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

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")."

More good news but no sp reward yet.

sorry old news taken off

any bl***dy news would be nice....lol

AT-3 test news cant be far off.

"Application has been made to the Irish Stock Exchange and to the London Stock Exchange for 6,000,000 new ordinary shares of 0.0125 each in the capital of the Company to be admitted to trading on the IEX Market of the Irish Stock Exchange and the AIM Market of the London Stock Exchange respectively and dealings are expected to commence in theses shares on 30 December, 2009. These shares have been issued pursuant to the exercise of options.

The total number of shares now in issue (inclusive of the above issue) is 1,376,261,049 ordinary shares of 0.0125 each."