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

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...

I have invested a little more here. This is a very attractive price, and considering they will be drilling the very large gas discovery in Algeria soon.

StockMarketWire.com
Petroceltic International has signed a contract for drilling rig services with Dalma Energy, a Dubai based drilling contractor.

The four well drilling and testing programme will focus on appraising the gas discoveries made on the Isarene permit by Petroceltic during 2009/10. This programme is fully funded following the US$120 million equity placing completed in April 2010.

CEO Brian O'Cathain says: "Securing this rig is a significant step towards re-starting drilling operations on the Isarene permit. We expect to drill a minimum of four appraisal wells including at least one horizontal well. Drilling operations are scheduled to start in October 2010, as originally planned, with a view to the submission of a development plan (Final Discovery Report) to the Algerian Authorities at the end of this appraisal campaign.

"Our interpretation and analysis of the results from the five well programme in 2009/10 is progressing, supporting our belief that the Ain Tsila gas condensate discovery, on the Isarene permit, may turn out to be a world class hydrocarbon resource. "

Ship has steadied. Looking forward to a wee bit of Tunisan delight soon here too.

chart looks pretty hopeless.

You beat me to it!!! I was about to say that 'maybe, briefly, the chart has stopped it's terminal decline?'

Sucess in Tunisia and Algeria will sort out the stagnant sp here.

so would manna from heaven, but uncertain which is the more likely

once again the only people making money are those owning the drilling equipment.

StockMarketWire.com
"Petroceltic fails to find significant oil in Tunisia"
Petroceltic International plc, announces that the Oryx-1 exploration well, on the Ksar Hadada Permit in Tunisia, has reached its total depth at 1140m.

Although oil shows were encountered in both the upper and lower Ordovician reservoir units, log analysis indicates that no significant oil saturation is present in these reservoirs at this location. The Oryx-1 well has been drilled substantially under budget and without incident.

The well will now be plugged and abandoned, without testing, and the CTF Rig 06 will be moved to commence drilling of Sidi Toui-4."

Hope 2nd Tunisian leg goes better...