High risk stocks (Petroceltic)

More than likely its a block trade. Couldn't do that much volume without a serious price move along with it

PETROCELTIC INTERNATIONAL PLC
Technical and operational update for AT-4 well testing
[FONT=Times New Roman,Times New Roman][FONT=Times New Roman,Times New Roman]Petroceltic International plc ("Petroceltic" or "the Company") the upstream oil and gas exploration and production company focussed on the Middle East, North Africa and the Mediterranean, in association with its partner Sonatrach, the Algerian National Oil & Gas Company, is pleased to announce well AT-4 on its Isarene Permit (Blocks 228 & 229a) in Algeria has successfully tested gas from two zones in the Ordovician at a maximum combined flow rate of 1.35 mmscf/d and 450 bwpd on a 48" choke.

Well AT-4, the first of the current appraisal campaign of the Ain Tsila gas discovery, was drilled to appraise the previously undrilled eastern margin of the Ain Tsila field and was located with the primary objective of maximising information about the gas-in-place rather than optimising flow rate on testing. The well encountered a gross gas column of 155 metres with no gas-water contact interpreted within two zones of the Ordovician reservoir. This gas-down-to is deeper than the gas-water contact currently interpreted in the field. Pressure data from logs and the test indicate the continuity of the Ain Tsila gas accumulation at this location and that AT-4 therefore represents a successful delineation well of the Ain Tsila field.

The AT-4 testing programme initially involved the perforation, fracture stimulation and then isolation of the lower zone with a sand plug. Following this, the upper zone was also perforated and fracture stimulated, the well cleaned out and the two zones flowed together.

The well flowed with a combined rate of 1.35 mmscf/d of gas (1593 cubic metres/hour) and 450 bwpd of water with a flowing wellhead pressure of 160 PSIG on a 48" choke. After isolation of the lower zone to reduce water production, the upper zone was flowed separately at 1 mmscf/d of gas (1180 cubic metres/hour) with an associated 250 bwpd. It is likely that the induced fractures in the well have extended below the current field gas-water contact into an underlying aquifer resulting in the volumes of produced water seen. This volume of water reduced the gas flow to rates significantly lower than anticipated from this well. Testing and sampling operations at AT-4 have been completed and the well has been suspended.

The next well in the appraisal drilling campaign, AT-5, is targeting one of several structural pop-up features in the field with the intention of carrying out multiple fracture stimulations in a horizontal well to improve productivity and ultimate recovery factor for the field. Following the successful drilling of the pilot hole, we are currently preparing to conduct logging operations prior to commencement of the horizontal section.

Brian O’Cathain, Chief Executive of Petroceltic commented:
"The first well in the current Ain Tsila appraisal campaign has successfully confirmed the extension of the field to the East and increased the proven area and calculated gas-initially-in-place. While the volumes of produced water reduced the gas flow rate, the data gathered from AT-4 will enable us to refine our remaining drilling and testing programme in the Ain Tsila discovery in 2011 and ensure we optimise our future plans for the field."
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turbobaby wrote: »

Well, the RNS finally came, and the share price drops again! Any expert opinions on the results?

It's very simple. Market sentiment and contagion fears. This is based in North Africa right? Middle East & North Africa (MENA) are risk off at the moment. Look at the Saudi Arabia index. down 5% today, was similar yesterday on unfounded rumours that protests were going on there (from Iran Press TV).

If you understand the dynamics of what is going on in MENA and think that all will be fine in this company's region, one could view this as a great time to accumulate stock. I know relatively little to have an opinion on the stock though, just that the region is High Risk.

10.25 was my entry price last June! Got out at 10.5 to put it all on RRL.

Petroceltic (LON:PCI) (PCI, 11p, ▼ (10.20%)) signed an agreement for the transfer of operatorship of the Carisio exploration permit (Petroceltic 47.5%) to ENI S.p.A., in exchange for 550 km of existing 2D seismic data on the Ronsecco permit plus access to reprocessed 2D seismic data and other technical studies in the Carisio permit. The Carisio and Ronsecco permits are located in the Western Po Valley, Piedmont Region, approximately 30km west of the 250MMboe ENI operated Villafortuna-Trecate oil field, one of Europe's largest onshore oil fields which has existing production facilities with spare processing capacity. This acquired data will provide the basis for the planning of the material Rovasenda-1 well and the possible farm-out of part of Petroceltic's interest in the Carisio permit. It will also enable Petroceltic to assess the prospectivity in the adjacent Ronsecco permit (Petroceltic 100%, awarded 29th November 2010). Petroceltic, along with its co-venturers is now planning to drill the 270MMbbl Rovasenda exploration prospect in the first half of 2012, subject to approval by the relevant ministries and local authorities. This prospect consists of an Early Jurassic-Triassic reservoir target which is analogous to the producing reservoirs in Villafortuna-Trecate. No further seismic data acquisition is anticipated prior to the commencement of the Rovasenda-1 well. Elsewhere in Italy, activity on Petroceltic's Elsa discovery, located in the Central Adriatic B.R268.RG permit, continues to be delayed due to uncertainties in the legal interpretation of Italian Legislative Decree L.D. 128, passed into law in August 2010, which prohibits drilling in the Italian seas within 5 nautical miles of the coastline and within 12 nautical miles around the perimeter of protected Marine and Coastal Parks. This decree clearly states that it does not apply to "existing titles"; however the impact of the law on existing exploration licences is as yet unclear. In response to this uncertainty, Petroceltic has been seeking approval from the Ministry of Economic Development to suspend the licence until these interpretation issues have been clarified. On March 1st 2011, the Ministry signed the decree suspending the B.R268.RG permit. The decree will be published in the April edition of the Ministry's monthly bulletin. Petroceltic and its partners have extended existing agreements pertaining to the farm-out of this permit, with the $26M of funding, raised for the drilling of the proposed Elsa-2 appraisal well, remaining available.

When is this expected to start moving roughly?

Im 90% in Range and would definitely recommend them but take a look at their partners in Georgia and Puntland, Red Emperor Resources, for more risk/reward on those prospects, but then again with Range acquiring Trinidad they might be the better bet depending on your timeframes. To be honest though €400-500 isn't enough, you should save up a grand or three first while you do your research.

Nice to see another stock I found on this forum doing well.

Glad to see people on here getting their rewards for being patient, I sold out last July for more exciting prospects but kept an eye on it, the price seemed to be stuck 10.25p every day for a year. Anyway hope it stays rising for ye next week.