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

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

markets are pretty sorry this morning, but at least it's good news rather than bad, so will assuredly underpin sp

Hope you were out of gold shares friday cynic....sent you mail..

never saw it .... rarely go into that e-mail a/c

Iberdrola takeup before year end?

Expansi.com

Iberdrola will enter the gas business in Algeria

Published 06/12/2009

By Roberto Casado. London

Iberdrola is about to take its first leap into the business of oil exploration and production through the purchase of a stake in a gas field in Algeria.


Through an agreement with the Irish group Petroceltic, the Spanish electricity will become next year, the owner of an area of the Sahara which has made some of the greatest discoveries of hydrocarbons in 2009.

The deal will materialize when Iberdrola has run an option to acquire a 49% stake in one of Petroceltic Algerian wells in that area, by $ 55 million (36 million). According to sources close to Iberdrola, the company has chosen one of the assets in Algeria, but has not yet taken a decision on the exercise of this option, whose term ends in May 2010. Iberdrola paid $ 7.3 million in June to Petroceltic to have that option.

cyril

not sure of the implication to PCI .... maybe nothing

you must be joking. Watch this move when $48.5m cheque from our Basque amigos arrives. Ande,ande,arriba!

you don't reckon that's already discounted?
i would have thought the only real catalyst, discoveries apart, would be if Iberdrola launched a total bid ..... that's certainly not impossible, but more likely a pipedream

SFA discounted in this market! Doubt Iber will launch a total bid also but talks on a further farmout to an Operator can begin once latest farmout is concluded.

a lot of buying up this morning. they must be testing the last well as we speak - might be good

Article and analysis, click HERE

Some forecasters think AT-3 will be a return to AT-1 like flow.

"Petroceltic International plc is pleased to announce it has signed a Farm-in Agreement with Vega Oil S.p.A. ("Vega"), a wholly owned subsidiary of Cygam Energy Inc. (CYG: TSX Venture Exchange) to increase its participating interest in permit B.R268.RG, which includes the Elsa discovery, offshore Italy, from 40% to 70%. Petroceltic will also assume operatorship of the Permit. Vega will retain a 30% interest.

Under the Agreement, Vega will transfer a thirty per cent (30%) participating interest in the Permit to Petroceltic and in exchange Petroceltic has agreed to pay one hundred percent (100%) of the drilling and completion costs for the proposed Elsa-2 well ("the Well")."