High risk stocks (Petroceltic)

yobr

turbobaby wrote: »

I see that Brian is eyeing up Libya and has therefore joined the herd of jackals ready to rape the Libyan people. Yet another reason for me to divest!

ranger4 wrote: »

I think BOC is desperate now to try and stem SP bleeding by putting story out about possible Libyan exploration opportunities,

Comordha wrote: »

It's becoming a bit of a joke really, first Iraq and now Libya. How many more countries do they want to enter. Who do you think is going to be pay for these ventures - another dillution of shares could be down the line but with the billions already in circulation what's a few more hundred million BOC? They should have stayed focused on the real find and proofed it sooner. A company this size can't be present in 5-10 countries at a time chancing its arm at every new licence that comes available. I'm very sour about this investment and as soon as (here's praying) there is any recovery in the word of Duncan Bannatyne - "I'm out".

I don't disagree with the sentiment of frustration here but Libya is a red herring..my guess is that the Indo rang Brian and he gave them a quote but there is no serious intent there with PCI..I see Goldman Sachs have taken a stake...

Grecco

Looks like its oversold at the moment, down around 4.7p. I see some serious upside in the next 2/3 weeks. But I can never see this share for-filling the promise it once had theres just too much share dilution, too many fingers in too many pies and the board of directors are just amateur con-paired to other small cap oillies
Its still a very high risk stock

ranger4

Grecco wrote: »

Looks like its oversold at the moment, down around 4.7p. I see some serious upside in the next 2/3 weeks. But I can never see this share for-filling the promise it once had theres just too much share dilution, too many fingers in too many pies and the board of directors are just amateur con-paired to other small cap oillies
Its still a very high risk stock

Still believe sp has further to fall, algerian gov sheltering gaddafi family will also add to instability and negitive sentiment for algerian investments including this stock.

Algerian update, Bocs attempt to stem the blood letting, http://moneyam.uk-wire.com/cgi-bin/articles/201108300700191743N.html?epic=PCI

yobr

ranger4 wrote: »

Still believe sp has further to fall, algerian gov sheltering gaddafi family will also add to instability and negitive sentiment for algerian investments including this stock.

Algerian update, Bocs attempt to stem the blood letting, http://moneyam.uk-wire.com/cgi-bin/articles/201108300700191743N.html?epic=PCI

I don't agree, I cannot see the sp falling by a further 50% especially while they continue to find gas, particularly in step out areas. While its not good that the Gaddafi family are there its the Col they are after not really his family, in the first instance...Also, PCI is not just about Algeria ..there is Italy, albeit deleyed but given their troubles I expect the ban will be rescinded, and they have also have a foothold in Kurdistan too. I also see that Goldman Sachs have come on board too. I think this will be the turning point and with the Enel deal about to be signed plus other results due, I think we should see further upward movement...

Comordha

The share price just doesn't seem to reflect any of the book value the company holds. You have to start asking yourself why this is? I think the simple reason is the 2,369,605,049 shares currently in issue. Maybe instead of wasting the ENEL money on every new licence that presents itself they should buy back some of these shares. Buyers are also probably worried at how easy management are willing to issue millions of new shares to large institutional investors without offering private investors the chance to participate in such deals. Goldman have been on board for a while haven't they? I just thought they increased their holding. Many of the big names have been invested in this share including BlackRock but it hasn't change the fortunes of the company much. Some things might go in the right direction here such as the Italy sites coming back on stream but I just can't see how the share price is going to recover. Afterall, the market has been informed of the ENEL deal and the cash that the company will get but it doesn't seem to care much of it - worrying.

yobr

Comordha wrote: »

Goldman have been on board for a while haven't they?

http://www.petroceltic.ie/~/media/Files/P/Petroceltic/presentation/2011/150211-Final-Oil-Barrel-Presentation-for-Website.pdf?

If you look at the Petroceltic presentation (Slide 41) to Oil Barrel in February this year, you will see a breakdown of the institutional investors...Goldman Scahs was not one of them. they are a new II.

ranger4

Comordha wrote: »

The share price just doesn't seem to reflect any of the book value the company holds. You have to start asking yourself why this is? I think the simple reason is the 2,369,605,049 shares currently in issue. Maybe instead of wasting the ENEL money on every new licence that presents itself they should buy back some of these shares. Buyers are also probably worried at how easy management are willing to issue millions of new shares to large institutional investors without offering private investors the chance to participate in such deals. Goldman have been on board for a while haven't they? I just thought they increased their holding. Many of the big names have been invested in this share including BlackRock but it hasn't change the fortunes of the company much. Some things might go in the right direction here such as the Italy sites coming back on stream but I just can't see how the share price is going to recover. Afterall, the market has been informed of the ENEL deal and the cash that the company will get but it doesn't seem to care much of it - worrying.

I agree and believe the company will continue to act as an ATM machine for boc and rest of board at shareholders expense.

turbobaby

A single trade of 46,000,000 shares went through just now....

That's a bit over £2m quid!

Hmmmmm.

henryd65

big jump this morning - up nearly 20%

Comordha

Yes, Goldman Sachs have upped their stake to above 7% and there seems to have been some other buyers too. Problem is that most of us need sustained amounts of buying like this to get back to where we need to be. I also wonder how all of those shares ended up in circulation.

turbobaby

The PCI sp gave up most of its gains on Friday afternoon,closing up 3.5% at 5p.

It's a funny one. Goldman Sachs and Blackrock buying shares, Fidelity selling as well as a lot of PIs.

A lot of PIs are waiting to get out, hence any rise on good news (next week?) coul be met with a similar sell off.

Goldman are crooks and it wouldn't surprise me in the least for them to have got in just at the right time, so I'm going to hold off on any sells for the time being.

