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

Business Financial Newswire
"Oil and gas explorer Petroceltic International has raised $120.5m gross through a conditional placing at 12.75p per share.

The proceeds will support the company's appraisal programme in Algeria and fund proposed drilling activities in Italy.

Petroceltic plans to drill six wells across three countries, starting in the second half of 2010. "

Yes 81m raised @ 12.75p per share, looks an exciting second half of the year with 6 wells to drill. Good Luck All.
2517

Looks like the news is well received,over 14m and plenty of 40k+'s going through.
cyril

Buying still strong at 14p,but strange that the SP is hardly moving?
cyril

Funding sorted and talks on farmouts progressing. Could be spare cash for asset acquisitions by end May..

"Petroceltic International plc, in association with its partner Sonatrach, the Algerian national Oil & Gas Company, is pleased to announce the signature of an Addendum to their Production Sharing Contract which provides for a two year extension period to carry out appraisal work on the four discovery areas on the Isarene Block, namely Ain Tsila, Isarene North East, Isarene North West and Hassi Tabtab (the "Addendum"). The two year appraisal period commences on 26th April 2010.

The Addendum defines the arial limits to the the four discovered fields on the Isarene permit. Petroceltic and Sonatrach shall retain these areas for appraisal work, and relinquish title to the other areas of the permit post 26th April 2010. The total area of the retained acreage is 4032 sq. km, or 54% of the area of the Isarene permit held during the second exploration period, i.e. until 26th April 2010. A map showing the retained areas is available on the Company's website at www.petroceltic.ie

At the conclusion of the two year appraisal period Petroceltic and Sonatrach will submit to the Competent Authorities for approval the Commerciality Declaration and Development Plans for the discovered fields on the permit."

Nearly 14m shares traded today & a big raft of buys going through this afternoon at 14.5p. Looking at the graph for today, I would assume this is a big order being dripped through???

Highlights:
Successful completion of a five well drilling campaign in Algeria
Major new gas condensate discovery on the Ain Tsila Ridge tested at commercial gas flow rates up to 34 mmscfd
Total gas resource in place discovered in the Isarene permit area now estimated at up to 11 TCF
Strong cash position and investor base following successful share placings in 2009 and 2010
Further appraisal drilling planned to commence in Algeria before end 2010
Drilling in the Italian Adriatic Sea planned in the second half of 2010 to appraise the Elsa oil discovery
Fully carried exploration drilling to commence on the Ksar Hadada permit in Tunisia before mid 2010
Additional high impact exploration and production opportunities under review in the MENA and Mediterranean region.
Operating loss increased to US$6.1 million (2008 US$3.7 million), primarily due to higher administrative expenses resulting from increased exploration and appraisal activity across the groups assets.

Business Financial Newswire
"Oil and gas company Petroceltic International reported an increased operating loss in 2009 to $6.1m from $3.7m.

It said the rise was primarily due to higher administrative expenses resulting from increased exploration and appraisal activity.

Revenue from the Kinsale gas fields fell to $0.21m from $0.96m as a result of lower gas prices and lower production.

Chairman Andrew Bostock said, '2009 was an active and highly successful year for Petroceltic. The company executed a major operated drilling programme in Algeria, delivering a world-class gas condensate discovery and reinforcing its reputation as a first-class E&P organisation.'

Petroceltic was now well positioned with a strong balance sheet and an active funded drilling programme planned for 2010 across its three areas of focus, Italy, Algeria and Tunisia.

Cash and cash equivalents at year end were $33.7m and the company had no bank debt. This followed a share placing completed in June which raised $43.4m gross.

Since the year-end, a further placing raised $120.5m gross, ensuring the company was healthily positioned to execute its drilling programme. "

An acquisition here would help...

Are we going to see Sp back at Last 0.24 cent high anytime soon?

Davy put target of 30.6p out today.

Bought back in today, some drilling due around June I believe.
2517

From this week's Shares Mag:
"Aim-quoted oil explorer Petroceltic has declined to comment on reports it is in takeover talks with Polish oil refiner PKN Orlen. The latter announced Monday (17th May) it was talking about a bid for a London listed oil firm with interests in Tunisia. Speculation has centered on Petroceltic, which operates the Ksar Hadada permit in the south east of the country. Follow this chatter with a buy action. (TS)"

2 drills in Tunisia begiining early June folowed by Elsa in September and 3 drills in Algeria in Q4.

pci chairman openly admits the company is up for bids ..... heavy volume today and a decent rise too

cynic maybe Iberdrola were right in selling their shareholding, PCI has been very disappointing.

haven't held for quite a while for that reason, but just dipped my toe in this afternoon so already modestly in the money

18.5m traded today against norm of 5.5m

AGM next Tuesday here too.

Orca Exploration Group Inc. ("Orca" or the "Company") announces that it has signed an agreement with Petroceltic International plc ("Petroceltic") to farm in on Petroceltic's Central Adriatic B.R268.RG Permit offshore Italy.

Hat tip Boscod 3i

Edit: link http://www.istockanalyst.com/article/viewiStockNews/articleid/4166443

In addition to interest earned in the drilling of Elsa-2 Orca's farm-in agreement with Petroceltic provides an opportunity for Orca to participate on a ground floor basis in an additional 11 Petroceltic held exploration blocks in the Central Adriatic in which Orca could also earn a 15% working interest.
cyril

Derisking always welcome here.