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

http://www.stockpedia.co.uk/article/view/32206/petroceltic-a-gas-giant-in-the-making


Junior oil and gas plays are all around us but few are successful. And it's been a pretty tough year for hydrocarbon explorers with the oil price now way below its USD 140 peak, a credit crunch, and the equity markets not easy to tap, funding an exploration programme has become more difficult than it used to be.

But I think Petroceltic might be one of the winners. Not because it gets some royalty income from its investment in the Kinsale Head gas field, in the Irish Sea. That's irrelevant. It's the interests in Africa and the Mediterranean that look interesting.

Petroceltic has a major presence in Algeria, with an active exploration programme. Algeria has the largest gas reserves in the world after Russia [1] , and supplies 10% of Europe's natural gas requirements, so it's a good place to start if you're looking for gas. The country has a bad reputation for being bureaucratic and difficult to do business in but some of the older fields are now becoming mature and producing less, so new field development is vital, and the government knows it. At the same time, new pipelines are being put in to link Algerian capacity to Europe, and the authorities are looking to promote investment [2] . Besides, the fact that the Algerian state oil company is Petroceltic's minority investor is significant - if it puts obstacles in Petroceltic's way, it will be cutting off its nose to spite its face!

Petroceltic holds a 75% interest in the Illizi Basin Isarene PSC (state oil company Sonatrach holds the remainder). It tested the AT-1 well earlier this year, and recently announced the results, which were better than expected - 'a magnitude larger' than previous discoveries. (For stats nerds, it flowed at the rate of 11.4 million cubic feet of gas and 210 barrels of condensate a day.) Further analysis showed that the well exceeds the company's pre-drilling estimates it was the most prolific single zone well test on the Isarene permit to date, according to the company. The second test well, AT-2, is now being drilled [3] .

The crucial fact about the Illizi Basin is that it's not completely greenfield exploration. The field was thoroughly mapped in the late 1950s and 1960s, but the explorers were looking for oil, not gas which wasn't then a commercially viable market. That makes the prospect much lower risk. So does the fact that BP has already shown in the nearby Tigentourine field that gas recoveries can be made at commercial rates, using appropriate technology. It's producing large volumes and is located pretty much next door to Petroceltic's prospect [4] .

Success hinges on getting commercial flow rates from the Ordovician sands, in Ain Tsila ridge, which contain gas in low permeability reservoirs. To do so, the company will have to identify natural sweet spots ....


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Topped up again this am.
cyril

Cyril,so far so good at Isarene. CEO has a winners veneer for sure here...

this share is a dog

so is the Supreme Champion at Crufts

agree cynic,speculative but no dog and looking like a cheep bitch who's gonna do the business. woof!

sorry cheap

Buy some (or some more) Marni &, to quote yourself "try not to wet ur pants every few minutes when sp falls a few pence". ;o)

i also think this company has potential .... already hold, but slightly tempted to buy more

just look at the volume on the high day of 22/9 and check out todays. would suggest watching for a low volume rise for a few days from here and not be drawn into buying. i suspect we shall see lower better value levels to buy into. just my opinion as always. could be wrong. please all dyor,
regards
jkd
edit not that i would personally buy into them, i would favour a safer "bet" above 20/21sh.

Marni,I like dees dawg!

though i don't much care for the bitch

I think the feeling's mutal.....

the laugh is that she has squelched me so can't even read the comment but merely the reaction of others

Hope the squelching was not too painful an experience Cynic!

it has actually been wonderfully peaceful ever since, though i see she continues unwarranted abuse elsewhere .... pretty pathetic really; much more lager ladette than learned lady

harrycat

i've had this dog of a share for more than 5 years.........so i can hardly be blamed for looking at it every few mins.....its every few years!

must say the threads look much shorter without the inane rampant excessive postings from cynic.

cynic o/t IEC's Peter Lavine taking on MRP?
cyril

cyril - not understood

re post 656 ..... what strange illogicality for someone who says she is such a sharp cookie that she would hold a share that she might arguably have bought for 2p in 2004, seen it rise to 23p and then fall all the way back to 3p, albeit that it is now back up to 17p

cynic,I joined this at .25p and John Craven(called Ennex International then!) was a long haired lover from Barnsley...