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

Thanks both.

What happens if any of the Institutions decide to take the 13p shares and sell a corresponding amount 14p+ shares, making a quick buck whilst holding the same amount. If the offer price goes below 15p in the next three weeks I can buy back at lower cost than my original shedfull. I'm betting it will.

Tournesolf on another board reckons they are so risky that it is better to stay out. Watching them closely and only buying on a strike. You miss the first rise but they should continue to rise. Less gain but no risk. The added advantage that if ST is dry you might get them at say 10p on a market over-reaction, and they will then rise on subsequent drillings. How does that grab anyone?

the only sure thing is death and taxes.. the bigger the risk..the bigger the gain..keeps you thin!! if its dry(?) we wait for the next one - cant understand why all the jiggerypokery on the price - or perhaps I've missed the plot?

5 million buys versus 3 million sells, lets put the price down mm!

Placing was oversubscribed

Out of the 5m buys, I think quite a lot were rollovers. A lot of the late trades look that way to me.

Pete, you may be right about the institutions selling some at 14p, good call if you've played it right. From my point of view, I'm not too concerned about selling out then waiting for a fall to buy back in. If I was I would have done that a few times here before.

As for Tournesolf's post on TMF, that's his call and if that's his strategy then good luck to him. Yes I can see the sense in that if that's how someone wants to play it. But look at it this way, what if when they do strike the news is excellent and the price is marked up very sharply. Buyers see this and pile in from the start, price moves up quickly and you could miss a big leg up. Anyway that's just my thoughts here. Been in for a while now and prepared to stay in for the long haul. It may come good and it may not. Yes this is a risky share, knew that from the start, as I'm sure all who hold know. I guess everyones got their own way of playing it.

Cheers

Gav

gav - agree with your comments. If you look over the past few weeks, price is on plateau - mm need to stop messing about and let events and PCI take their course

At the moment apparently 1,134,000 buys and 766,000 sells.

If the three 250,000 buys are actually late reported sells, part of an ongoing Institutional offload which is still going on, and since the X trade isn't just a 135,000 buy but a 135,000 sell as well, the figures become:

384,000 buy and 1,651,000 sell.

Which ain't quite so flattering but does explain why the price isn't going anywhere.

Oh! and another thing. Why is the big seller selling. Glib answers about profit taking not required! Why, when we all think this is a winner, does someone think it isn't?

I am curious because I want to time my re-entry right - if I do it will be a first for me.

Blimey! 230,000 sell at 13p. Is that where were heading?

Pete, hard one to call here. But if it does go down again then you will be able to get in again cheaper as per your prediction. I would have thought that the 13p mark would have provided some support since that was what the institutions got the extra 72m shares at. Yes there was the 230k sell at 13p, but I think its hard right now to call where the sp is going what with the new shares coming on to the market. What will drive this price is drilling and hitting or not hitting oil IMO, I'm not too concerned with small ups and downs but I understand why some are.

As for the big seller selling on, well that's anyones guess. But yes they could have been selling above 13p and knew they could buy back at 13p making a quick buck, easy money for them if that's what they were doing. Would be good if we were able to do that!

Cheers

Gav

13p hope not. Have put an alert on at both ends - the old ticker cant take it !(excuse pun). When I get a response I'll do something with them.
m100

m100, hope not either. If it did hit 13p I don't think it would stay there very long.

The 5000 buy ar 14.45 is my little toe being put back in the water. I have a hunch that the 790k X trade might be the end of the big selling. If not I will have to start averaging down.

Well at least you got back in now Pete.

Found this on another BB but can't get the interview to play. Maybe someone else will have better luck.

http://www.wallstreetreporter.com/profiles/PETROCELTICINTERNATIONAL.html

There's full comment on the ADVFN board. Have you got a recent free download RealPLayer on board. Nothing you don't know in the interview. I didn't realise that their Geologist is the discoverer of the Libyan field.

He sounded very upbeat, but that's to be expected. If I knew nothing about PCI and I heard that interview I think I would have bought some.

I was wrong about the seller - still going strong. Dumb mistake number 6078. I still suspect we have bottomed though. Any cheaper and many will find them a compelling buy, including me. Long term I don't think these are much of a risk because some of the upcoming prospects look so promising. My dilemma is that if I sink a lot in them now and ST is dry, then I am going to have a lot of cash tied up for a long time, with a share price below my purchase price. They should rise in the next three weeks if the selling stops. If once they start to go up everyone will pile in, either because they fancy PCI or because they see a chance of a quick turn. Perhaps not above 17 pre-drilling result, but anything can happen.

too right...anything can happen and to judge what the price will be prior to pre-drilling is anyone's guess...no one knows not even PCI!! We could be well suprised, lets hope so!!

ps to predict the correct sp at any point of time is pure luck/guess work...as events are out of our control (who knew that PET was going to rocket (temporarily perhaps)and not disappear in to oblivion as so many had been predicting??.....anything can happen and it more and likely will :-)

Cheers for the rundown on the interview Pete. Not got Realplayer on my pc, might put it on later and listen to the interview. Hope you're right about the bottom but hard to predict as Roo points out.

As for dumb mistakes, we all make them! If the well is dry, then yes the sp will head downwards sharpish so I can understand your dilema. Then no doubt it will languish at a low point for a while, how long is anyones guess. Then as drilling of the Algerian prospect nears the sp should start to rise again. But yes you may have a wad of cash tied up for a while as we wait for Algeria if ST is dry.

As for a strategy re ST. You said you bought in yesterday so you have a position at this level. One way may be to follow Tournesolf's plan, wait for the results and then buy more if the news is good. If not good then you don't have all your cash tied up. But yes anything can happen as you and Roo pointed out.

Hope some of that made sense, heads a bit fuzzy this morning, too many beers last night!

chinapete look at PRE!!!