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Proactiveinvestors United Kingdom Petroceltic International http://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Petroceltic International RSS feed en Wed, 23 May 2012 17:06:17 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Annual Report & Notice of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/120518pci5742d/ Fri, 18 May 2012 17:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120518pci5742d/ <![CDATA[News - Petroceltic's operational focus shifts towards Italy and Kurdistan, says Daniel Stewart ]]> http://www.proactiveinvestors.co.uk/companies/news/42042/petroceltics-operational-focus-shifts-towards-italy-and-kurdistan-says-daniel-stewart-42042.html Petroceltic International's (LON:PCI) exploration acreage in Italy and Kurdistan offers vast exploration upside, as both plays enter the operational spotlight this year, says broker Daniel Stewart.

Analyst Kate Fisher rates the stock a 'buy' targeting 15.8 pence a share - representing a 101 per cent increase to the current price of 7.9 pence.

"We believe that Petroceltic’s primary operational focus is in the process of shifting away from Algeria, towards Italy and Kurdistan," she said in a note.

"We anticipate that Algeria will continue to be the main contributor to our valuation of the company in the near term, but that growth will stem from the remaining portfolio."

It comes after the company issued its final 2011 results yesterday, when it said it had delivered on its key targets for the year and was funded and well positioned to "take advantage of opportunities to expand its portfolio".

"The company plans at least three wells on its non-Algerian acreage before the end of 2013, providing multiple opportunities to attract market attention and prompt an uplift in share price," said Fisher.

Last year saw the firm deliver highly successful results from the Ain Tsila field on the Isarene permit. The appraisal stage is now complete, and the field is advancing towards development.

The company is on target to conclude the Final Discovery Report and submit a Declaration of Commerciality within the next three months.

Meanwhile, it is also on target to participate in a well targeting the Rovasenda prospect (now Carpignano Sesia), onshore Italy, towards the end of 2012/early 2013.

The well targets mean prospective resources of 245 million barrels of oil, and is potentially transformational for the firm, but high risk. The firm's Italian portfolio extends far beyond Rovasenda, the analyst notes.

The firm entered the Kurdistan region in 2011, where Fisher says, Gulf Keystone’s (LON:GKP) success has focused industry attention.

It has a 16 per cent net participating interest in two licences. Hess Corp holds a majority 64 per cent and is the operator, while KRG has a 20 per cent carried interest.

The two blocks, Dinarta and Shakrok are as yet undrilled, but both show highly promising characteristics, said Fisher.

"The partnership has recently commenced a programme to acquire 850km line seismic. It expects to complete acquisition in December 2012 and to drill at least one exploration well in each licence during 2013."

She added: "Whilst our target price is underpinned by Petroceltic’s appraisal and development project in Algeria, it has an extensive prospective exploration base which is perhaps often overlooked."

]]> Fri, 27 Apr 2012 13:42:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/42042/petroceltics-operational-focus-shifts-towards-italy-and-kurdistan-says-daniel-stewart-42042.html <![CDATA[News - Petroceltic International delivers on key targets in 2011, upbeat about 2012 ]]> http://www.proactiveinvestors.co.uk/companies/news/41984/petroceltic-international-delivers-on-key-targets-in-2011-upbeat-about-2012-41984.html Petroceltic International (LON:PCI) has delivered on its key targets in 2011 and said it was funded and well positioned to "take advantage of opportunities to expand its portfolio".

During the year, the company increased its estimate of most likely gas resource in place in the Isarene permit area, which hosts the Ain Tsila field, by 70 percent to 10.3 trillion cubic feet and farmed out an 18.375 percent stake in the project to Enel.

Petroceltic also highlighted the “substantial progress” made with Algeria’s state-owned company Sonatrach on finalising a development plan for Isarene.

The plan incorporates recoverable contingent resources of 2.2 trillion cubic feet of gas and 180 million barrels of condensate and LPG recoverable contingent resources over life of field.

The three Isarene partners have agreed to a three month period starting April 24 to conclude the final discovery report and submit the declaration of commerciality for the field.

Elsewhere, the company teamed up with American firm Hess Corp to snap up two licences in the Kurdistan region of northern Iraq.

According to Petroceltic, the two blocks contain five anticlines, any of which could potentially contain in excess of one billion barrels of oil in place.

On the financial front, the company raised US$60 million in May last year for its Algerian exploration programme and operations in Italy, where it is exploring the onshore Rovasenda project, and has received US$100 million from the Enel farm-out deal.

Petroceltic said it was in a strong financial position with US$64 million in the bank at the end of March.

