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

Hi Guys. I have just sent an email to OMV's office in Tunisia:

Great Wall Drilling Rig GW 92

Can you tell me whether you are still using this rig and if not when it was released to drill at Sid Toui.

I thank you in anticipation of your assistance in this matter.

Hi Grevis,

Thanks for posting that. At least someone's getting a reply, he's stopped replying to me! Hope his drilling's better than his spelling! So the wait goes on, not much we can do about it I guess.

Hi gavdfc.

Well the Austrian's have responded to my email. The outcome is somewhat puzzling. The following response was received from OMV's Head of Operations in Tunisia at 14.22 hours today. It was very brief but implied that PCI have not got the rig:

"GW 92 is engaged at least until mid 2005."

This would imply that PCI will have to wait until next year or will have to negotiate for another rig if they are to drill this year. This would explain why some of the big boys have been selling.

This was the announcement concerning GW 92 of 20 August:

Petroceltic International has signed a contract with Great Wall Drilling Co (Tunisia) for the GW 92 land drilling rig for its Sidi Toui 3 Well in the Ksar Hadada Permit Area in southern Tunisia.

In a statement, the company said the contract is for one well with a second well option which can be exercised during the drilling of the first well.

The Great Wall rig GW 92 is currently working in Tunisia for the Austrian oil and gas company OMV. This work is expected to finish over the next few weeks after which the rig will mobilize to the Sidi Toui 3 location to commence drilling for Petroceltic.

Petroceltic has a 100 percent working, or a 95 percent net interest in the 7,500 square kilometers Ksar Hadada Contract Area through a Production Sharing Agreement with ETAP the Tunisian state oil company.

Cheers Grevis. Don't know what to make of that, sounds very strange. Perhaps OMV mean that PCI have GW 92 until mid 2005. Very confusing as if drilling was going to be delayed then they would have to announce that. Even if they were not going to get that rig but were negotiating use of a different rig then surely they would have to announce that also?

Maybe someone would like to write to PCI to clarify the situation.

"Sell on the rumour, buy on the facts"

I now only hold 10k at 10p having sold a lot on Friday. If they go down, I buy again. If they go up I will have guessed wrong, but I think I will stick on this position. After all with ST we are betting on the spin of a coin! If ST is dry they will be as cheap as chips. Anathema to the PCI optimists, but it could happen.

Where is the next PCI I wonder? What odds on CRST for a Ronson takeover? Who is buying heavily into MDY, and why?

pete...don't think so. PCI will fall if ST fails to impresss, by how much no one konws... as for cheap as chips, i don't think so. So do what you feel best but to those you may be losing confidence/patience.......as wisdom goes, DYOR and you can see just what i'm talking about.....PCI have fantastic potential, great prospects and that's what's it's all about!!

Curiously more sells than buys and the bid increasing while the spread is decreasing. Are the MM's filling a big order? If so a rise today. Barring bad news on the rig of course.

Austrians now refusing to comment according to an ADVFN poster.

excuse my spelling.....nearly as bad as Brian Cusack's :-)

pete...hope so.....holding tight and high as a kite :-)

Few big buys pushed through...

http://fool.uk-wire.com/cgi-bin/articles/200410111825039634D.html

Mellon Bank reducing - others increasing. Lets hope the selling stops now.

hope so.

I dropped out this am.

Sorry guys, I lost the faith.

Good luck to you all.

As it is I went out on blue that is the important thing!

Sorry to see you go - I always valued your comments, but I know how you feel.
If I wasn't holding at 10p I would be gone too.

ever watch dragnet? "Just the facts m'aam, just the facts" Good company, investment, good prospects, drilling soon, will hit sometime. As I said previously, if rumours, treeshakes, and MM stopped messing about, the price would be at a more realistic 18/20p awaiting some good finds.

SWW, at least you got out with a profit. Still holding here, waiting for the drilling fun when it begins.

I'm gonna hold for the news...

Just about break even so thats ok!

I'm holding for news as well.