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

Just to confirm that it is only rumour at present:
business.timesonline.co.uk (27.02.10)

"Petroceltic was chased p higher to 12p amid reheated speculation that a bigger oil and gas company is mulling over a bid. One name in the frame was Sonatrach, the Algerian state oil company. Another was BG Group, formerly part of British Gas. Iberdrola, of Spain, sold its 15.7 per cent stake in the Dublin-based Petroceltic for 34.5 million in January."

2 Tunisian drills (freecarries) in June and July should help too.

see my post p33
good luck.
regards
jkd

Nice trading pickup today. Are we about to get an Operations Update?

two big lumps went through "off screen" (between brokers?) late in day of 1.7m and 1m at barely below 13.0 ..... arguably interesting

further, norm daily volume is 4m, but today was 10m .... again, interesting though not necessarily of importance

04.03.10 - Petroceltic International plc is pleased to issue an operational update on its activities in Algeria, Tunisia and Italy.

Highlights;
Algeria - Isarene Permit
Successful 2009 drilling programme with major new gas condensate discovery.

Second exploration phase now completed

Appraisal phase to commence in Q2 2010

Italy - BR.268 RG Permit
Assumed operatorship of the B.R268.RG Permit

2010 drilling programme on Elsa-2 to commence in Q3 2010

Tunisia - Ksar Hadada
New 2D seismic completed

2010 two well drilling programme to commence in June 2010"

http://moneyam.uk-wire.com/cgi-bin/articles/201003040700130609I.html

6 wells to come here in next 9 months.

Petroceltic primes Tunisian bit
London listed Petroceltic plans to start drilling this June on two prospects identified in its onshore Tunisian Ksar Hadada licence.

Upstream staff 04 March 2010 08:28 GMT

The two wells will be funded by Hong Kong listed farm-in partner PetroAsian and will be drilled using the CTF Rig 06. The wells are expected to take about 12 weeks to complete.

Petroceltic has identified two Ordovician prospects, Sidi Toui and Oryx, which hold 88 million barrels and 25 million barrels of oil in place at P50 level
cyril

Should be a return to form at Tunisia after a witches tit 5 years ago there.

From today's FT blog sector watcher:
"Petroceltic Exploration PCI LN
Todays operational update looks back at the company operational milestones. Going forward, the appraising work programme in Algeria will start in Q4/10 with two wells to be rilled on the Ain Tsila field and one well on the Isarene North East field. The two discovery reports have been submitted to Sonatrach. In Tunisia, a two well drilling programme will kick off in June. The two prospects Sidi Toui and Oryx have 44 mmboe of risked P50 (113 mmboe unrisked). In Italy, the Elsa-2 well will appraise the Elsa discovery (104 mmboe P50) in September 2010.
Bottom line: the share price has started to recover from its lows. Whilst there are no immediate catalysts, PCI seems compelling from a value perspective. "

Davy say 34p. I say 40p by year end.

How long before any commercial gas production is achieved?

3 years minimum.

Apparently the rumour doing the rounds today for PCI (included in an email to me) is Rosneft Stroytransgaz showing interest, they are already operating-producing in the illizi with Sonatrach.

never mind the rumour, but it's certainly true that the senior management of sonatrach are in jail awaiting trial for corruption!

cynic does that make PCI a short?

short for Petroceltic!

may explain Iberdrola's sale.

As it's top of the page, just going to add a chart.

HOUSTON, Mar. 8 "Petroceltic International PLC took a farmout from Cygam Energy Inc., Calgary, on the B.R268.RG Permit in the Adriatic Sea off Italy.

Petroceltic will appraise the 15 sq km Elsa structure by drilling and testing an Elsa-2 well adjacent to the existing Elsa-1 that logged a 65-m oil column in 1992 (OGJ Online, Sept. 23, 2009). Drilling is to start in September 2010. Elsa is in 30 m of water 7 km off central Italy.

Petroceltic will pay all well costs, estimated at $40 million. Upon successful completion, a Cygam unit and Petroceltic will participate with 30% and 70% interest, respectively, in the future development, rights, and obligations of the permit."
http://www.cygamenergy.com/index.php?option=com_content&view=article&id=76&Itemid=86