"Petroceltic delivered on all of its key targets for 2011," said chairman of Petroceltic Robert Arnott.

"The Isarene farm-out deal was approved by the Algerian authorities, the company completed its appraisal campaign on time and under budget, achieving significant success, the plan of development was submitted to Sonatrach on time, and the portfolio expanded through the addition of two highly prospective licences in the Kurdistan Region of Iraq.

“The coming year will see the maturation of our Algerian asset towards development sanction, the booking of commercial reserves, and accelerated activity on some exciting exploration in Italy and Kurdistan."

]]> Thu, 26 Apr 2012 09:04:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/41984/petroceltic-international-delivers-on-key-targets-in-2011-upbeat-about-2012-41984.html <![CDATA[RNS press release - Final Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/120426pci0922c/ Thu, 26 Apr 2012 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120426pci0922c/ <![CDATA[News - Petroceltic International receives over US$100 mln from ENEL farm-out ]]> http://www.proactiveinvestors.co.uk/companies/news/38947/petroceltic-international-receives-over-us100-mln-from-enel-farm-out-38947.html Petroceltic International (LON:PCI) said it has now received in excess of US$100 million it was due for selling 18.375 per cent of the Isarene licence in Algeria to Italy’s ENEL. Isarene hosts the world class Ain Tsila gas field.

The farm-out deal was first announced in April 2011 and was completed early this month.

The amount received has been partly applied to the repayment of all amounts owing to Macquarie Bank Ltd under the US$30 million bridge facility negotiated in October 2011, the group said in a statement.

Petroceltic may receive further payments upon approval of the Declaration of Commerciality by the Algerian authorities, which is expected later in 2012.

Petroceltic remains operator of the permit with a 56.625 per cent interest, Algerian state oil company Sonatrach maintains a 25 per cent interest, and Enel holds 18.375 per cent.

]]> Tue, 14 Feb 2012 07:23:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/38947/petroceltic-international-receives-over-us100-mln-from-enel-farm-out-38947.html <![CDATA[RNS press release - Receipt of Funds from Enel ]]> http://www.proactiveinvestors.co.uk/companies/rns/120214pci3458x/ Tue, 14 Feb 2012 07:01:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/120214pci3458x/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/120210pci2173x/ Fri, 10 Feb 2012 12:44:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/120210pci2173x/ <![CDATA[News - Petroceltic International completes ENEL farm-out in Algeria ]]> http://www.proactiveinvestors.co.uk/companies/news/38540/petroceltic-international-completes-enel-farm-out-in-algeria--38540.html Petroceltic International (LON:PCI) today announced the completion of the deal to farm-out 18.375 per cent of the Isarene license in Algeria to ENEL.

Isarene hosts the world class Ain Tsila gas field. 

The deal was first struck in April last year. Petroceltic says it is now owed over US$100 million from the deal and payment is due in the next 30 days.

"We are delighted to announce the completion of the Enel farmout and formally welcome our new partner to the Isarene Licence,” said chief executive Brian O'Cathain.

“Since announcement of the deal in April 2011 we have forged a valuable and co-operative working relationship with Enel and Sonatrach, culminating in the completion of the highly successful appraisal campaign. 

“We look forward to a long and successful relationship in this outstanding asset."

Under the terms of the deal, ENEL agreed to pay to US$36.75 million to Petroceltic. This gives the firm more than 24 per cent of all back costs incurred from 2005 until the end of the exploration period in April 2010. 

Additionally ENEL had to commit to funding 49 per cent of the costs associated with the recently completed six well appraisal drilling programme. These costs are capped to a maximum of US$145 million.

Furthermore, there is a further potential payment which is contingent up the outcome of future appraisal as well as future reserve volumes and production volumes. This could be worth as much as US$75 million for the company.

The company now retains a 56.625 per cent interest in the licence while Algeria’s national oil company Sonatrach owns 25 per cent and ENEL owns 18.375 per cent.

Earlier this week broker Daniel Stewart came out with a bullish assessment of Petroceltic. It says the firm has a well diversified asset base that has ‘game changing’ potential.

The bullish view is reflected in the broker’s punchy price target, set at 13.7p, which implies nearly 70 per cent upside from the current price of 8.2p a share.

]]> Fri, 03 Feb 2012 07:38:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/38540/petroceltic-international-completes-enel-farm-out-in-algeria--38540.html <![CDATA[RNS press release - Algeria - Completion of Enel Transaction ]]> http://www.proactiveinvestors.co.uk/companies/rns/120203pci7326w/ Fri, 03 Feb 2012 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/120203pci7326w/ <![CDATA[News - Petroceltic has diversified asset base with game changing’ potential, says Daniel Stewart ]]> http://www.proactiveinvestors.co.uk/companies/news/38469/petroceltic-has-diversified-asset-base-with-game-changing-potential-says-daniel-stewart-38469.html

City broker Daniel Stewart today initiated coverage on Petroceltic International (LON:PCI) with a 13.7p price target.

