inbs
- 23 Dec 2003 22:02
New Projects and good prospects. will be the winner in 2004. IMO
25p in early 2004
Beasties
- 03 Dec 2004 10:30
- 929 of 1258
Anyway it's fun!
LOL
ROFLMAO
gavdfc
- 03 Dec 2004 11:29
- 930 of 1258
Got stopped out earlier, not the best of days!!
Parsonsmead
- 03 Dec 2004 11:31
- 931 of 1258
Announcement is on their website now.
P
Big Al
- 03 Dec 2004 12:15
- 932 of 1258
amber - I'm glad you didn't add!!!!!!! ;-)))
On the plus front, I too read the thing and did conclude it was not necessarily a bad well. It notes that this formation produces following a frac job and that hasn't happened due to timeconstraints on the release of the rig. Having said that, and working in the business, I'm amazed they went ahead with a test without doing what was required. It seems a bit incompetent IMO.
Anyway, hefty 4-figure loss for me and out. Such is life in the markets!
Al
;-)
chinapete
- 03 Dec 2004 12:27
- 933 of 1258
Big Al Anyway, hefty 4-figure loss for me and out. Such is life in the markets!
Why go out. The intitutional selling should stop now, at least for those who bought at 13p. Don't you think there will be a gradual rise in the New Year? And certainly a rise on the next drill, although I don't think we will see 18p again, short of a find.
seawallwalker
- 03 Dec 2004 12:55
- 934 of 1258
Because no one can see into the future, have a look at the last week for PRE hoders, same dramatic drop after poor drilling news, 24p to todays 14p.
With such a drop who would hold PCI now in the same circumstances?
Yes, both stocks can recover, but when?
I can not see into the future but I do predict that the price will worsen over the next few days.
There may be shows of oil and gas in this drill, but PRE had some gas too and it has made no immediate difference.
I am sorry this has happened, but that is the risk all holders of these stocks take, the rewards can be big and so can the losses when it goes wrong.
Every person makes their own decision as to what is right for them, buy, sell or hold.
chinapete, I respect your view, but I would not hold, that would be the right decision for me.
(I did hold but lost my bottle some while back, I predicted this could happen).
As I said this is aweful for holders and you have my thoughts today.
It could have been me!
sft
- 03 Dec 2004 13:31
- 935 of 1258
as far as I see it.... Algeria has confirmed assets of 380bcf and 28mboe, so with a present mkt cap of 50m, the other "plays" are in for nothing
chinapete
- 03 Dec 2004 13:42
- 936 of 1258
SWW Thanks for your condolences! You are a nice guy.
Any recovery above 10p and I might consider selling some, using the gains from this mornings buy to reduce my loss. I too thought this could happen, but had decided to risk the loss because of the upside, and to use this as a buying opportunity if they bombed. The downside is being locked in for up to six months. Today will be turmoil with all the shorters etc sorting themselves out, and as you say it may get worse before it gets better.
A week is a long time on the stock exchange, who knows what the next few days will bring, as people realise that PCI has other prospects, and the money to pursue them.
seawallwalker
- 03 Dec 2004 13:46
- 937 of 1258
Fair enough
m100
- 03 Dec 2004 14:14
- 938 of 1258
cpete - agree why get out now with a massive loss - leave it six months for when they do the next drills they were talking about, will move back gradually to c 18ish,or more when they find oil and I can break even at least. Some good news later on and everyone will forget about today.
chinapete
- 03 Dec 2004 14:54
- 939 of 1258
m100 "c 18ish"
I wouldn't be so bullish. It will be a long time before we all get confidence back IMO. I've got 13p as a target for the New Year, ie the figure that a lot of the institutional buying took place at. But we are all in uncharted waters now.
At least the 100k/200k seller should now be discouraged as well. Suspect that he was taking a profit on a 13p bulk buy.
From what I remember from earlier in the year, some Institutions were buying at circa 17p, when the price first shot up towards 20p. They must be down as well. so the news isn't all bad!