Comordha

Looks like JP Morgan are in on the party now too. A lot of shares were hoovered up yesterday but it seems to be ticking up nicely today. I have a feeling we could see 8-10 cent over the coming days if this mini-equity rally sustains. If so, it could be a good opportunity to abondon ship for anyone who has an average near that price. I, for one, will be considering it.

Lord TSC

If I can get it back up to 11 which I bought in at, I'll be bailing out :pac:

Comordha

The pain hurts, a lot!

yobr

Comordha wrote: »

The pain hurts, a lot!

Feel your pain too, but a bit of a rebound throughout the day when people actually studied the RNS in more detail. It looks like a 2 for 1 in terms of buys against sells.

I pulled the text below from a guy on ii, which sums it up well I think...

People are a bit too pessimistic IMHO. Read the statement.

"The main objective of this well was to prove up Gas in Place in the south eastern extremity of the field OUTSIDE the control of THE 3D SEISMIC AREA. This objective was successfully achieved, CONFIRMING the presence of THE AIN TSILA GAS COLUMN AT THIS LOCATION and thus PROVIDING further EVIDENCE OF THE SIGNIFICANT SIZE of the in place GAS RESOURCE on the structure. "

"They were drilling outside the 3D seismic so would not know where to drill for fractures. The gas is still there meaning the gas is over a wider area. My conclusion is a bigger gas resource but they probably need more seismic to exploit some of it. Hardly worth a 20% drop in the SP when all their assets bar cash are being valued at pretty much nothing anyway.

I personally think the shorters woke up this morning, had a look through the RNSs and thought the one from PCI looks bad and began shorting without really understanding that this is so cheap there would be plenty of buyers. "

turbobaby

Indeed. good results from this drill would have been a bonus. The real testers are AT8 and AT9.

It seems the market is valuing the Gas Field at next to nothing, so it should be all upside from here. I'd actually like to buy more at these levels but cannot convince myself to sell excellently performing stocks for this dog, despite the future looking bright for PCI.

Next up, confirmation of the ENEL retification by the Algerian gov't, then AT8 results in early Oct. Both of these should boost the SP, with any other news release in the meantime being a pleasant surprise.

Comordha

Some rollercoaster ride this one, no doubt about that. This is as volatile and high risk a share as there is. I've become very attached to this share on a personal level which of course is going against rule number one of investing. I think it's because it is an Irish company operating out of Dublin city centre and because I have dreams of it being the next Tullow in many years time. Don't think I'm ever going to sell as the rise is just too much fun.

Ovoca Gold and Petroneft are a good ride too.

Comordha

Significant flow rates from AT-8 today. Should drive price up a little but still so far to climb. Releasing positive news in this market almost seems like a waste of time. Early 2012 will be an interesting time for this stock when the full site is proved and we can see how much is actually made.

Grecco

The Flow rate is exceptional. This has to be onwards and upwards from here. At the current share price it looks like a complete steal. I was debating with myself should I buy back in on Friday but I decided to hold off till we got the flow rates which are far better than what was expected. At these prices it looks an absolute steal. PCI is worth 4p on its cash from Enel alone never-mind the Gas in Algeria. I can see this worth 3 or 4 times the current SP by Q1 2012
I hope to pick up a few today before the SP goes out of sight:D

Grecco

Just got in at 3.89p
Onwards and upward from here!!
Happy Days

TheInquisitor

I was looking at investing in this but i can see them having huge trouble in Iraq. They've got 72 million in this and Southern Iraq isnt going to let the Kurds take all of the oil for themselves. It just isnt going to happen. If it drops closer to 3p ill probably throw some money in. Algeria still looks half promising

turbobaby

Sentiment towards PCI has really shifted to the positive side this week.

The excellent AT-8 results, the new board appointment and excitement about the Kurdistan fields because of a tip from a well respected BB poster.

Maybe I too will be strong and stay long!

TheInquisitor

I gave up and bought a grand yesterday. Then sold today after they went up. Made 10% anyway so im happy.

turbobaby

I know the sentiment on here towards PCI reached rock bottom some weeks back with the massive drop in price. I hope people were able to hold on, and will continue to do.

I was guilty of thrownig good money after bad, averaging down frommy initial purchase at 12p. I bought more at around 8p, 6p, 5p and 4.20p and only sold a few at 10p. I was hoping to get out at break even ormaybe earlier, but I really like what I am hearing and my initial reasons for buying the stock remain (Algerian and Italy) but we now have Kurdistan thrown in on top.

Grecco

I`m up 35% already,
There is talks of this being back around 8p before long
:D:D:D:D:D:D:D:D:D:D:D:D:D:D

TheInquisitor

If it was Just Italy and Algeria id be happy to buy as is. But its Kurdistan thats scaring me off! Southern Iraq isnt going to allow this to continue (The kurds selling all of the oil themselves that is). They've sunk 72 million into this and i can see them easily loosing this money!

Grecco

Talks that Hess could be the next farm-partner with Enel. Only a rumour at the minute but something is definitely up and Hess and Enel have worked together before.

Great day so far for PCI and about time a bit of luck came its way

Now for me its
"Not from my cold dead hands will they prize my shares from me!!":D:D


RNS Just in Lloyds Banking Group plc AKA Scotish widows are now on board !!!!!!!!!
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11000717

turbobaby

Grecco, Scottish Widows (Lloyds) are already on board. They increased their holding during the year and Friday's RNS reveals they've actually reduced their holding.

If they sell no more, who'll be putting shares on the ask side now!? Surely not I !

Grecco

Spot on, I only saw that after. they still hold a good chunk so thats good news and a plus

turbobaby

Grecco wrote: »

Just got in at 3.89p
Onwards and upward from here!!
Happy Days

Talk about timing the market! Wonderful!