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

short for Petroceltic!

may explain Iberdrola's sale.

As it's top of the page, just going to add a chart.

HOUSTON, Mar. 8 "Petroceltic International PLC took a farmout from Cygam Energy Inc., Calgary, on the B.R268.RG Permit in the Adriatic Sea off Italy.

Petroceltic will appraise the 15 sq km Elsa structure by drilling and testing an Elsa-2 well adjacent to the existing Elsa-1 that logged a 65-m oil column in 1992 (OGJ Online, Sept. 23, 2009). Drilling is to start in September 2010. Elsa is in 30 m of water 7 km off central Italy.

Petroceltic will pay all well costs, estimated at $40 million. Upon successful completion, a Cygam unit and Petroceltic will participate with 30% and 70% interest, respectively, in the future development, rights, and obligations of the permit."
http://www.cygamenergy.com/index.php?option=com_content&view=article&id=76&Itemid=86

Are we likely to break 0.30p level by Q4 2010?

is it going to snow at easter or christmas or neither?
similar dumb Q don't you think?

0.30p!!!! If it gets that low we are all scr*wed!

doomed captain mainwaring, we are all doomed

.

08Mar10 -INTERVIEW-Petroceltic seeks partner and rapid growth
DUBLIN, March 8 (Reuters) - Irish oil and gas independent Petroceltic, a top performer on the Dublin and London's Alternative Investment Market, is confident it can keep up rapid growth, moving into new territory and drawing in a new partner.
The plan is to carry on growing, starting from where Petroceltic already has acreage.
"We're looking for more blue sky in the countries where we are but also in other parts of Africa. We're looking in Egypt, Yemen, Kurdistan and Syria," Chief Executive Officer Brian O'Cathain told Reuters in an interview.
To develop the areas in which Petroceltic is present, O'Cathain said he was confident the company could "bring new equity into our Italian business".
Turning to Algeria, Petroceltic is pursuing a partner to work with it there, in addition to state company Sonatrach, which holds a 25 percent stake to Petroceltic's 75 percent.
"We probably will bring in a partner some time this year to help us in Algeria," said O'Cathain. "Ideally somebody active in the European gas market, potentially a gas utility."
"By the end of 2011, we hope to have a gas sales contract and an approved plan of development. That's a step change in adding value to the company
cyril

Not long now until more drills and D&M fancy these drills too.

$120m cash call coming up.

What price???

Don't know the anwer to that yet. The Iberdrola stock was placed at 16p, so don't suppose those holders will be too pleased if the call is substantially below that.

HARRYCAT----where did that info come from?
2517

Apparently it's in tuesday's FT (page 34), but don't have the link at mo.

Has to be 16p.

Cheers HARRYCAT.----Can't see it being at a premium to the current sp hermana.
2517

Was in previous fundraising.

Funding sorted now. George Soros Fund picked up a few too.