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

not particularly .... for myself, i am happy to hold but just get pretty bored with marni's continual stream of abuse to others (to me i care not) and arrogant portrayal of herself as Wonder Woman of the investment world

Successful well test at well INE-2 on the ISAS structure, Isarene Block, Algeria




Petroceltic International plc ("Petroceltic" or "the Company"), the upstream oil and gas exploration and production company focused on North Africa and the Mediterranean, in association with its partner Sonatrach, the Algerian National Oil & Gas Company is pleased to announce that well testing of the Objective Devonian F2 formation at well INE-2 has been successful, with a gas well test rate of 4 million standard cubic feet per day ("MMscf/d") (4,720 cubic metres/hour) with a flowing wellhead pressure of 180 PSI on a 1' choke setting. This flow rate was achieved without the benefit of fracture stimulation which proved successful in testing on the AT-1 well.




The ISAS is a separate structure in the same area of the Ilizi basin as the Ain Tsila ridge discovery announced recently. ISAS has been identified as a significant gas bearing structure in its own right for some time. INE-2 is the third well on the ISAS structure to flow gas at 4mmscfd or more. Well INE-1 flowed at 4.4mmscfd while another earlier well, TMZ-1 tested at 4.1mmscfd. A further well on the structure, GTT-1, tested oil at rates of 490 barrels per day. A joint technical study undertaken with the operator of the adjacent block 226 in 2007 concluded that at the F2 level the structure extended into both blocks, across a distance of 20km north to south.




Well INE-2 was the commencement well of the current drilling campaign on the Isarene permit (Blocks 228 & 229a), in the Illizi basin. The well was drilled to a total depth of 1020m in June 2009, targeting the Devonian F2 sands in the ISAS structure. Testing of this well has now been completed. Following perforation of a 5 metre interval in the objective Devonian formation, the following flow rates and Flowing Well Head Pressures ("FWHP") were recorded.

cyril

not stupendously exciting, but won't hurt either

Add it to Sonatrach Oil find in previous GTT-2 well and it is worth getting out of bed for.

market is pretty underwhelmed, albeit that it is generally a bit soft

No problem as it is another nice bolt on in the bag. AT-2 result in a matter of weeks too.

cynic latest news less than sensational, sp likely to drift down towards 12p.

don't see why it should drift that low, but nor do i see any reason for excitement at the moment

cynic expectations are high,so far they haven't delivered much, we got out some time back at 18.75p.

as you know, my mantra is that it's never wron g to bank a profit - did similarly with some of my TLW this morning.
however, i think it will only be lack of further news - or bad of same, which this morning's was not - that will force sp back to 12
my own view is that this is probably one of the better minnows

Trend is definitely down atm & 12p seems likely without a RNS to support the sp.

and you encouraged us to buy at 18p.........well!!

Ah yes. I see you bought at 17.9p. I still hold some of these so am still looking for the 26/27p target mentioned way back, but not this side of Xmas!
Possibly worth adding if it reaches 12p???

Will make more sense when AT-2 and AT-3 report pre Christmas break.

sp still drifting down, re-entry at 12p perhaps?

maybe ... or perhaps will drop down to that 200(?) dma line

Petroceltic International plc is pleased to announce that:

"The well test on well AT-2, on the Ain Tsila Field, Isarene permit (Blocks 228 & 229a), Algeria, following fracture stimulation ("fracturing") has resulted in gas flow rates in line with expectations, of 4.9 mmscf/d*. A discovery declaration has been filed with Sonatrach for this well.

Well AT-2 gas pressures indicate that this well is in the same pressure regime as the gas in AT-1 and that AT-2 therefore represents a successful delineation well to the AT-1 gas condensate discovery. It is probable that the Ain Tsila gas condensate discovery therefore extends at least 12km south from AT-1 to the AT-2 location.

AT-2 also logged 4m of gas bearing sandstone in the Devonian F2 horizon. The Company plans to test this shallower gas-bearing interval, using a workover rig, at a later date.

Drilling on the AT-3 well, 9km to the south of AT-2 has now been completed. The well logged a gas column in the Ordovician reservoir in excess of 80 metres. With testing of the AT-2 well completed, the Company plans to test the AT-3 well.

The rig will now move to drill the INW-2 well in the north west of the block, on the Issaouane NW prospect. This well will target both Devonian and Ordovician reservoir objectives."

Hasn't done much for the sp....

It won't do. There is no volume in the market so shares ain't going anywhere unfortunately.

Article re RNS news!, click HERE