Fordian
16 Jun 2015
Re: RNS Selling Romanian assets Agree with your comment. Seems a little odd to me and basically appears to be shuffling stakes around purely to enable a sale to a private company. I doubt there is much cash involved anyway but the lack of detail only serves to raise eyebrows and questions...
aandeeltje
16 Jun 2015
RNS Selling Romanian assets GLA,Aandeeltje.Wonder why it is not mentioned for how much. Dublin16 June 2015Petroceltic International Plc Romania licences updatePetroceltic International plc (AIM: PCI) ("Petroceltic" or the "Company"
, the oil and gas exploration, development and production company focused on the Middle East, North Africa and the Mediterranean region, announces an update on the status of its licence interests in Romania. On 12 June, Midia Resources SRL a wholly-owned subsidiary of Sterling Resources transferred its 40% interest in Block 27 Muridava, to Petroceltic Romania B.V., a wholly owned subsidiary of Petroceltic, and Beach Petroleum S.R.L. Company, a wholly-owned subsidiary of Beach Energy has also transferred its 30% interest in Block 28 Est Cobalcescu to Petroceltic Romania B.V. Approval of the interest transfers has been received from the National Agency for Mineral Resources (NAMR) of Romania. Simultaneously, Petroceltic has sold the entire share capital of Petroceltic Romania B.V. (which holds the interests in the Company's two licences in Romania, Block 27 Muridava and Block 28 Est Cobalcescu) to GVC Investment B.V., a private limited company, which has considerable oil and gas assets in the area. Following these transactions, Petroceltic has no remaining interests in Romania. Brian O'Cathain, CEO of Petroceltic, commented;"This concludes our involvement in the Romanian Black Sea. This process of disengagement forms part of our strategy to focus our efforts on our production and development assets, and to exit from high risk exploration ventures. We have now withdrawn from Romania and Kurdistan, and are focusing our future exploration efforts on Egypt and Italy". Ends For further information, please contact: Brian O' Cathain /Tom Hickey, Petroceltic International Tel: +353 (1) 421 8300Philip Dennis / Rollo Crichton-Stuart, Bell Pottinger Tel: +44 (20) 3772 2500Douglas Keatinge / Joe Heron, Murray Consultants Tel: +353 (1) 498 0300John Frain / Roland French, Davy Tel: +353 (1) 679 6363 John Naismith, Head of Technical, Petroceltic International plc, and the qualified person as defined in the AIM Note for Mining and Oil and Gas Companies June 2009, has reviewed and approved the technical information contained in this announcement. John holds an MSc in Petroleum Reservoir Engineering from Imperial College London. He has 27 years' experience in the oil and gas industry gained with Shell, Enterprise Oil, Canadian Natural Resources and Petroceltic. His experience includes reservoir engineering, integrated subsurface studies, asset management, commercial and operations. Notes to Editors: Petroceltic International plc is a leading Upstream Oil and Gas Exploration and Production Company, focused on the Middle East, North Africa and the Mediterranean Region, and listed on the London Stock Exchange's AIM Market and the Irish Stock Exchange's ESM Market. The Company has production, exploration and development assets in Algeria, Egypt, Bulgaria and Italy.
tulleile
22 May 2015
Re: Have... Emirates National Oil Co (ENOC) , which already owns 54 percent of Dragon Oil, is proposing to buy the shares in the company it does not already own at a price of 735 pence per share.The proposal values Dragon Oil at about £3.6 billion (€5.03 billion).ENOC previously made an approach to buy the remainder of Dragon shares on March 15th, set at an undisclosed premium to the company’s closing price of 509.5 pence on March 13th.ENOC said its latest proposal, was made to the company’s independent committee, set up after ENOC made its first proposal, on May 14th.It said the offer represented a substantial increase on its opening gambit and it believed it was fit to recommend to shareholders. Dragon Oil said it had received the offer and its committee was still considering it.“There is great uncertainty in the sector and we believe, as a long term and supportive shareholder, that Dragon Oil has achieved as much as is possible through its existing upstream strategy,” ENOC chief e xecutive Saif Al Falasi said in a statement issued shortly before Thursday’s London stock market close.“Moreover, Dragon Oil stands to benefit significantly from being part of the integrated platform that ENOC offers. To that end, we want to ensure that all of Dragon Oil’s shareholders have the opportunity to evaluate the proposal on its merits.”ENOC said buying Dragon Oil would help it become a fully-integrated global oil and gas company, by adding the target’s upstream operating experience.The independent committee, which includes four of Dragon’s non-executive directors, is being advised by Nomura International and Davy.Shares in the company closed up 5.4 per cent at 680p on Thursday.Reuters
earthly
22 May 2015
Have... Dragon been approached for a T/O ? if so good news possibly means that we won't be sold on the cheap.. at least to them......others may wish to clarify?EARTHLY
aandeeltje
27 Apr 2015
Drilling rig contract to Sinopec GLAAandeeltjeLONDON--Petroceltic International PLC (PCI.LN) said Monday that Groupement Isarene, the joint venture responsible for operating Algeria's Ain Tsila gas and condensate field, has awarded a drilling rig contract to China's Sinopec International Petroleum Service Corp.The rig will drill up to 24 new development wells, the first 12 of which are located in the northern region of the field.The next important project milestone will be the launch of a tender for the engineering, procurement and construction contract in the second quarter of this year."The project remains on track to deliver first sales gas in [the fourth quarter] 2018," said Petroceltic Chief Executive Brian O'Cathain.The Groupement Isarene joint venture is composed of Sonatrach, Petroceltic and Italy's Enel SpA (ENEL.MI).-Write to Alex MacDonald at [email protected] to WSJ: [link] Dow Jones NewswiresApril 27, 2015 02:38 ET (06:38 GMT)© 2015 Dow Jones & Company, Inc.