The broker says the firm has a well diversified asset base that has ‘game changing’ potential, this is reflected by a punchy price target which implies nearly 70 per cent upside from the current price of 8.2p a share.

In Algeria Petroceltic is working, alongside major European utility firm ENEL and Algeria’s national oil firm Sonatrach, to develop the world class Ain Tsila gas field. And the firm will in the coming months start preparing to start its first drilling programme in the Kurdistan region of northern Iraq.

In Italy it is also exploring the onshore Rovasenda exploration project.

“Our target price is borne out by Petroceltic’s development asset in Algeria and its main exploration play in Italy,” said analyst Kate Fisher.

“We see the Kurdistan acreage as pure upside.”

Fisher assigns nearly two thirds of her valuation, 8.7p, to the Algerian assets. She includes 2.4p for Rovasenda and the rest of the valuation is in consideration of the cash due to the company via the farm-out of a portion of Ain Tsila.

Petroceltic expects to receive in the region of US$100 million from the deal in the near future.

There are a number of key events coming soon that will serve as a catalyst for the group’s shares.

Operationally in Algeria Fisher reckons the submission of a field development report, expected later this quarter, and the declaration of commerciality later this year will be important.

 “These two milestones will firm up the progression towards development and should send a clear message to the market. The Declaration of Commerciality will also enable PCI to progress resources into the reserve category which should serve to solicit investor attention,” Fisher explained.

“We note that the development lead time for Ain Tsila is medium- to long-term; first gas is not expected until 2017.”

On a corporate level another farm-out of the Ain Tsila asset could be another catalyst, according to Fisher. 

“This will further demonstrate the ability to monetise assets, diversify risk and crucially, fund the development programme,” she added. “This would go a long way towards mitigating the liquidity risk that we feel PCI faces on this development and would unwind the level of risk we apply to the project.”

Elsewhere the analyst reckons a positive drilling result in Italy could be a game changer for Rovasenda.

The start of drilling in Kurdistan could also have a big impact.

 “The two assets in Kurdistan are in a world-class resource play and thus have clear potential,” Fisher said.

“They are proximate to multiple billion barrel fields and the area has experienced a high rate of success. However, as the areas are completely undrilled, they are inherently risky. Industry eyes are watching this play.” 

]]> Wed, 01 Feb 2012 15:07:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/38469/petroceltic-has-diversified-asset-base-with-game-changing-potential-says-daniel-stewart-38469.html <![CDATA[Media files - Petroceltic CEO Brian O’Cathain says he’s excited about the Kurdistan prospects ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/998/petroceltic-ceo-brian-ocathain-says-hes-excited-about-the-kurdistan-prospects-0998.html LON:PCI), tells Proactive Investors that he’s excited about the prospects in Kurdistan. Brian also says that he hopes to do another farm-out deal in Algeria. ]]> Thu, 26 Jan 2012 10:20:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/998/petroceltic-ceo-brian-ocathain-says-hes-excited-about-the-kurdistan-prospects-0998.html <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/120120pci9640v/ Fri, 20 Jan 2012 18:09:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/120120pci9640v/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/120117pci7249v/ Tue, 17 Jan 2012 17:06:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/120117pci7249v/ <![CDATA[News - Petroceltic shares rise as ENEL farm-out nears completion ]]> http://www.proactiveinvestors.co.uk/companies/news/37117/petroceltic-shares-rise-as-enel-farm-out-nears-completion-37117.html Petroceltic shares gained around 9 per cent today as it confirmed that the Algerian authorities ratified its farm-out deal with ENEL. The amount to be paid currently exceeds US$103 million, the company confirmed.

]]> Mon, 19 Dec 2011 10:45:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/37117/petroceltic-shares-rise-as-enel-farm-out-nears-completion-37117.html <![CDATA[News - Petroceltic set for US$103 mln payday as ENEL farm-out is ratified in Algeria ]]> http://www.proactiveinvestors.co.uk/companies/news/37095/petroceltic-set-for-us103-mln-payday-as-enel-farm-out-is-ratified-in-algeria-37095.html  

Petroceltic International (LON:PCI) today confirmed that it is set for a US$103 million payday as the Algerian authorities ratified its farm-out deal with ENEL.

The deal was struck back in April. 

