Petroceltic International, moving up nicely

I don't think funds will need to be raised as the $2.25 from the sale of residual mineral interests in the Shaimerden zinc oxide deposit in Kazakhstan should keep them going for some time.
They will target areas within the Ksar Hadada block with the potential of producing the fastest results and the greatest returns. If resources are discovered then raising additional funds won't be a problem.
A potential 400 million barrel structure has already been identified
following detailed evaluation of existing well and seismic subsurface data.
So we should know by the middle of 2004 what a bargain PCI were in 2003. Hopefully a steady rise until more news. Lots of potential in this one IMHO.

Brian Cusack, Executive Chairman of Petroceltic, commented:

"This a major step forward for Petroceltic and represents our first move into
the prolific hydrocarbon basins of North Africa. The drilling objectives in the
large prospect described above are at shallow depths of less than 4,000 feet,
giving Petroceltic access to significant potential hydrocarbon reserves for only a modest financial exposure."