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

G18 maybe it's time to start thinking blue as your favourite colour.
2517

Blue on this share, no problem, that will happen in 2013 IMO........Keep topping up when I have the funds available. Better company now they have Melrose on board.

I will not change colour to blue in Manchester, now that's for sure.

GLA......Gerponville18

Agrre with above and expecting plenty of blue here very soon indeed.

40M ....... Buy or was it a Sell?

And the SP never moved. But QPP on smaller trades moves up nicely. Can't understand it.

Isarene FDR at last. Now for a wee SP rise please!

Price: 7p Rating: Outperform 30/06/09

FACTS: Petroceltic has issued (January 7th) an operational update. It reviews its current operations and production and the outlook for the rest of 2013. The statement notes that five exploration wells and five development wells are planned and firm for the year. In terms of recent activity, the last exploration well on the El Mansoura licence was plugged and abandoned. On the production side, upgrading of facilities at the Egyptian West Dikirnis and West Khalala fields is on schedule. In Algeria, the recent approval of the Ain Tsila development plan means that the 30-year development phase will now commence. Average production for 2012 was 28,500 boepd (barrels of oil equivalent per day), in line with guidance. Development and exploration expenditures will be $150m in 2013. Net debt at the end of 2012 was $210m.
ANALYSIS: The update demonstrates the enlarged operational footprint of the combined group. The European 2013 exploration programme starts with the Kamchai well offshore Bulgaria and this will be followed by two wells offshore Romania later in the year. The status of the Romanian acreage has increased considerably following the completion of the 3D seismic shoot and recent discoveries in nearby blocks. In July, the Kurdistan drilling programme starts with the Shakrok block where a large anticlinal feature will be targeted. The well will start in July and take five months.
In Egypt, the high-risk Mesaha well is currently at 5,000 feet, a little over half-way to the target depth. A well may also be drilled on the Sinbelaywan prospect. The North Tarif well has been plugged and abandoned (a small infill target that carried only fractional value).
Production guidance for 2013 has been set at between 25,000 and 27,000 boepd. We expect that comfortably in excess of 20,000 boepd will be from Egypt and 85% of production overall will be gas.
On the development side, the approval for the Ain Tsila gas development will allow the conversion of contingent resource to commercial reserves. Egypt will be the recipient of the majority of the development funds in 2013 with $48m allocated to the expansion of production. In Bulgaria, maiden production is expected from the Kaliakra discovery as well as the re-start of production from the Galata field.
The financing of the $150m capital programme in 2013 will come from a number of routes. A borrowing facility of up to $300m is available compared to current net debt of $210m. The group should also generate c.$125m in cash from operations — which assumes a standstill on the Egyptian receivable. We expect the ENEL bonus payment to be realised in the first half of this year (c.$20-25m) and the second farm-down of the Algerian gas project (18.375% out of its currently held 56% stake) is also expected at some stage in 2013.

DAVY VIEW: Petroceltic is one of our top picks for 2013 and this statement does not change that view. Moreover, it demonstrates some of the features we particularly like about the stock. Newsflow is much denser with a higher activity profile. The Kurdistan exploration programme commences this year — part of a general exploration schedule that has a 1.8p risked valuation but 8p in potential upside. Importantly, we continue to value the Kurdistan play at cost (so we do not yet show an upside case for this). Separately the conversion of resource to reserve at Ain Tsila will push EV/boe below $2per barrel, an extremely competitive rating. Unsurprisingly, we carry an 'Outperform' rating on Petroceltic with a group NAV per share of 21.4p.
Back

HSBC at 12p,Merrill Lynch at 15p too.

Business; Opinion, Columns
Petroceltic
8 January 2013
The Times
© 2013 Times Newspapers Ltd. All rights reserved

The logic behind the merger between Petroceltic International and Melrose Resources, which completed in October, was that the revenues from the latter's production assets in Egypt and Bulgaria would help to fund development of the former's exploration licenses, in particular the giant Ain Tsila gas project in Algeria.

This could contain as much as half a billion barrels of oil equivalent and be equal to almost 10 per cent of that country's production when it starts production in 2017. Also exciting, if less proven, is Petroceltic's prospect in Kurdish Iraq, in an area where the Abu Dhabi national oil corporation has just invested $600 million. Drilling there starts this year.

The first trading update since the merger was a mixed bag. The company has eased back slightly on its forecast production for the current year and a well in Egypt has come up dry and been abandoned. Strong cashflow from the Melrose assets has reduced debt to about $210 million and capital expenditure is forecast at $150 million this year.

Progress on developing a prospect in the Po Valley in Italy has been slow, hampered by that country's nervousness over oil and gas production, which led to the cessation of offshore drilling after the BP spill in the Gulf of Mexico in 2011.

Petroceltic shares have trod water since the merger and are well back from the first quarter of last year.

There are four significant developments that could provide some fresh impetus. There is Kurdish Iraq and also the renegotiation of its $300 million financing facility. A partner is being sought for Ain Tsila, to take an 18.375 per cent stake alongside Enel, the Italian utility that may be the eventual purchaser of the gas, and help to finance development of the field through to production.

Finally, there is the question of an eventual promotion from AIM to the main market, probably in the summer. Hold for now.
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Busy morning on the back of the HSBC, Merrill Lynch and the Times comments!

See my recommendation, post 1204. It is slightly cheaper now!

Big volume a good omen too!

http://tradingresearchpoint.co.uk/2013/01/09/petroceltic-pci-2013-exploration-is-the-key/

IMO.......In the not too distant future, the SP of this share will reach 11/12p.

Finally they have been noticed for the potential for 2013 drilling campaign and (hopefully)the further 18%+ farm out on their Algerian gas find.

GLA.......Gerponville18

Tom and Sam aint mugs either!