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

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

Are we likely to break 0.30p level by Q4 2010?

is it going to snow at easter or christmas or neither?
similar dumb Q don't you think?

0.30p!!!! If it gets that low we are all scr*wed!

doomed captain mainwaring, we are all doomed

.

08Mar10 -INTERVIEW-Petroceltic seeks partner and rapid growth
DUBLIN, March 8 (Reuters) - Irish oil and gas independent Petroceltic, a top performer on the Dublin and London's Alternative Investment Market, is confident it can keep up rapid growth, moving into new territory and drawing in a new partner.
The plan is to carry on growing, starting from where Petroceltic already has acreage.
"We're looking for more blue sky in the countries where we are but also in other parts of Africa. We're looking in Egypt, Yemen, Kurdistan and Syria," Chief Executive Officer Brian O'Cathain told Reuters in an interview.
To develop the areas in which Petroceltic is present, O'Cathain said he was confident the company could "bring new equity into our Italian business".
Turning to Algeria, Petroceltic is pursuing a partner to work with it there, in addition to state company Sonatrach, which holds a 25 percent stake to Petroceltic's 75 percent.
"We probably will bring in a partner some time this year to help us in Algeria," said O'Cathain. "Ideally somebody active in the European gas market, potentially a gas utility."
"By the end of 2011, we hope to have a gas sales contract and an approved plan of development. That's a step change in adding value to the company
cyril