Fordian
02 Sep 2015
PCI Egypt options Just to be clear - in the last PCI slide deck, they said seismic would be undertaken at the back end of 2016, something that normally takes a minimum of 6 months to process and high grade real prospects, then drill in late 2016 or 2017.The obvious issue here is that PCI need to raise cash, restructure debt, and potentially farm down both Egyptian offshore blocks with a free carry for seismic and first drill IMO.The irony here is that if PCI farm out an additional stake in AT in Algeria, then they are left with the operatorship as a minority stakeholder...which sort of highlights the point many made some time ago i.e. that PCI are a minnow and should never have taken the development PM role in the first place! The only major positive for AT is that the field is supposedly around 10 tcf instead of the initial 2tcf already booked....so once it's up and running, it's hopefully a cash cow of nice proportions.
forwardloop
02 Sep 2015
Re: Eni huge 30 tcf gas discovery - by P... [link]
GRAMPSAV
01 Sep 2015
Re: Eni huge 30 tcf gas discovery - by P... And the reason for the 14% rise today.
Phonner
01 Sep 2015
DAVY VIEWThe weekend news that Eni made a world-class gas discovery in the Egyptian offshore is a welcome development for the hard-pressed E&P sector. It is particularly good news for Petroceltic, which has a 50% share in the immediate block to the east.
spike68
01 Sep 2015
Re: Eni huge 30 tcf gas discovery - by P... Maybe the cause of the 15% rise friday
Fusion98
31 Aug 2015
Re: Eni huge 30 tcf gas discovery - by PCI yes the block found in egypt is 40m wide and is an excellent find and news if as you say PCI is next door.Could someone enlighten me if PCI has even drilled anything in their block yet?Fusion98
Fordian
31 Aug 2015
Eni huge 30 tcf gas discovery - by PCI For those who haven't read the news of Eni's massive 30 tcf gas discovery in Egyptian waters, the discovery was in the Shorouk block adjacent to PCI's N Port Fouad block... Check out slide 27 of the recent PCI presentation below. Surely this bumps Egypt up the prospectivity list and prioritises it for exploration above all else. In the result of a discovery, production could be piggy backed on Eni's infrastructure potentially.[link] news itself:[link] where can PCI find some cash...?
Fusion98
26 Aug 2015
Re: Upstream what are the allegations exactly anyway?I can't find specifics just "allegations have been made"anyone?
sigmasector
24 Aug 2015
endless bs Astonished after so many years to see this BOd still holding its ground. At least finally it seems the analysis back in the day may be just right .... 25p is approaching, only in reverse... I can't stop to think how much money this circus would have lost me, had I not cut my loses a couple of year ago. I am sorry for some folks here ... I really am. I keep coming back in hope to see the BOD one day pay for the millions they lost their investors, while pocketing millions for themselves. incredible lot.
Fordian
24 Aug 2015
Re: Upstream The blog was still up and running a couple of days ago when I checked.I'd be surprised if they find the author as anybody with a bit of knowledge could easily anonymously post something like that.I suspect most of the allegations are completely baseless but there is no smoke without fire say some. It just continues to heap pressure upon the comedians 'running' (destroying?) the company though. I'll continue waiting for a bounce, the largest of which will be when the board actually quit!
OpsGeo
21 Aug 2015
Upstream Eoin O'Cinneide 20 August 2015 13:40 GMT .Petroceltic International is attempting to unmask a blogger who has made allegations against the company and specific employees involved in the Irish junior’s Algerian operations. The London-listed explorer has taken the fight to the Irish courts and has threatened legal action against anyone repeating the allegations, as was done in an open letter from its largest shareholder Worldview Capital Management on Thursday.Petroceltic saw its share price sink more than 12% by 2:30pm on Thursday following Worldview’s letter that sought answers to allegations raised in a blog site, which is hosted on internet publishing site Wordpress.The allegations primarily relate to the Irish player’s Ain Tsila gas and condensate development, but specific allegations of corruption are made against one company employee, who the site alleges has been moved on from his previous role within Petroceltic.In a brief statement on Thursday afternoon, Petroceltic said it had “no prior knowledge or notification of the claims or concerns” raised by Worldview on foot of the blog site’s allegations but that, once it became aware, it “immediately instigated an investigation in accordance with established procedures”.It continued: “On the basis of the investigation it has conducted to date, the company considers the allegations to be entirely baseless, untrue and defamatory.“The company has commenced an action in the Irish courts to ascertain the identity of the blogger. Once identified, he/she will be invited to demonstrate any bona fide evidence to support the allegations made.“If no such evidence is forthcoming, the company will take appropriate legal action against any party who has made or repeats such defamatory statements in order to protect the good name and reputation of Petroceltic, its staff and consultants.”The company took the Irish unit of Wordpress’ US owner Automattic to the High Court in an effort to reveal the blogger’s identity.On Thursday afternoon the court ordered Automattic to reveal the identity of the author behind the blog. It was also ordered to delete what Justice Marie Baker termed the "blatantly untrue" allegations made against Petroceltic in the blog. Proceedings were adjourned until 8 September.A later statement from Petroceltic read: "The Irish High Court has ordered the deletion of the blogsite and prevented the further publication of material posted by the blogger, finding, prima facie, that the material on the blog is defamatory of Petroceltic."The blog hosts, Automattic, must now immediately delete the blog and not allow any further posts from the blogger."Furthermore, the Court has ordered that the anonymous blogger be identified within a specified time frame."Upstream has used a contact e-mail address on the blog site to enquire as to the identity of the person behind the blog, and to ascertain if they have or have had any relation to one or both of Petroceltic and Worldview. Upstream awaits a response to the inquiry.Further, Upstream understands that the individual referred to in the blog and Worldview's letter as having moved position has indeed switched roles but that this was for reasons relating to personal circumstances, while they are now classed as a consultant to Petroceltic.Worldview has persistently locked horns with Petroceltic’s management this year as the above 29% shareholder accuses executives of mismanaging the explorer’s assets in Algeria and undermining shareholder value, which Petroceltic has persistently denied.This week the Irish player revealed a list of companies invited to tender for the engineering, procurement and construction contract for Ain Tsila.Daewoo Engineering & Construction and three consortia – GS Engineering and Dodsal Engineering & Construction; JGC Corporation and JGC Algeria; Tecnidas Reunidas SAand Bonatti – have been invited to submit tenders for the EPC
earthly
21 Aug 2015
Maybe.. The reason...see the " Times" article today. with the heading, ' Petroceltic hits out at blog claims'.whatever the reasons we the long suffering Pi's appear to be caught in the middle with regards the massive drop in the share price since the Dragon approach last year and before then too..we the pi's would like an explanation in plain English what the BOD intend to do about ressurrecting the SHARE PRICE..to a more reasonable level.EARTHLY
A_cluelesspunter
21 Aug 2015
Re: news? Nope...60% value wiped out over the summer with next to no volume traded. I have absolutely no clue what's going on other than my money is flowing down the drain with alarming rapidity.Clueless
Fordian
21 Aug 2015
news? Can anyone shed any light on this unfortunate comedy at all?
A_cluelesspunter
11 Aug 2015
Re: Worldview They can have mine gladly. £2.50 each
