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

Strange day, price falls then some decent sized delayed buys show up after the close. And a 200k roll-over. Wonder what tomorrow will bring!

Does anybody know why some large institutions hold large amounts of shares but there seams to be little evidence of directors buying?

Kiver - perhaps it is because the Directors have recently awarded themselves large stock options and don't need to commit their money until they see what the outcome of the drilling is. Can't say it bolsters my confidence but we would probably do the same if our snouts were in the trough.

Thanks china - I would think the directors would have to convince institutes it was worth taking a large holding, so that shows a level of confidence. Anyone else have an opinion (like a director! 'why havent you bought'?)

Today - 1m bought

0.56m sold with 3.55m not specified as bought or sold, but it looks from the figures like a 50/50 split as some large scale trades between big players took place.

Therefore a shortfall of 440,000 shares, possibly leaving the brokers very short.

Can we expect a price rise on Monday as a result? Or is my reasoning completely wrong?

Found out directors have large options of shares so no need to buy, if they strike these men will be very rich. Is there any more news on the drilling??

Suprised the thread is so quiet with very important news soon to be released.

Just got in at 16p so hoping the news comes thick and fast, looks a good bet IF theres oil in them there hills...

Kivver: Just start counting the days to the next RNS and then this thread will light up. Good luck!

if they do hit oil - directors are going to be rich?

http://news.bbc.co.uk/2/hi/business/3654930.stm

Oil price up on hurricane fears

Hurricane Ivan has left a trail of destruction in its wake
World crude prices have risen amid fears that supplies from the oil-rich Gulf of Mexico could be disrupted by Hurricane Ivan.
Energy companies have evacuated thousands of offshore workers and shut down some production in the region.

Prices were also pushed higher on Tuesday by news of an attack on a oil pipeline in northern Iraq. ....

US light, sweet crude was up 48 cents at $44.35 a barrel; in London Brent crude rose 49 cents to $41.55 a barrel.

Seems to be a case of sitting tight and waiting, waiting, waiting! Drilling to start at end of the month so then the fun begins!

2 half million buys gone through, could something be happening??

Kivver, looks to me like a roll-over, as are some of the other trades today.

why the drop?

Looks like some are just getting bored waiting. Would think that the trades going through at 14.75p are buys, but are showing up in the ? column.

Quite a big turnover, hope someone doesn't know something we dont.

Well there is always something like that to consider. But its like that with lots of shares, people like us are always the last to know anything. One thing to consider is this, look at where the share has come from since last year, around the 2p mark. Buyers then would have been able to buy shed loads of these for their money, perhaps just some of the early large sized buyers taking some profits.

the cynical amongst us would say that when drilling news comes in, there will be a quick rise - the early buyers selling out and buying back in again at c14 will make make lots more - the rest of us lesser mortals have to hang on for a few crumbs

Hi guys! I think that top up time is fast approaching. Many have been waiting for the price to get close to 14p. Barclays are quoting 14.31p to sell and 14.45p to buy. That might be close enough. Good luck!

Just to remind you of Dolmen's daily note:

Todays Recommendations
Petroceltic (16p) Algerian upside Stuart Draper
Results preview : With Petroceltic due to report results for the
6 months ended 30/06/04 within the next 10 days, some attention
is soon likely to turn to the recent Isarene Permit
award in Algeria, the announcement of which has to date had
very little effect on the share price, even though it will have
major implications for the companys future direction.
Algerian upside : The Isarene Permit covers over 10,000 square
kms in the prolific Illizi Basin of southern Algeria. It contains
existing reserves of 380 bn cubic feet of gas, as well as possible
reserves of more than 4 trillion cubic feet of gas and of
more than 400m barrels of oil. Being less than 100 kilometres
from a major operating gas infrastructure, will also enable
these reserves to be commercialised at a relatively low cost.
Upcoming drilling : At the end of this month, Petroceltic will
also announce the start of drilling at its Sidi Toui 3 Well in
southern Tunisia. This prospect has the potential to contain
over 400m barrels of recoverable light crude oil within a large
fault block structure. Petroceltic has also identified a second
major prospect close to Sidi Toui, called Oryx, which may be
drilled by the end of this year.
Cash position : Crucially for equity investors, Petroceltic has
no near term funding risk and has cash reserves of c.$15m. In
addition, the company has a small royalty interest in the
Celtic Sea which generates net cashflow of 0.25m per annum.
Healthy scepticism : Following disappointing drilling results
from both Ramco Energy and Providence within the last 12
months, there is now a healthy scepticism towards the sector
from investors. This should help ensure that future drilling
success is even better rewarded by the stock market than
would have been the case without these failures. Drilling operations
and site preparation have already commenced at Sidi
Toui under the supervision of Norwell Ltd., a major Aberdeen
based drilling project management and well control company.
Sector outperformer : While any potential risk adjusted valuation
for Petroceltic is still very subjective, its projects are
lower risk than many oil and gas exploration projects. Given
the current buoyancy of peer valuations in the sector and the
companys strong cash position, with a current market cap of
c.78m, we would continue to rate Petroceltic as a sector outperformer.
Petroceltics share price has risen by 240% since
our BUY note of 23/01/04 : Speculative BUY.