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

pci chairman openly admits the company is up for bids ..... heavy volume today and a decent rise too

cynic maybe Iberdrola were right in selling their shareholding, PCI has been very disappointing.

haven't held for quite a while for that reason, but just dipped my toe in this afternoon so already modestly in the money

18.5m traded today against norm of 5.5m

AGM next Tuesday here too.

Orca Exploration Group Inc. ("Orca" or the "Company") announces that it has signed an agreement with Petroceltic International plc ("Petroceltic") to farm in on Petroceltic's Central Adriatic B.R268.RG Permit offshore Italy.

Hat tip Boscod 3i

Edit: link http://www.istockanalyst.com/article/viewiStockNews/articleid/4166443

In addition to interest earned in the drilling of Elsa-2 Orca's farm-in agreement with Petroceltic provides an opportunity for Orca to participate on a ground floor basis in an additional 11 Petroceltic held exploration blocks in the Central Adriatic in which Orca could also earn a 15% working interest.
cyril

Derisking always welcome here.

Does anyone here know how long the drilling is expected to take, or indeed whether it has started as expected earlier this month. In anticipation, thanks.
2517

given sp reaction, i would guess nothing happening at all

Current summary of drilling George:
Successful completion of a five well drilling campaign in Algeria
Major new gas condensate discovery on the Ain Tsila Ridge tested at commercial gas flow rates up to 34 mmscfd
Further appraisal drilling planned to commence in Algeria before end 2010
Drilling in the Italian Adriatic Sea planned in the second half of 2010 to appraise the Elsa oil discovery
Fully carried exploration drilling to commence on the Ksar Hadada permit in Tunisia before mid 2010
Additional high impact exploration and production opportunities under review in the MENA and Mediterranean region.

Many thanks HC, I guess this is the one I was referring to, 'drilling to commence on the Ksar Hadada permit in Tunisia before mid 2010'
2517

This is from PCI website, so hopefully news of site start-up very imminent:
" Petroceltic is currently in final negotiations to secure a drilling rig in preparation for a two-well drilling campaign (Tunisia). These wells will test two highly prospective structures in the southern part of the permit, and drilling is expected to commence in summer 2010."

10.5p to buy...a bargain

I see blackrock have bought some more

Bad day!!!

Worth buying at 8p???

StockMarketWire.com
Proposed changes to Italy's environmental code could affect Petroceltic's Elsa 2 well which was scheduled to spud in Q4.

The oil and gas producer said environment minister Stafania Prestigiacomo told a conference in Rome that the amended code would prohibit drilling within five miles of the coastline and within 12 miles around the perimeter of protected marine parks.

Petroceltic understands that if this restriction is passed into law it will apply to permit applications currently pending and is likely to include the current location for Elsa 2.

Petroceltic is seeking further clarification on the process for adopting or rejecting this outline decree and the validity of the application of an immediate restriction to drilling operations.

The Elsa structure straddles the proposed five-mile restriction and Petroceltic is considering alternative well locations on the structure which are outside of the boundary.

Chief executive Brian O'Cathain said: "We are keenly aware of the environmental concerns associated with drilling in the Abbruzo region and have been diligent in communicating to stakeholders our plans to mitigate environmental risks when drilling the Elsa 2 well.

"This has been done through the official permitting and consultation process and additionally through a voluntary supplemental communication initiative.

"We are committed to maintaining this partnership approach in the months ahead."

hope brian can appease Stephania and her officials.

Petroceltic International plc is pleased to announce the commencement of drilling operations for the exploration well Oryx-1 on the Ksar Hadada Permit in Tunisia. Petroceltic holds a 27.03% interest and is the operator of the permit which covers an area of 5,608 square kilometres.

The Oryx-1 well is the first of a two well drilling programme that forms part of the work programme agreed when PetroAsian Energy Holdings Limited farmed into the permit. PetroAsian is committed to finance all of the joint venture's work commitments in the current programme, including the drilling of the two wells, up to US$14.5 million.

The well is being drilled into an Ordovician Bir Ben Tartar Formation oil target and is planned to reach a vertical target depth of a minimum of 1,165 metres. It is envisaged that the Oryx-1 well will take approximately three weeks to drill at a dry hole cost of approximately US$ 4.35 million. Independent expert assessment by Blackwatch Petroleum Services Ltd., estimates that the most likely (P50) prospective resources in the Oryx target of 25MMbbls oil, with a 34% chance of success to the exploration well.

On completion of the Oryx-1 well, the rig will be moved to the site for the Sidi Toui-4 well to drill the second well in the current programme."

StockMarketWire.com
"Petroceltic International plc. has suspended their drilling programme in Italian seas.

The Company has taken this decision due to continued uncertainty regarding the application of a proposed decree to restrict drilling in the Italian seas."

Good news on Tunisia and smart move on Elsa. Now for a timely acquisition here...