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

i for one held PET got out,bought PCI thought pet was pumped and pci more progressive.
but bb's put me off when pci didnt break 18p,so sold and made 10%.a hell of a lot more than had i stayed in pet.
RAB is the one,its a machine.read up,oil exploration and resources but with a nights sleep!

Just out:

Petroceltic International PLC
13 October 2004

Petroceltic to Commence Tunisian Drilling in Days
Cash Resources of US$29 million

Irish headquartered oil and gas exploration company, Petroceltic International
plc ('Petroceltic') is pleased to announce that it is to commence drilling at
its Tunisian Sidi Toui 3 prospect within days. In addition, following the
recent successful completion of an institutional placing, Petroceltic now has
approximately US$29 million of cash with no debt.

John Craven CEO of Petroceltic commented, 'We are making good progress with our
first operated well in Tunisia and the next few weeks promises to be very
exciting for Petroceltic. The new funds raised in the placing means that we
have the financial resources to deliver value from all our assets including the
new licenses in Algeria and Italy. With current high oil and gas prices there
has been renewed focus by governments and corporates on the importance and value
of discovering and producing new petroleum deposits. I believe that Petroceltic
is now financially and strategically positioned to succeed.'

The following is an update on work at Petroceltic's prospects in Tunisia,
Algeria and Italy.

Tunisia: Sidi Toui 3 Well

Extensive site preparations for the Sidi Toui 3 well location have now been
completed. This has involved the grading and improving of 9 kilometres of
existing desert road to take the heavy duty trucks required to transport the
Great Wall Land Rig 92 to the well location and the preparation of a level
concrete base to support the rig and its related equipment. The rig is now being
assembled at the well site in preparation for drilling, which will commence in
the coming days. Drilling and testing operations are expected to be completed by
mid to end November and further updates will be issued in due course. It is
also planned to post pictures of the drilling operations on the company's
website at:
www.petroceltic.com
.

The Sidi Toui 3 well is located approximately 4.5 kilometres east of the Sidi
Toui 1 well that was drilled in the 1950's and encountered oil in the Ordovician
'Hamra' quartzite. This geological target hosts many large oil and gas fields
in North Africa. The location of Sidi Toui 3 has been chosen to be structurally
higher than Sidi Toui 1 and near the crest of the 30 kilometre long structure,
which has a surface expression. Petroceltic and its technical advisers estimate
that the Sidi Toui 3 well structure has potential to contain over 400 million
barrels of oil.

Petroceltic has a 95% interest in the Sidi Toui well and the surrounding Ksar
Hadada 7,500 square kilometre contract area.

Algeria: Isarene Permit Area

On 26th September 2004 Petroceltic signed a Production Sharing Agreement over
the Isarene permit area with Sonatrach, the Algerian State Oil Company.
Petroceltic has identified 3 independent geological targets in Isarene, which
each have significant gas and oil potential. A drilling campaign is planned for
2005 to evaluate these targets.

On October 3rd 2004 the Algerian Ministry of Energy and Mines announced details
of the 6th Bidding Round for oil and gas exploration and appraisal
opportunities. 10 blocks are on offer, some containing existing gas and oil
discoveries. Petroceltic has been pre-qualified to operate for and partner
Sonatrach in Algeria and is therefore well positioned to bid for new acreage in
this round, which closes in March 2005.

Italy: Offshore Block BRG 490

Environmental issues are nearing completion and it is expected that the block
will be fully gazetted and awarded to Petroceltic and its Italian partner
shortly. This will mean that drilling on the Miglianico East prospect can be
planned for 2005.

Funding

Petroceltic was pleased to announce the successful completion of an
institutional placing, details of which were announced on 28th September 2004.
The company now has approximately US$29 million of cash with no debt. This
provides sufficient financial resources to fund an aggressive drilling programme
across Petroceltic's existing portfolio in Tunisia, Algeria, Ireland and Italy
during 2004 and 2005 while still retaining funds for new opportunities. In
addition the placing has allowed the company to broaden its shareholder base
amongst institutional investors.

Ends

See
www.petroceltic.com


Press queries to:

Petroceltic:
John Craven Tel: +353 1 662 7993
john.craven@petroceltic.ie
Brian Cusack Tel: +353 1 662 7993

Davy:
Hugh McCutcheon or John Frain Tel: +353 1 679 6363

Simpson Financial & Technology PR
Ronnie Simpson or Caroline Kohn Tel: +353 1 260 5300


This information is provided by RNS
The company news service from the London Stock Exchange

1m bought in the first 6 minutes, nice start to the day.

great stuff :-)

LONDON (AFX)- Petroceltic International PLC, an Irish oil and gas
exploration company, said it is to commence drilling at its Tunisian Sidi Toui 3
prospect 'within days'.
The company also said that following a recent institutional placing, it has
approximately 29 mln usd of cash with no debt.
The chief executive officer of Petroceltic, John Craven, said: "We are
making good progress with our first operated well in Tunisia and the next few
weeks promises to be very exciting for Petroceltic."
The company has completed preparations of its Tunisian Sidi Toui 3 Well and
the drilling and testing operations are due to be completed by mid to end
November.
newsdesk@afxnews.com
ec

blue is the colour (excuse pun) so how far do we think it will go?