Europe’s second largest utility company is paying US$36.75 million for an 18.375 per cent stake in the Isarene permit, which hosts the Ain Tsila gas discovery.

It has also agreed to pay a proportion of Petroceltic’s back costs on the licence as well as a further contingent cash payment, which could rise to a maximum of US$75 million.

Petroceltic says the amount to be paid currently exceeds US$103 million.

"We are delighted to announce that the final approval in Algeria of the Enel transaction has been granted which will allow for the deal's swift completion in the coming days,” said chief executive Brian O'Cathain.

“We look forward to formally welcoming Enel as an important new partner to the Isarene licence. 

“This transaction, allied to the excellent results from our appraisal campaign, has confirmed the quality and value of our Algerian asset and provides a firm foundation for the ongoing growth and diversification of our business" 

Petroceltic is the operator of the Isarene permit with a 56.625 per cent stake. The other partners Sonatrach has a 25 per cent stake and on closing ENEL will hold 18.375 per cent.

Last week Petroceltic shares revealed excellent flow test results from the AT-9 well at Ain Tsila.

The well produced gas at a combined rate of 52.8 million cubic feet per day (mmscf/d) during the test, with 43.9 mmcf/d coming from the Upper Zone and 8.9 mmscf/d from the Lower Zone. The well also produced over 1,200 barrels of condensate a day.

This is the highest pre-fracture stimulation flow ratesachieved on the Ain Tsila field to date. O’Cathain believes the well could produce at a rate of 60 million cubic feet a day on a sustained basis once it is has been fracture stimulated and it is in full production. 

The result marked the end of the 2011 appraisal programme.

According to analysts the AT-9 well tests should remove any lingering uncertainty regarding the commerciality of the Ain Tsila project. 

 

]]> Mon, 19 Dec 2011 07:32:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/37095/petroceltic-set-for-us103-mln-payday-as-enel-farm-out-is-ratified-in-algeria-37095.html <![CDATA[RNS press release - Algeria - Ratification of Enel Transaction ]]> http://www.proactiveinvestors.co.uk/companies/rns/111219pci2021u/ Mon, 19 Dec 2011 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/111219pci2021u/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/111215pci0978u/ Thu, 15 Dec 2011 17:10:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/111215pci0978u/ <![CDATA[News - Petroceltic International's AT-9 gas well tests at 67.6 mln cubic feet per day ]]> http://www.proactiveinvestors.co.uk/companies/news/36999/petroceltic-internationals-at-9-gas-well-tests-at-676-mln-cubic-feet-per-day-36999.html Petroceltic International (LON:PCI) this morning revealed that the AT-9 well has been tested at a maximum rate of 67.6 million cubic feet per day.

This rate is prior to fracture stimulation and is constrained by surface facilities, it said.

"It is particularly pleasing to close this final well test from the Ain Tsila field appraisal programme with this excellent result, which we understand to be the among the highest gas flow rates ever achieved from an 'unfracced' Ordovician well in Algeria,” said chief executive Brian O'Cathain.

“The relatively high flowing well head pressure indicates that the well could potentially deliver at higher rates in a production setting and underlines our confidence in achieving our planned development plateau rates of 400 million cubic feet per day."

Last week Petroceltic reported excellent flow test results from the well on the Ain Tsila gas field in Algeria.

The well produced gas at a combined rate of 52.8 million cubic feet per day (mmscf/d) during the test, with 43.9 mmcf/d coming from the Upper Zone and 8.9 mmscf/d from the Lower Zone. The well also produced over 1,200 barrels of condensate a day.

The AT-9 well has now been suspended as a future production well. It will be fracture stimulated at a later date, during the development phase.

The Petroceltic chief also explained last week that the results strongly supportthe commercialisation of the Ain Tsila field and the current field development plan, which  will be submitted to the Algerian competent authorities in January.

Petroceltic has a 56.625 per cent stake in the project, while it partners Sonatrach and ENEL own 25 per cent and 18.375 per cent respectively. 

ENEL’s interest is subject to final ratification by the Algerian authorities, following a farm-out deal between Petroceltic and ENEL. Once complete, Petroceltic will be due around US$100 million from the farm-out.

 

]]> Thu, 15 Dec 2011 07:26:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/36999/petroceltic-internationals-at-9-gas-well-tests-at-676-mln-cubic-feet-per-day-36999.html <![CDATA[RNS press release - Algerian Operational Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/111215pci0121u/ Thu, 15 Dec 2011 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/111215pci0121u/ <![CDATA[Broker press ]]> Thu, 15 Dec 2011 00:00:00 +0000