A Merry Christmas to all our readers. The chinapete household will now be tucking into an oven ready budgie on Christmas day.
rooandu
- 03 Dec 2004 15:00
- 940 of 1258
chinapete...all is not lost but looks like a budgie this Christmas for me too :-(
m100
- 03 Dec 2004 15:01
- 941 of 1258
cheep? :-) have a braised grouse myself! ... stand by my bulllish statement!!
Big Al
- 03 Dec 2004 15:27
- 942 of 1258
chinapete
I'm not one to hold a trade if it goes wrong. To hold a loser is to be a loser in this game. This just happens to be a bigger loser than most. Bummer, but such is life.
It may come good again, but the trade was made on the expectation of a good well, which certainly didn't materialise. At that point I bail and move on. There are thousands of other potentals out there to make any loss back. If PCI recovers I may get back in, but no point at present IMO.
As I said earlier, I've been in the oil business for 24 years and it amazes me they did not test the thing after a frac job if they knew that is the standard method in the area. It looks a badly managed job to me.
Cheers,
Al
johngtudor
- 03 Dec 2004 15:56
- 943 of 1258
Hi Big Al: Grateful you take a look at the news release from BUR this week concerning 'abnormally high formation pressures', if you have not already done so. Given you are in the Oil Industry what does this mean exactly? Thanks John
Big Al
- 03 Dec 2004 16:33
- 944 of 1258
johngtudor
I did see that a day or two back. It says they need specialist testing equipment due to the high pressures. If they didn't expect them that high, they may only have ordered a fairly standard kit. For example this might be rated to 10k psi, but the pressures encountered during drilling might have been higher and they need a 15k psi, say. Just my guess, but shouldn't be too wide of the mark.
From a technical standpoint, I can't see it means much one way or the other - at least they have something to test!!!!!! ;-))
johngtudor
- 03 Dec 2004 16:40
- 945 of 1258
Thanks Big Al. City Analysts say a successful drill here will mean at least 80p to the SP! SO worth waiting for although it will probably be a few months before the new kit arrives. Still Burren are doing very well and actually have 'black gold' ozzing out of the ground in ever larger amounts by the day! jgt
m100
- 03 Dec 2004 17:04
- 946 of 1258
Big Al - appreciate the info to date and your stand - but most of us put too much in to walk away :-) - summer madness!
BLR is also currently waiting for drilling news, conversely this is c2p - perhaps a better managed company? Expectations not so high, so if they do or dont hit it wont be such a bummer!
hlyeo98
- 03 Dec 2004 17:31
- 947 of 1258
oh shit...down to 10p....bought at 17p...hoping it would go to 25p...what is the bad news?
azhar
- 03 Dec 2004 18:07
- 948 of 1258
Petroceltic slumps on Tunisian setback
Published: 16:35 Friday 03 December 2004 By Graeme Davies
Shares in Anglo-Irish oil exploration company Petroceltic International slumped by 40% today on bad drilling news from Tunisia.
Drilling at Petroceltic's Sidi Toui 3 well encountered oil shows at various depths but when the company initiated an open hole test over the past 24 hours nothing was recovered.
Oil and gas was encountered elsewhere in the same drilling session, at a shallower depth but the company had to release the rig it was using to another company under a commitment which meant it could not test the well further.
A company spokesman said the news was 'a disappointment' but did not affect the prospects for the licence but simply reflected the wrong choice of area to drill in. The Sidi Toui 3 well is in a well known oil producing area of Tunisia. Petroceltic has a 7,500 square kilometre exploration licence in the area.
Petroceltic (PCI) shares shed 6.5p to 9.5p valuing the company at 45 million.
Petroceltic is not totally reliant on the success of the Tunisian drilling, although a total failure would be very disappointing. It also has interests in Algeria, Italy and Ireland and still has $25 million (12.93) in the bank.