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BUZZ-Petroceltic: Up 23 pct on possible takeover offer

Reuters - UK Focus

** The Irish oil firm's shares up as much as 23.2 pct on a possible takeover offer by peer Dragon Oil (LSE: DGO.L - news)

** Dragon Oil intends to offer 230 pence per share, a 29 pct premium to Petroceltic's Friday close of 178.50 pence.

** AIM-listed Petroceltic sees biggest intra-day bounce in more than 5 years on heavy volume. Chart: http://link.reuters.com/waz92w

** Brokerage Peel Hunt, which has a 'buy' on the stock, says potential offer was too low, given Petroceltic's production base in Egypt, Bulgaria and its interest in the Ain Tsila gas field in Algeria.

** "If a firm offer for Petroceltic is made by Dragon (SES: E1:MT1.SI - news) we would not be surprised to see a counter offer made by another party closer to our estimate of Risked NAV of 250 pence per share," Peel Hunt says. (abhiram.nandakumar.thomsonreuters.com@reuters.net)