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

Cheers Big Al. Thats where I nicked it from also.

Just found this under Paladin. They sunk three wells in Tunisia and all came up trumps. Bodes well for PCI. Now where is that rig?


Paladin Resources PLC
15 July 2004


Paladin Resources plc

('Paladin' or 'the Company')


Third Tunisian Oil Discovery

Paladin announces the discovery and successful testing of oil in Dalia 1, the
latest exploration well in the Adam Concession in southern Tunisia.

The well, operated by ENI Tunisia B.V. ('ENI'), was spudded on 20th May 2004 and
encountered several oil and gas bearing zones distributed throughout the Acacus
A and Tannezuft sandstones at a depth of approximately 3400 metres.

During initial testing of selected oil-bearing intervals across 11 metres of
perforations, the well produced at a rate of approximately 3,600 bpd of 44
degrees API oil on a 48/64' choke and at a flowing wellhead pressure of
1,150psi.

The well has been completed and suspended as a production well pending approval
of a field development plan and hook up to existing process and export
facilities some 13 km distant. Paladin anticipates that field production will
commence within the next few weeks. The rig will move shortly to the adjacent
Hawa Field to drill a second production well.

If the Tunisian state oil company, ETAP, confirms their intent to participate,
Paladin will have a 7% interest in the Dalia Field. Paladin's partners' will be
ETAP (30%), ENI Tunisia B.V (17.5%), ENI Tunisia BEK (17.5%) and Pioneer Natural
Resources Company (28%).

Roy Franklin, Chief Executive of Paladin, commented:

'This is our third oil and gas discovery in succession in Tunisia, which, with
rapid tieback to existing process facilities, should be contributing to the
Company's operating cash flow in a matter of weeks. In addition, negotiations
are ongoing to allow the commercial production of gas from the Adam Concession
to commence later in 2004.'

15 July 2004

Enquiries

Paladin Resources plc Tel. 020 7024 4500
Cuth McDowell, Finance Director

College Hill Tel. 020 7457 2020
James Henderson
Nick Elwes


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

From Ireland's Phoenix Magazine....

WITH drilling due to commence at the end of this month in Tunisia, this will bring a new excitement to Petroceltic shares, which are currently only quoted on the London AIM market and trade at stg15p. These shares are, however, only for real gamblers, although last weeks interim statement confirms that Petroceltic is no longer a one-drill risk.

John Craven believes that the Tunisian prospect is worth a gross $18bn, but apart from the 400 million barrel prospect the company is about to drill at the
end of this month in Tunisia, it now has other interesting prospects in Algeria as well as some new prospects in Italy.

The big new factor in Petroceltic is the joint-venture contract Craven entered into on July 29 with Sonatrach, the Algerian State oil company, one of the biggest hydrocarbon operators in the world. In this deal Petroceltic gets a 75%
stake in the 6,000 square mile Isarene block, which is located in the hydrocarbon-rich Illizi basin in Southern Algeria.

Six successful discovery wells have been drilled on this particular block and one of these has an already proven 380 billion cubic feet of gas, with potential on further drilling for this to be twice the size of Marathons big Kinsale gas discovery. The oil discovery has 28 million barrels of oil already proven and a potential for up to 400 million barrels of oil.

A second gas target has also been successfully drilled but not yet proven up, with the potential to host five trillion cubic feet of gas.

These are enormous figures but, even just taking the 28 million barrels of oil proven, this alone is worth $1.2bn at the current oil price.

As this prospect is on land and within an area in Algeria that already has a large pipeline infrastructure, the cost of getting this out would be minimal and, as part of the deal, Petroceltic has the right to sell this oil on the open market abroad. This reserve alone makes Petroceltic shares worth a multiple of the current 15 pence.

Of most immediate interest to investors is that last month Craven succeeded in signing up a drilling contract for his onshore Tunisian prospect with Great Wall, an offshoot of the Chinese National Petroleum Corp, at a cost of only 1.5m. The plan is to mobilise this next week, with the objective to spud in the drill by October 1.

This Ksar Hadada licence covers 10,000 square miles. The Sidi Toui prospect being drilled is not virgin territory for it has already been drilled twice. Petroceltic not only knows that there is oil there but has a lot more information on the geology of the prospects. It is this which has encouraged Craven to put a 50% probability on this Tunisian prospect coming up trumps with 400 million barrels of oil.

On top of Algeria and Tunisia, Craven signed up a farm-in deal last June in Italy to acquire stakes in two existing licence areas. The first of these
is an option to take a 40% stake in Miglianico East, a shallowwater, offshore prospect.

