The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Have been watching this share for a few years now, goes up a little but like a lot of smaller company's in the oil field this one wont ever really take of. Cant understand why people hang on thinking its going to make it big time.
Just my opinion
17 deg API is getting close to a very heavy oil, good flow rates with low well head pressure, stick an ESP in there and it will flow 4 times the rate. As far as the latest RNS goes, why don’t the case the whole well and DST/Well test from the bottom up isolating zones as the finish with them.
Can’t say that I agree with you there Mickeey I have made a shed load of profit of PCI over the years , buy low, sell high DYOR.
Dublin-based Petroceltic International has deferred the drilling of a second well off Romania as the drilling rig it had been using undergoes unscheduled maintenance
Following the drilling of the Cobalcescu South-1 well in Block Ex-28, the Prometeu jack-up rig has returned to its operations base in Constanta to conduct some unscheduled but necessary maintenance works. This has resulted in the deferral of the next exploration well in the drilling programme, Muridava-1 on Block Ex-27, which is now expected to spud at the end of the first quarter 2014.
Old Sonnat type jack up, was upgraded in 2002 , doesnt look to bad but maybe its drilling days for PCI are over.
Whats going on in Romania, all very quite at the moment.
All those fancy numbers look good but lets not forget part of that field is as tight as a ducks rear end and will be a challenge to get any gas out.
Need to do your own research with regards to Italy, drilling shouldn’t be a problem, however the testing of heavy oil very close to shore will, be a challenge. They will need pump it to surface and then what they going to do with it, don’t think they will flare it, maybe tanker but then there may be H2S it all gets complicated to say the least.
Having spent a few years in Sunny Algeria, the thought that the national oil company providing security to a different level to any other company in Algeria is very scary, it was the national arm that probably killed most of the people in the BP plant at In Amenas, they opened fire on vehicles as they left with hostages, the Algerians don’t negotiate with terrorists “FULL STOP”. Yes they will deal with nasty little men in Toyotas but anyone else who happens to be there will get it as well. I think it will be a different story when they try and recruit for guys for the field work. I hope that I am wrong because I want this share to rise like everyone else, I don’t think Algeria will be plain sailing. As for Italy I don’t think they will ever spin a bit over there, it’s technically challenging in more than one way, don’t think PCI have got the in-house experience for that.
Whiffs of oil never makes much difference to this share, when the 1st well AT1 was fracced and had a great flow rate, what happened to the SP, eh , nothing. It wasn’t until the whole campaign was over a few months after the official release that the price momentarily went up. Thankfully I filled my pockets on a few occasions. I am a great believer in this share but it takes a lot for it to move big time. Also what steps have they taken to show due diligence with regards to the security of that area, its only about 75 mls from where BP had the problem with the terrorist, the Algerian army probably killed more people that the terrorists, how they going to make sure it wont happen again.