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

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

m100...i'm confident they will :-)

Cheers for posting the artcile PatsyM. From the Oilbarrel article:

"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."

Perhaps this is what the previous fund raising was for, an eye on bidding for further acreage in Algeria?

Happy days ahead hopefully.