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

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.
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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.

good luck everyone...hope we all have a great week!

hope so on this one - in a similar vein -anyone holding BLR? Black Rock Oil - very quiet down under..

Sold out again this AM while still had a decent profit. I think, based on past performance that we are heading for sub 15p again. Can't see a rise till right at the last minute, but they are unpredictable. My current thinking is to go into the drill announcement with only a small amount which I won't mind holding long term, trying to buy more if there is any oil. After all, if there is a strike they are likely to carry on rising for some time, after the initial jump.

The alternative, holding a large amount, risks a big short term loss if a dry well, and a capital tie-up for say six months. Don't want to risk that. They will probably come right in the end,whatever happens, but you never know.

chinapete...as they say, each to their own...If PCI head sub 15p, it will be very very temporary, current support 16. We are now in the latter part of October, drilling has more an likely commenced and we should have some indication as to its progress soon so I can't imagine all those who have been in and who are looking to return are going to wait till the very last minute...some will. Yes, PCI is unpredictable and it is impossible to judge who is right or who is wrong...by god it would of been a long wait...but for me, I'm confident PCI will be moving in the coming weeks (esp prior to final results in November as we've been promised updates and we will get them)...as for the well being dry, realistically, there is that chance but again...I'm confident oil will be found, lots of it!!...if I was'nt, I don't very much doubt I'd be here.

The trend from last Weds. is down. Looking at the chart for the last few weeks I would put support at no more than 15p - but there is no iron law of support. They might be perceived as a must buy at 14p (me for one), but is the case so compelling at 16p? We might find out tomorrow.

How many are only in because they believed in a 20p pre-drilling price and a quick profit? Will many of them jump ship or reduce, in the face of further falls? I was disappointed at the small effect of the last RNS: and there are still 100k sales around.

I wish a genned up geologist would comment on the PCI estimate of 2:1 probability of success as ST. Tried to research it, but could form no conclusion, other than that it looks optimistic compared with other drillings in the region. I know that oil was once found there, which helps but not decisively. After all there is some oil under chunks of Southern England, the problem is much of it is uneconomic beacause of small quantity or poor flow rates.

I blow hot and cold on PCI, hence I trade them, to the absolute joy of my broker! Still I have made a 25% return on them over the last 6 months and it is safe in the bank at the moment. Developments awaited with interest.

Thanks for your comments.

Interesting comments cp and roo - still think c 18p is more realistic price rather than 16p, with an upsurge after they find the black stuff - (SEY is similar hovering c18p - no dont have any sadly). Probably sell half pci on strike news, keep half in there for future steady growth.

chinapete...thanks for your feedback...as they say, only time will tell but glad you made a decent return :-)

m100...same here but guess sp is being held down for a reason...still see the sp moving up once more news is known...

Looking a lot better today. Read on another board that Evo's have put out a buy note with a target price of 32p. Seems to be a bit of interest today.