Proactiveinvestors United Kingdom Petroceltic International articles

Petroceltic shares rise as ENEL farm-out nears completion

Mon, 19 Dec 2011 10:45:00 +0000

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.

Petroceltic International: Investors and analysts cheer excellent AT-9 test results

Wed, 07 Dec 2011 11:39:00 +0000

Petroceltic shares advanced around 13 per cent today after it revealed excellent flow test results from the well on the Ain Tsila gas field in Algeria. The test results should remove any lingering uncertainty regarding the commerciality of the project, says Irish broker Davy.

Petroceltic International unveils excellent flow test results from AT-9 well in Algeria

Wed, 07 Dec 2011 07:31:00 +0000

The well produced gas at a rate of 52.8 million cubic feet of gas and 1,200 barrels of condensate a day during testing. This is the highest pre-fracture stimulation flow rates achieved on the Ain Tsila field to date.

Analysts bullish on Petroceltic after latest Ain Tsila success

Wed, 09 Nov 2011 10:26:00 +0000

Petroceltic shares still have a compelling value even after the stock’s 70 per cent rally in the past month, according to analysts at Canaccord Genuity. Elsewhere Dublin based broker Davy is even more bullish on Petroceltic’s value.

Petroceltic International shares rise following commercial AT-7 result

Tue, 08 Nov 2011 13:18:00 +0000

Petroceltic shares advanced around 6 per cent today as it announced testing results that confirms that gas from the southern part of the Ain Tsila field can be produced at commercial rates.

RBS has "greater confidence" in commerciality of Petroceltic’s Ain Tsila gas field

Mon, 31 Oct 2011 14:30:00 +0000

Analyst Phil Corbett said that Petroceltic delivered a confident message on commerciality at last week’s capital markets day. RBS upgraded its target price from 7 to 9p and repeated a ‘buy’ recommendation for the group’s shares.

Petroceltic chasing "Shaikan-type" play in Kurdistan, says chief executive

Fri, 28 Oct 2011 10:50:00 +0100

Petroceltic boss Brian O'Cathain believes his firm will be the last of the smaller companies to get a foothold in what’s being described as the last great oil frontier. Speaking with Proactive Investors O’Cathain explains that he’s very optimistic that Petroceltic can have the type of success attained by Gulf Keystone on the Shaikan block.

Petroceltic International shares up after arranging loan and boosting flow rates in Algeria

Mon, 10 Oct 2011 12:17:00 +0100

The hydrocarbons explorer has agreed a US$30 million bridge loan facility, while analysts believe that improved flow rates from a well at its Ain Tsila discovery is a sign that Petroceltic is becoming de-risked

Petroceltic International’s AT-8 well provides ‘welcome fillip’ for investors

Mon, 03 Oct 2011 11:47:00 +0100

Latest results from the Ain Tsila gas field provided a welcome fillip for Petroceltic according to analysts at Dublin based brokers Davy. Indeed this was reflected in the positive response on the AIM market this morning.

Petroceltic teams up with Hess to target Kurdistan oil

Wed, 27 Jul 2011 13:03:00 +0100

Petroceltic today joined the hunt for major oil resources in Kurdistan, with two new and highly prospective assets near significant oil discoveries. Alongside major US name Hess, the AIM-listed firm will spend USS$72 million on seismic and drilling over the next three years.

Petroceltic ready to expand Algeria drill programme thanks to £37 mln cash call

Fri, 13 May 2011 12:13:00 +0100

The Dublin-headquartered firm has clearly had a busy start to 2011 and there's still plenty to do in the coming months. This morning's £37 million equity raise and the recent farm-out to ENEL have paved the way for an extended drill programme on its Algerian gas discoveries.

Peltroceltic surges on news of farmout agreement for Isarene in Algeria

Thu, 28 Apr 2011 09:26:00 +0100

Shares in Petroceltic International surged today on news of a long-awaited farmout deal in Algeria. ENEL has agreed to acquire an 18.375% interest in the PSC for the Isarene perimeter (Blocks 228 and 229a) and will pay up to US$36.75 mln towards costs already incurred, and up to $75 mln depending on the volume of recoverable reserves

Davy encouraged by Petroceltic logging results from AT-5

Mon, 21 Mar 2011 16:03:00 +0000

Broker Davy is encouraged by the logging results from AT-5 well on the Isarene permit in Algeria. Analyst Caren Crowley values the stock 30.7 pence a share, and says the company's Algerian assets alone are worth 20.6 pence.

Petroceltic shares advance as ENI takes control of Carisio permit ahead of 2012 drilling

Wed, 16 Mar 2011 10:58:00 +0000

This morning the junior oil explorer revealed that ENI would be taking control of the Carisio permit in Italy’s Po Valley, where an exploration well is being planned for 2012. The deal could lead to a partial farm-down of Petroceltic’s stake in the permit and it may create new funding options. Davy’s Caren Crowley reckons the upcoming drill target could be worth as much as 17.1 pence a share for Petroceltic.

Petroceltic optimistic in announcing new partner for Algeria early in 2011

Wed, 08 Dec 2010 14:07:00 +0000

Petroceltic International is still aiming to unveil a farm-down partner for its Algerian gas field by early 2011, according to Peter Dunne, the company’s corporate finance and commercial manager. Speaking shortly after the company’s latest presentation, Dunne was guardedly optimistic about sealing a deal with an oil major or possibly a gas distribution company active in the European market.

Petroceltic continues to strive to be a full-cycle exploration and production company.

Wed, 01 Sep 2010 10:00:00 +0100

Petroceltic has a gas field the size of Greater London

Petroceltic International raising £81m for appraisal work in Algeria and Italy

Mon, 29 Mar 2010 08:09:00 +0100

Proceeds from the oversubscribed placing are funding appraisal wells for the Isarene permit in Algeria and the Elsa field in the Adriatic offshore Italy in the second half of 2010.

Petroceltic's INW-2 becomes fourth well to demonstrate commercial flow rates on Isarene permit, Algeria

Tue, 02 Feb 2010 09:13:00 +0000

The well tested successfully without fracture stimulation and has been completed for possible use as a producer.

Petroceltic enters the New Year with a spring in their step

Tue, 12 Jan 2010 09:06:00 +0000

The company are enjoying a very productive and equally important period at the moment which if all goes to plan could see them transform from a junior oil and gas exploration company into a mid-cap oil and gas producer

Petroceltic reports gas discoveries at Ain Tsila, Mirabaud ups price target to 23.6 pence

Mon, 07 Dec 2009 13:38:00 +0000

The AT-2 well is the third well in the current drilling programme on the Isarene permit in the Illizi basin, Algeria, and the fourth well to successfully test gas at potentially commercial rates