesting. According to local operator and 25% partner Sonatrach, two prospects on Petroceltic's Isarene Block together hold 380bn cubic feet of gas, and 28m barrels of oil, with potential gas and oil reserves as high as four trillion cubic feet and 400m barrels.

Petroceltic raised $12.5m in a placing in March, and earmarked the money for development of its Tunisian prospects where drilling is now under way. At just $2.5m per well, there could be cash left over for the new prospects. A farm-in deal is more likely, though.

IC VIEW: PETROCELTIC HAS ESTABLISHED ITSELF CREDIBLY OVER A VERY SHORT PERIOD OF TIME, AND IS RATED CHEAPLY COMPARED WITH PEERS GULF KEYSTONE AND FIST CALGARY. GOOD VALUE.

Good morning all.

Perhaps we'll get to hear some good news this week regarding drilling situation at ST?!

I'm a long term PCI holder and have no intention of changing my position...... I've full confidence in PCI's short, mid and long term potential and as a great optimist...............PCI will find oil at ST and lots of it!!!!!!

PCI will move in its own time, when it's ready...........it's not a case of if but when...........all we need is patience and resilience.....

We will get there and we shall be rewarded :-)