Look at the overall position . Charts look good.market sentiment looks good.farmout looks good.drilling programme is diverse and guess what... It looks good.in the time I've been in here the sp has been substantially higher but the overallposition has never been more positive! And that is before romania n bulgaria slam home their results.the bod are doing ok,obv could have done better over the years but hopefully with the enlargened group n red adair jnr lurking in the background with short leash handcuffs on they will get fingers out of proverbialls and go give it some.
We never got hammered...
...so looking like the bottom was reached. Still surprised we have not got over 8p ? http://www.investegate.co.uk/petroceltic-intnl--pci-/rns/preliminary-results-announcement/201304220700098450C/ http://www.investegate.co.uk/Index.aspx?searchtype=3&words=PCI
No we don't, flow rates will ascertain amount due.
I don't think we have the 'Up to $75m' yet do we? **RNS: Mon, 19th Dec 2011 07:00 Under the terms of the agreement ENEL has: o Agreed to pay up to US$ 36.75 million to Petroceltic, which equates to 24.5% of all back costs incurred from signing of the PSC in 2005 until the end of the exploration period in April 2010; o Committed to fund 49% of the cost of the first six appraisal wells in an enlarged Isarene appraisal campaign and of a contingent additional well, of which costs are capped, in aggregate, at US$ 145 million; and o Agreed to pay Petroceltic a contingent cash consideration, up to a maximum of US $75 million, such amount determined by a number of factors based the results of the appraisal programme, such as the overall level of reserves and the production profile. Amounts outstanding under this agreement or to be paid under cash call arrangements relating to the 2011 appraisal programme, currently exceed $103 million. Upon completion, Petroceltic will operate the permit with a 56.625 % interest, Sonatrach will maintain a 25% interest, and Enel will hold an 18.375% interest.
Other thought !!
If they are asking us to sell all we hold on AT ie the more than 50% we still hold, this will change the whole character of PCI so we should be looking at a long term condition where we still participate in a share of profits many years down stream as well as a huge dolop of cash to compensate for loss of huge prospects.
Is it silly to ask if BP will be buying the 18% we are negotiating for sale. This might enable them to secure any additional feed they are looking for in Algeria..........and get some help with the cost of the hook up. Delay of move to main market so we can concentrate on permit issues ?? Mmm pull the other one. I think this is highly suggestive.
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