New Projects and good prospects. will be the winner in 2004. IMO
25p in early 2004

oh shit...down to 10p....bought at 17p...hoping it would go to 25p...what is the bad news?

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.

johng - no worries. Like I say, difficult to know for sure without being there, but this sounds the scenario.

m100 - best of luck, but beware summer madness! ;-))

Thanks Azhar for the news above...think I got to sell on Monday before it falls further

hyleo

Just popped in, although not a current holder (bets on PET!). My advice is: don't sell on Monday. Its only one well, after all; they might have found something but there rig was taken away! They have plenty more opportunities; once they are moving on to the next drill the price will have recovered. Plenty of cash in the bank; no great overheads; plenty of interests. Better average down; unless you know a quicker and better bet; alternatively, hold and sell on recovery.

Eric

I agree EW.

Im not in on PCI but have been waching for a while. Im going to do some research this weekend and may think about buying while the price is low. A great buying chance. Im also on PET. Great posts by yourself. Just got fingernails left.

wilbs

ewrobson...some sanity amongst the gloom and doom...many thanks for an excellent post.

Hi, I didn't put too much into this, got too much in pet, but will hold expecting recovery in PCI, don't want to panic and sell at a loss (bought at 17p) then see them rise, after all, how much further can they fall? LOL.

Chris

HI ALL

IT LOOKS LIKE PCI HAS BEEN GIONG SIDWAYS FOR SOME TIME, BUT LOOK AT THE LAST CANDLE ON THE CHART BEFORE BUYING. I'M NOT SAYING THAT PCI ISN'T WORTH CONSIDERING. IT MAY JUST NEED SMOME COUTION. TO BUY AT THE LOWER PRICE IS ALWAYS GOOD. KEEP YOUR EYE ON THE NEWS & THE CHARTS!

GOOD LUCK ALL

EDDIE

eddie...i guess we could all see what the last candle would look like!..pci will recover as Friday's panic was an over reaction (but was expected considering the months of expectations built up)...many thought it had to be positive news (including myself) so pretty understandable that many punters in for a quick buck rushed for the door...i guess the bigger guys (instns) know the future potential pci holds and they'll no doubt be picking up the pieces and this bargin price...but anything could happen and know one knows...only if we had.

Eddie - My own view of charts is that they are pseudo-science and rather less useful than examining the entrails of a ritually sacrificed goat. But don't let me put you off, my own methods aren't working very well at the moment.

Could go either way tomorrow - which isn't much help. Any buying at the start might start a little rally, but I'm not expecting much. IMO more losses and a gradual drift down more likely. Also expect the big buyers to hold off until they are sure it has bottomed.

Resigned to being in them up to the hilt for months, but a recovery to 13p might be on the cards over time, in which case old china gracefully takes his money and puts it into something safer, like a company trying to open a chain of off-licences in Saudi Arabia, having learned yet another lesson the hard way.

chinapete - learn the lesson! It'll make you better! ;-))

eddie - most traders would take that chart as an out-and-out short!

My two penneth is that Big Al is right and I think there is still further to fall before consolidation and eventual a rise.

so whats the call? -looks like most are in at 17p, settling around 9ish, so buy and hold till the next well, rise within within next 6 months?

Your call m100.

No one can put a time on any stock rising again. It may not rise.

"It may not rise."

The history of most stocks crashing is of a 50% recovery but not necessarily immediately. It works over and over again. But the problem here is confidence. The management won't be so readily believed in future - 50% of success,free oil, 400m barrels, so good we are going it alone etc. and all the other Oirish Blarney.

But I would have thought that a buy at 9p would be fairly a safe bet if it were not for the unknown behaviour of the institutions, who screwed us up last week and stopped the rise to 20p which we all expected. If any of them start offloading to cut losses or because they are still in profit we are up sh**ts creek, or at best locked in the 9/10p range watching another load of 100/250k sells going through. Best left alone for the moment IMO.

Just my current thinking. Time will tell.

Now looks like 10p is a barrier. 0936 hrs.

Im sell at 9.5.

And everyone waiting to see how low they will go!

BLR is drilling today