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

came out about 5/10 mins ago. was in auction for at least 30 mins

don't know, but a bit of a shitty day all round ..... profit taking and bits and bobs of poor economic news from US i guess

Surprised no comment on the 215m at 16p trade and takeover rumours in the FT today!!

This appears to be Iberdrola's 15.89% shareholding?

yes

If they sold their shareholding @16p they have not only recovered their investment but also made a profit of 6m+.To have sold their shareholding they would have had to obtain PCI approval, what's going on?

Not a clue halifax! Bloody great time to do it Friday after close which makes for a stressful weekend for shareholders!. Hopefully some good will come of it?

If they have sold then who has bought the stock at 16p, or is it more complex than that?.

Some think neighbours in Algeria,BP has bought 215m PCI shares. Monday should provide the facts.

As posted above, confirmation now in the w/e FT:
"After the market closed a trade of 215.7m shares - or 15.7% of the company - at 16p was revealed. Traders said the seller was spanish utility company Iberdrola. It was not clear who picked up the stock."

If it's BP it's good news....but why have Iberdrola sold ?.....that is a little worrying.....I would have kept that position...

Adios Iberdrola! PCI now have 75% of a huge Gas/Condensate find.

clearly Iberdrola were not so convinced albeit that their stake was sold at a modest premium to market

Well the someone was prepared to [ay a premium of 1p.

The decision to divest of its holding in Petroceltic was taken by Iberdrola in line with its asset disposal programme for 2008-2010, as published in its Strategic Plan. This objective of this disposal programme is for Iberdrola to realise 2.5 billion in divestments of non-core assets, with the goal of maintaining its balance sheet strength, improving its capital structure, and fulfilling its core business investment plans communicated to the market. This latest disposal of a non-core investment follows on Iberdrola's recent decisions to divest its interest in the Senaca Lake gas storage facility in the USA, two hydroelectric plants in Chile, a 10% shareholding in Gamesa (a wind-turbine manufacturer) and a 27% shareholding in Guatemalan telecommunications company Navega. The on-going divestment programme reflects fundamental changes in market conditions in Iberdrola's core business post the 2008 global credit crisis.
cyril

Well the someone was prepared to [ay a premium of 1p.

The decision to divest of its holding in Petroceltic was taken by Iberdrola in line with its asset disposal programme for 2008-2010, as published in its Strategic Plan. This objective of this disposal programme is for Iberdrola to realise 2.5 billion in divestments of non-core assets, with the goal of maintaining its balance sheet strength, improving its capital structure, and fulfilling its core business investment plans communicated to the market. This latest disposal of a non-core investment follows on Iberdrola's recent decisions to divest its interest in the Senaca Lake gas storage facility in the USA, two hydroelectric plants in Chile, a 10% shareholding in Gamesa (a wind-turbine manufacturer) and a 27% shareholding in Guatemalan telecommunications company Navega. The on-going divestment programme reflects fundamental changes in market conditions in Iberdrola's core business post the 2008 global credit crisis.
cyril

seemingly Iberdrola's stake was spread among a number of institutions .... while that shows some confidence in the company, it certainly does not underpin sp ..... to my mind, it would have been much more interesting and encouraging had this stake been placed as a single block

been here so long getting a little sick of this share like to see it break 25p at some stage in by life so i can move on really should just sell and take profit but i really do fill that there is more to come .

Mickey,step back and reassess PCI before making your mind up,several ways this could go(assuming successful).
1 A major comes in and takes over in the near future,which would get you your 25p?
2 They hold off until the picture is much clearer(maybe hugh,an ekephant or evena monster field) ,then perhaps 50p/200p+?
3 We go it alone which will require much fund raising (so dilution),with a time scale of 4years before 1st production. This for very patienr investors
would be the ideal scenario.
Its just a question of how you see it,maybe some top slicing and allow
any profits to run. The difference between trading and investing i suppose?
aimo
cyril

Cyril I'm with you on all that you say.. plus I've been here for about 3/4 years now i only hold about 65,000 share so as for top slicing no point. I also buy for long term normal just fill every time were about to move up ........Och back down we gooooooo.....But i will hold ;-)) maybe for another year let see wt the weather brings

Iberdrola unloads Petroceltic stake
Business Financial Newswire


Spanish energy group Iberdrola has sold its entire 15.68% stake in oil and gas company Petroceltic International to a group of existing and new shareholders at 16p per share.

The sale on Friday (January 15) represented a 1p per share premium to the previous close.

Iberdrola's board representative, Pablo Fuentes-Cantillana, has resigned.

The Iberdrola shareholding had been subject to a lock-in arrangement. In exchange for Petroceltic's consent to allow it to place the stake via the company's brokers, Iberdrola has agreed to early termination of its option to acquire a 49% interest in any of Petroceltic's upstream assets.

Petroceltic has agreed to repayment of the $7.3m option fee paid by Iberdrola in January 2009, over the next 18 months.

It says the move was made by Iberdrola in line with its disposal programme of non-core assets.

CEO Brian O'Cathain said, 'We are delighted that the principal shareholders in Petroceltic have expressed their strong support for the company by acquiring the Iberdrola stake at a premium to market.

'Our investors see the considerable latent value in our portfolio, and are committed to working with us to realise the upside value over the coming year, in particular in our Algerian assets where our recent drilling campaign has demonstrated the presence of a very large gas accumulation capable of flowing at rates exceeding 30 mmscf/d per well.'

Glad to hold just over 300k of these. Great news today imho!