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Petroceltic; a contrarian buy against the prevailing mood

By Ben Turney | Friday 30 May 2014

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.

What a set of releases by Petroceltic International (PCI) this morning! Together with its Annual Report (found here) and notice of its AGM, the company delivered a hat-trick of failed exploration wells in one announcement (in Kurdistan, Romania and Egypt) and then mounted a robust defence against public criticisms made by the company’s major shareholder Worldview Capital Management, which holds 19.91% of the company. Worldview’s complaints can be found here, but they concern the proposed $100million placement arranged by Petroceltic’s board. In short, Worldview is not happy and it looks like a race is now on for the future control of Petroceltic.

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