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

SALKELDJP

I noticed the bid has not moved below 16p in the past fortnight. Watched, waited and took some as soon as it moved up. Also saw the big trades.

We had a lovely hammer on bigger than average volume over the day, which is what I like to see. Only 25k, but adds to my current holding quite nicely.

Over a wider timeframe, we've lengthened the consolidation period at a slightly higher base level now. In addition, they must be getting through the well. ;-))

All we need now is the thing to be dripping with it..............but no-one can predict that!

For reference if it all goes wrong, check out MRS this past few weeks and have a plan.

Al
;-)

Looks like a well timed buy Big Al. Don't know anything really about hammers, but do like the sound of the hammer you mentioned! Maybe I should learn about these hammers! Also some decent volume yesterday. Maybe they're hammering through that Tunisian ground at a good pace! :-)

http://www.petroceltic.ie/pc/operations.php3

picture of the ST well, but not soon enough to save the share price unfortunately.

http://www.davy.ie/other/email/petrocr20040121.pdf

http://www.uk-wire.com/cgi-bin/articles/200411080700079480E.html


Petroceltic International PLC
08 November 2004

Drilling Commences at Petroceltic Operated
Sidi Toui 3 in southern Tunisia


Petroceltic International plc ('Petroceltic'), the AIM listed oil and gas
exploration company, is pleased to announce that drilling operations have
commenced at the Sidi Toui 3 well in the Ksar Hadada PSC contract area in
Southern Tunisia. The well was spudded using the Chinese Great Wall rig 92 on
Friday November 5th 2004.


The primary objective of the well is to establish conclusively the presence of
hydrocarbons in the Ordovician to Cambrian Hamra Quartzite formation near the
structural crest of the large Sidi Toui structure. The current well is
projected to be up dip from where oil and gas were encountered at the Sidi Toui
1 well drilled by Serept in 1958. Petroceltic's geological advisers have
estimated potential oil reserves for the Sidi Toui 3 well structure of 400
million barrels.


Sidi Toui 3 will be drilled to a measured total depth of approximately 1,300
metres when it will be flow tested and logged. Drilling, including casing,
testing and logging is expected to take approximately 4 weeks with results
therefore due in early December, at which time a further announcement will be
made.


Photographs of the well location and the Great Wall drilling rig at the Sidi
Toui 3 well location can be viewed via the home page of the Petroceltic website,
www. Petroceltic.com. It is planned to post more pictures of the operation on
the website during the coming weeks.


Also available on the Petroceltic website is a research report by London
Stockbroker Evolution Securities. This contains details of all Petroceltic's
oil and gas interests in Tunisia, Algeria, Italy and Ireland.


Ends


See
www.petroceltic.com

Hurrah!! so we shall see an upswing on this news? 19p perhaps?

So we'll know before Christmas what the overall picture is. Hope Santa's good to us all!

gav...early dec looks like d day...good luck to all...hope we get the xmas present we've all been looking for :-)

However, i guess the mm's will be playing with the sp for a couple more weeks or so, i hope i'm very wrong as I think it's about time we witnessed a more accurate reflection of pci's true worth.......but there will come a time when the mm's have to just let this go and then we're up and away!! :-)

Evolution securities reiterates its buy reccommendation today and a 32p price target.

regards bowman

wheres that buy recomm note? can u post it pls bowman. xm

Xmortal,

You can find the doc on the www.petroceltic.com website under Investor Relations (Evolution Research Note.pdf).
Rather than post everything, here is the conclusion:

Conclusion
Petroceltic has rapidly built up an attractive exploration portfolio, which over the next 12-18m has several opportunities to dramatically increase the reserve base and therefore the asset value of the company. This should lead to substantial share price appreciation. We set a conservative 3 month price target of 32p/share reflecting only the risked exploration potential of the Tunisian well as well as the core value.

(Lets hope tomorrow is a more positive day for the sp!)
happy reading!

From Business World ie:

Petroceltic starts Tunisian drilling
Monday, November 08 09:12:11

(BizWorld)

Irish oil and gas exploration firm, Petroceltic, today said drilling operations have commenced at the Sidi Toui 3 well in the Ksar Hadada PSC contract area in Southern Tunisia.

The AIM listed company said the well was "spudded" using the Chinese Great Wall rig 92 on Friday Nov 5.
The primary objective of the well is to establish conclusively the presence of hydrocarbons in the Ordovician to Cambrian Hamra Quartzite formation near the structural crest of the large Sidi Toui structure.


Petroceltic said drilling, including casing, testing and logging is expected to take approximately four weeks with results therefore due in early December, at which time a further announcement will be made.

given the above statements - why is the price fiddling about at 16.5??
if the target is 32p in 3 months we should be around the 20-25p mark now waiting succesful news in Dec, when it should pick up another 5-10p?

A few investors will get out and then back in before the announcement in about two weeks hence the drop in price.

Usual story. Why should the MMs pay more for loose stock from distressed sellers? Would you? Surely nobody would be opening a fresh position now when news - either good or bad - is so close. That would be gambling and not investing.

pondlife...well they did on several occasions over the past few months so why not again??...keep positive, ride this out and we'll get there in the end...good luck to all as always :-)

Rooandu - I am always positive - I hold BUR (aaaargh) and a large dollop of SEY that I bought in haste at 20.5p - top of the shop! I am riding out quite a few positions at present.
Travelling hopefully as always. Dreams of instant riches beyond the dreams of avarice temporarily suspended.

Can't say I've been overly impressed by the price movement this past couple of days, but am intrigued by the announcement of the spud.

1300m to drill and a total of 4 weeks to complete everything including logging and testing. My guess is news might therefore start to leak during the third week, i.e. when they TD and start logging.

Big Al - no neither have us all been impresed - still its back in the right direction now