Fordian
31 Mar 2015
Re: What next ? PCI had to have a go in Kurdistan and it was generating a lot of excitement back in the day. The reality is in stark contrast to the era when the PSC was signed.The lesson from this adventure is that PCI should preserve capital and focus on key prospective assets, in my opinion this should be Egypt with a guaranteed market on their doorstep, a pragmatic Government willing to discuss terms and payment, and the immense potential of their offshore acreage, adjacent to the Leviathan discovery. The accumulation of other blocks is probably a sideshow although part of me is curious re Greece, an area of little exploration activity bizarrely.
A_cluelesspunter
30 Mar 2015
Re: info - takeover target? Nor I but after the last 5yrs or so I'd probably cut my losses and move on if I could get £1.90.Clueless
Fusion98
26 Mar 2015
Re: info - takeover target? mmm not impressed with the 190p target
forwardloop
26 Mar 2015
info - takeover target? [link]
earthly
25 Mar 2015
What next ? I wonder how all those that voted for our Brian in the last EGM.. if they had another chance how they would vote now ?EARTHLYPS. as sure as eggs are eggs we need a change to deliver some semblance of progress that will propel the sp in a northerly direction !!!
earthly
25 Mar 2015
God give us strenght...LOL bizana ANOTHER LESSON FOR THE BOD AT OUR EXPENSE..AS THEY SAY IN YORKSHIRE , HOW MUCH ?EARTHLYps I suppose we can count our lucky stars that we are only involved by 20%
A_cluelesspunter
25 Mar 2015
Re: Kurdistan Time to finally sell up and get out? At a £1 per share loss...
bizana
25 Mar 2015
Kurdistan So that's it folks - $125,000,000.00 down the toilet - and "Have a nice day". Nice to know you are back on the board Mr Hickey.
bizana
25 Mar 2015
Kurdistan Good Morning Everyone.Petroceltic this morning released an operational update in relation to its operations in the Kurdistan Region of Iraq. In summary, a combination of significant operational delays and difficulties on the drilling of the Shireen well and consequent longer term cost (and oil price uncertainties) in respect of any potential development have caused the Operator Hess (80% paying interest) to elect to withdraw from the Dinarta PSC - this decision was supported by Petroceltic (20% paying interest).The Shireen well was being drilled at an elevation of approx. 2,000 metres, making it the highest well drilled to date in Kurdistan. This in itself created access, civils and day to day operational complications, particularly during winter when the site was frequently under a metre or more of snow. The practical impact of this was that drilling operations proceeded much more slowly than originally forecast and were regularly interrupted.The well itself encountered a number of downhole issues relating to cementing and effective completion of casing runs, with a number of incidences of parted casing. This rendered the hole unstable and greatly increased the risk of drilling ahead within the existing wellbore. Hess evaluated a number of other options including a sidetrack or full respud, but couldn’t get comfortable that these would fully address the problems.Geologically, while there may still have been significant prospectivity in the deeper Triassic sections, we believe the penetrated Jurassic horizons are unlikely to be uncommercial at this location. More generally, the terms of the PSC would make it very difficult to achieve sequential drilling of the adjacent Pires and Bradost structures within the remaining timeframe of the PSC.Taking all these factors, into account the Hess/PCI joint venture felt that the ultimate commerciality of any discovery would be marginal or more likely uncommercial, and that as the licence commitments had been satisfied, that withdrawal was the most pragmatic option.From a PCI perspective, we believe our budget guidance for 2015 of approx. $7 million will likely be required, given the remedial and demobilisation work to be undertaken to effect the withdrawal. From a financial perspective this also means that we will be likely to write off substantially all Kurdistan costs (relating to both the Dinarta and Shakrok licences) in our 2014 financial statements, making the total Kurdistan write-off approximately $125 million.Have a good day. Tom Hickey
Fusion98
23 Mar 2015
BOD changes Its like re-arranging the deck chairs on the titanic, we still have the same inept ejit behind the wheel