Plenty more to come on this one over the next few weeks.

It's no good hiding in here grandadg90, we have spies and informers everywhere.........

Hopefully much more to come here. At least we know now that the real fun begins soon. Seems that SWW is on your case grandadg90! Found this in businessworld.ie:

Petroceltic to start Tunisian well
Wednesday, October 13 09:24:47

(BizWorld)

Irish explorations firm, Petroceltic, today said it would begin drilling at its Tunisian prospect in the next few days.

The company also said that following a recent institutional placing, it has approximately USD29m of cash with no debt.
The chief executive officer of Petroceltic, John Craven, said: "We are making good progress with our first operated well in Tunisia and the next few weeks promises to be very exciting for Petroceltic."


The company has completed preparations of its Tunisian Sidi Toui 3 Well and the drilling and testing operations are due to be completed by mid to end November.

gavdfc hope so - have missed a few good uns, due to most funds being tied up in pci

Ok then SWW im in on only two shares and in a big way. SEY and PCI. Both have great potential, but patience is the key and we will all be rewarded.

yes sey, and pci similar - both up and down around 16.5 ish. Patience is a card game played when you are bored waiting.:-)

Headlines from oilbarrel.com

15.10.2004
Irish Eyes On Tunisia As Petroceltic Gears Up To Spud Sidi Toui-3
Irish explorer Petroceltic International, which is sitting on a cash pot of US$29 million following a successful institutional placing, is set to spud its much-anticipated Sidi Toui-3 well in Tunisia within days. CEO John Craven said the company was looking forward to the drilling work, which should be completed in the second half of November.

The well will probe a 30 km-long structure that was tested in the 1950s with the Sidi Toui-1 well, which struck oil in the Ordovician 'Hamra' formation.

Petroceltics well will be drilled 4.5 km east of the earlier well and near the crest of the structure, which could hold more than 400 million barrels of oil. If that proves to be the case, Tunisia could prove to be a company-maker for the former mining outfit, which holds a 95 per cent stake in the well and the surrounding Ksar Hadada contract area.

Further prospects and leads have already been identified within the 7,500 sq km block: a decision whether to follow Sidi Toui-3 with a well on the Oryx prospect in the southern part of the permit will be taken in the next month or so, said Craven.

Whether well drill Oryx straight away depends on the results of the Sidi Toui well and on rig availability, because the rig market is really tightening up, said the Petroceltic boss.

The company is keen to build a further key exploration area in North Africa. Algeria has restructured its licensing regime in recent years and is seeing increased exploration work as a result. Petroceltic was swift to pick up on these changes: in September it signed a production sharing agreement for the Isarene permit area in the Illizi Basin of southern Algeria. Three independent geological targets have already been identified within Isarenes borders and a drilling campaign is planned for 2005 to evaluate these targets. Six discoveries have previously been made on the block, totaling some 380 billion cubic feet of gas and 28 million barrels of oil. However, figures from Petroceltics partner Sonatrach, the state oil company, suggest the Isarene block has the potential to hold 4 trillion cubic feet of gas and 400 million barrels of oil.

Petroceltic is now keen to pick up further acreage in the Isarene area. It has pre-qualified as an operator for the countrys sixth international bid round, in which 10 blocks have been put up for auction including acreage near the Isarene block.

Craven praised the Algerians for the transparency and speed of their bidding arrangements. The last bid round worked almost like clock work, he said.

Across the Mediterranean, the company hopes to drill its first well in Italy next year in offshore block BRG 490. We will probably drill the Miglianico East prospect in the middle of the year, said Craven.

For now, however, all eyes will be on Tunisia: Sidi Toui-3 could mark another transformation in the short oil career of the AIM-quoted firm.
< back

Hmmmmm....

Did not hold the highs hey??

Think it needs a bit more than a spudding to make a difference in the short term.

Long term it looks a sure fire winner.

I will,buy back in during the foreseeable future, having had the news release my fears are somewhat diminished. (allyed was my first word but diud I spell it wrong!)

seawalker...each to their own...i'm confident we will see a slow but steady rise up to final results due out in November, when the climb starts is anyone's guess!

I respect that opinion.

Thank you

thanks seawalker...yours too...if only we could predict the future :-)

(If we could I think I would be elsewhere by now spending the profits.

;-))

ditto...hope you get back in (when you feel the time is right) and hope we all win...I'm confident we will :-)

reading the news article - surprised its not higher - given theres been finds before in the area - looks highly likely they will hit something