Previously, in 1992, the Italian state oil company, Eni Agip, successfully drilled this prospect but at the time the oil price was down at $10 and not viable. Petroceltics partner here, Rigo Oil, commissioned a consultancy report on this prospect which advised that there was a 50%probability of this reserve containing 182 million barrels of oil, with a 23% probability of success. A 40% stake in a discovery this size offshore a core EU country would be worth really big bucks.
The other Italian interest is a 40% stake in the onshore Civitiquana licence, which has yet to be drilled. Back at home, Petroceltic has farmed into a 38% stake in two gas prospects adjoining
Marathons huge two trillion cubic ft Kinsale discovery the East Kinsale prospect and the larger Old Head of Kinsale prospect. These are estimated to
contain one trillion cubic feet of gas but with the current gas prices hitting 40 cent per cubic ft, a prospect this size could be worth 400m. This is not big
money in the oil business but given that it is quite close to the infrastructure Marathon built on its Kinsale discovery and could quite easily be piped into this if discovered, this is a very interesting side play for
Petroceltic. A GAMBLE With 15m cash in the bank and the upcoming Tunisian well
only going to cost 1.5m, Petroceltic shares are currently a buy at 15p. They are, of course, a gamble, especially after the disappointment of Ramcos
development on Seven Heads and Providences Blackrock drill. However, if you have the nerve for it, Petroceltic shares are going to be an exciting play over
the next month and possibly of even more interest next year when Algeria is drilled.

thanks again grevis.....very positive stuff!!!!! confident and patient :-)

Cheers for the Phonex mag post Grevis. Still not had a response from PCI about the rig, guess I won't be getting one.

Morning all.

If Phoenix are right then drilling will start on 1 October.
"The plan is to mobilise this next week, with the objective to spud in the drill by October 1."

Will this be announced?

That was a good article in 'Phoenix'. Even without Sidi Toui, this stock is now great value.

"The big new factor in Petroceltic is the joint-venture contract Craven entered into on July 29 with Sonatrach, the Algerian State oil company, one of the biggest hydrocarbon operators in the world. In this deal Petroceltic gets a 75%
stake in the 6,000 square mile Isarene block, which is located in the hydrocarbon-rich Illizi basin in Southern Algeria.

Six successful discovery wells have been drilled on this particular block and one of these has an already proven 380 billion cubic feet of gas, with potential on further drilling for this to be twice the size of Marathons big Kinsale gas discovery. The oil discovery has 28 million barrels of oil already proven and a potential for up to 400 million barrels of oil.

A second gas target has also been successfully drilled but not yet proven up, with the potential to host five trillion cubic feet of gas.

These are enormous figures but, even just taking the 28 million barrels of oil proven, this alone is worth $1.2bn at the current oil price.

As this prospect is on land and within an area in Algeria that already has a large pipeline infrastructure, the cost of getting this out would be minimal and, as part of the deal, Petroceltic has the right to sell this oil on the open market abroad. This reserve alone makes Petroceltic shares worth a multiple of the current 15 pence."

Why the drop recently? Just a dearth of information?

107606: Think the market is just following Wall Street which fell 135 points yesterday on worries over the hike in oil prices.

Oil Prices Soar on Worrisome Supply News
Wed 6:09PM ET - Associated Press
Crude futures prices surged above $48 per barrel Wednesday as oil production and shipping disruptions caused by Hurricane Ivan caused domestic supplies to shrink more than expected.

I see, so not company based? Thats a relief I guess...

The downside on this stock is pretty minimal at this stage and is totally outweighed by a substantial upside. The graph is showing an elongated 'm' formation, which indicates that we are near or at the bottom of the current trading range. Drilling at Sidi Toui is imminent and oil has already been discovered there in the past. Volumes are quite low and many are getting frustrated. Hold tight and enjoy the ride.

not sure what they're worried about on advfn.......patience is the name of the game........confident news will flow soon :-)

This slip this morning is a regular thing with the minnows when the price of oil goes up, they go down, don't know why but it happens.

I still hold and and not about to change my mind.

Unfortunately, the FBB is populated for the most part by a bunch of goons.

PCI ain't going anywhere until drilling starts. Good news and it'll fly, bad news and it's 8p. Set a stop and watch IMO.

Most likely Big Al.

Nice to see you about again. :-)

sw

I see PLR finally got to 140p. I must've been some use! ;-)

Yes but it is not exactly galloping is it?

Seems a bit prone to conditions.

Tullow looks good, had a bit off them this week.

340,000 changed hands at 14p. Is this most likely two offers to buy at a keen price which some dealer has filled?

Looking at the current situation I am teeny weeny bit suspicious of manipulation. Drive the price down with a series of IOOk/200k sells, buy a lot low down in smallish quantities and then again heavily perhaps a few days ahead of the results to make it look like a results leak, then sell into the frenzied reaction - result a killing. Possible? Probable? I am sure one of you brains will remind me that just because I'm paranoid, doesn't mean they're not out to get me. At least that's what my keeper always tells me.

Anyway, could it be done with a company as small as this using a few million shares?

You are being paranoid!

That would mean there are dishonest people in the City!

How could you say that?

I just can not believe you.

So there!