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

IMO it looks precarious from both a TA and fundie view.

No position and unlikely to have one in the immediate future. There's better prospects about.

Petroceltic International (PCI) Add (from)
Mkt cap: 54m Net cash: 13m Drilling news Price/Target: 9.75p/10.9 p
ST-3 well fails to test hydrocarbons in main reservoir
Petroceltics failure to test hydrocarbons is a major blow for the NAV in the
short term. Removal of the risked exploration value of ST-3 cuts our NAV
from 32p to 10.5p/share, a value underpinned by core value
Petroceltic announced on Friday that their ST-3 well failed to recover
hydrocarbons from the main reservoir horizon. Although oil & gas shows were
recorded over a 177m interval (1023m to 1300m) - in line with expectations.
Reservoir quality was always the main risk in this exploration test, the fractured
quartzites ability to flow being identified as the major risk risked at only a 40%
chance of success in our note of October
Although the well is suspended, as the company would like to investigate
hydrocarbon shows in a higher interval (835m-900m) at a later date, we have
removed the total value of this prospect from our NAV for the time being.
We estimate the core value of the group is around 10.9p/share consisting of
0.2p/share for the Celtic Sea royalty, 8.6p/share for existing reserves in Algeria
and 2.1p/share cash on the balance sheet
Petroceltic - Summary NAV
Value p/share
Celtic Sea Royalty 1.5 0.2
Algeria existing Sonatrach reserves (380bcf) 53.0 8.6
Balance sheet cash 13.0 2.1
Core NAV 67.5 10.9
Risked exploration
Algeria (HTT 1 in 4)) + oil potential (1 in 10) 145 23.5
Italy (1 in 4) 46.4 7.5
Ireland ( 1 in 5) 17.0 2.7
Total NAV including risked exploration 275.9 44.6
Source: Evo Securities
There is still a great deal of exploration upside in the stock in Algeria and Italy (at
least 33p/share), but we wait until we have firm drilling plans before we push our
target price higher.
ST-3 encounters shows but fails to
test
Reservoir quality was always the main
risk
We are removing Tunisia from our
NAV for the time being
Core value of 10.9p/share
but lots of upside in exploration
when drilling plans firm
PETROCELTIC
FROM 3/12/03 TO 3/12/04 DAILY
DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
x10-2
35.50
36.00
36.50
HIGH 0.36 3 /12/03 L OW 0.36 3 /12 /03 LAST 0.3 6 Source: DATASTREAM
6 December 2004

moneyman thanks for the info - interesting reading even at 10.5p some profit there as its at 8ish currently - like most am in it c17p for medium term

EVO Broker note is brutally honest.

No position and not likely to have for a while.

Starting to pick up steam. News coming?

Hope so,Just bought a few!!!!!!!

lot of discussion on other sites... positive news might be with us very soon!!

who knows???

Despite some hefty sells, the MM's haven't shifted. Still all blue at level 2. Wouldn't be surprised to see it blow thro' 10.

iturama: Look at the transaction times; those are big buys!

Crumbs! Quite right, thought the MM's were being unusually generous!

typical pci - does nothing for ages so you ignore it and it kicks off! boats, missing, steaming come to mind. (iturama - see you have CDN?)

m100.
Yes, I have quite a few CDN. Be interesting to see how DYG does this afternoon. The shares are currently valued (fully diluted with outstanding options and warrants) at $7 per oz of drill identified gold resources. Very low.

Top % Gainers
# EPIC Name Price Chg %
1 DBE Dunham-bush Ord 2.5p 2.0 0.875 77.78
2 IGA Ingenta Ord 1p 4.225 0.875 26.12
3 EVS Envesta Ord 1p 2.9 0.55 23.4
4 EIC Eicom Ord 0.5p 0.575 0.1 21.05
5 NMT Nmt Group Ord 4 67.5 11.5 20.54
6 MCR Mercator Ord 1p 9.5 1.375 16.92
7 PMG Pc Medics Grp Ord 0.25p 0.7 0.1 16.67
8 AXO Axon Grp. Ord 1p 173.5 23.5 15.67
9 OXB Oxford Biomed. Ord 1p 22.25 3.0 15.58
10 RBI Redbus Interhse Ord 1p 17.0 2.25 15.25
11 LEG Legendary Inv. Ord 0.1p 0.2 0.025 14.29
12 FAR Farsight Ord 1p 1.05 0.125 13.51
13 MSR Mediasurface Ord 1p 10.5 1.25 13.51
14 DTK Dmatek Ld Ord Ils0.01 119.0 14.0 13.33
15 LSMO Eni Lasmo Opsus Oil Production Stk 10p 45.0 5.0 12.5
16 HYG Honeygrove Grp Ord 10p 7.125 0.75 11.76
17 FMJ Formjet Ord 0.2p 6.0 0.625 11.63
18 PCI Petroceltic Ord Eur0.0125 9.875 1.0 11.27

So what's all the excitement here about now? Down to the Libyan round of licences at the end of the month? Thoughts anyone?

Hi gavdfc: Have you held through thick and thin? I've bought back in today after seeing those 1 million buys go through. Someone must be in the know me thinks but what's to know I have no idea at this stage. Just going with the flow so to speak. Good luck!

Hi Grevis, I got stopped out on the drop after the Sidi shambles. Still took away a profit, but held out for the drilling result and the rest is history as they say. Have watched from the sidelines since but took out a small long from 10 this morning. Want to see if 10 holds then may add again.

Not sure why the sudden excitement, perhaps on the Libyan round on the 29th of this month but who knows. I think 63 companies are bidding but not sure if PCI are. Anyway took a small punt again but thats all it will be. Good luck to all!

I don't trust today's figures and suspect someone is creating a lot of buy/sell activity to get the price up prior to profit taking - and it worked. Doubt if there is any news. The best news would be if they went straight to Italy. Don't fancy their Libyan chances as a tadpole competing with big frogs. If I am right some big sells are coming tomorrow. No position because still got Acriflavin and bandages on my fingers from ST3! Await developments with interest.

Pete, you maybe right but it seems the bulls are in control just now so thats why I took a small long. If the price keeps going up then I will be upping my stop as it moves. As to Libya, you may be correct re the small tiddler but it may be whats moving the price up. Of course if it is and on the 29th PCI gets nothing then no doubt the sp will fall. I can smell the burnt fingers from the last shambles from here!

This is just an out and out punt for me, nothing more. Far better oils out there to be heavily into if oil is your thing. I also await developments with interest.

lots of activity today and then rounded off by 3 million buy after the bell....hold tight for tomorrow guys