By Ben Turney | Monday 3 August 2015
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
The 35% drop in Petroceltic International’s (PCI) share price over the last three weeks has been one of the most predictable events of the year. Once the company’s major shareholder, Worldview, fired the first shots in the latest civil war to engulf the company, there really was only one direction the stock could take. Against the backdrop of a persistently low oil price, lingering concerns about the health of Petroceltic’s balance sheet were bound to have a depressing effect. This morning the company issued its latest response to this unfolding disaster. And it doesn’t exactly inspire one with much confidence, even at 58p per share.