The hcl looks likely to come into operation over the next few months, will this improve the share price or will we have to wait for an actual PSA before any increase takes place? It looks like the UK and the US will wait until the HCL is in place first before they decide to start the pull out. I have also heard news that the contracts signed during the Saddam regime are now definitely going to be honoured. I`m not sure if this includes PET as there seems to be some doubt as to whether they qualify as their agreement wasn`t signed off by Saddam. A Swiss company has announced that they expect to be producing 200,000 barrels/pd by 2009 from their PSA with the Kurds. They have struck oil first time and have five more drills left to complete their programme. Nice if PET were in that position! Our time will come though, just a matter of hanging on in there!!

Happy to wait for this one. Not far away at all.

Annual results out next week!!

Watch this baby roll, following Teeling`s statement!

(END) Dow Jones Newswires
06-12-070400ET


Iraqi Oil Workers Call Off Open-Ended Strike In South -Union



AMMAN -(Dow Jones)- Officials of the southern oil workers' union have called off an open-ended strike designed to halt Iraq's oil exports of 1.6 million barrels a day after the central government promised to meet their demands for better wages and working conditions, the head of the union said Tuesday.

"We met Monday with Prime Minister Nouri al-Maliki's envoy, the minister of Justice Safaaeddine al-Safi who agreed to meet our demands," Hassan Jumaa told Dow Jones Newswires by telephone from Basra.

The workers were planning to stage the all-out strike Monday and threatened to halt the country's oil production and exports from southern oil fields which produce around 2.1 million barrels a day, the bulk of the country's crude oil output.

The Iraqi economy, already devastated by war and civil violence, depends mainly on the country's oil exports from the south.

"The two sides agreed to halt the strike and to use dialogue in dealings to resolve the outstanding issues," Jumaa, head of the Iraqi Federation of Oil Unions, or IFOU, said.

Last week's oil workers ended two-day walkout in the south, that paralyzed oil and gas supplies to many areas, including Baghdad. The strike was postponed until Monday to allow further negotiations regarding the union's 16 demands. They include a pay rise, better health care and working conditions, improved housing as well as regular bonus payments.

The workers' move sparked Maliki's government to issue a statement last week warning an "iron fist" would be used against "outlaws" trying to inflict damage to state facilities. The government also threatened to issue arrest warrants against union leaders if the strike had continued.

The IFOU, an umbrella group representing more than 26,000 workers, has threatened to strike since early May over working conditions.

-By Hassan Hafidh, contributing to Dow Jones Newswires; + 962 (0) 777 612 111; hafidh8@hotmail.com


(END) Dow Jones Newswires
06-12-070400ET

Iraq gov''t proceeds with key laws, reconciliation efforts -- Maliki

Politics 6/12/2007 1:00:00 PM


Iraqi Prime Minister Nouri Al-Maliki met with the US Deputy Secretary of State John Negroponte in his office in Baghdad on Tuesday

BAGHDAD, June 12 (KUNA) -- Iraq's government is carrying on with enacting important laws for welfare of the Iraqi people such as the oil and gas law, as well as boosting national reconciliation, Prime Minister Nouri Al-Maliki said.
Al-Maliki's statement was made on Tuesday during talks in his office in Baghdad with the US Deputy Secretary of State John Negroponte who arrived earlier in the day on a previously unannounced visit.
"The (Iraqi) national unity government proceeds with enacting new laws that serve the present and future interests of the Iraqi people, such as the laws on oil and gas, accountability and justice and provinces," the Premier told the UN official.
He added that his government was "boosting efforts for reconciliation, regardless of the regional interference and conspiracies impeding the political process" in the country.
"Several missions are ahead topped with developing our security bodies and armed forces to combat the terrorist al-Qaeda, Saddamists and militants, and extend the rule of law nationwide," Al-Maliki noted.
The Iraqi Premier referred to "the success by the national unity government overcoming the biggest danger, sectarian war, through the national reconciliation initiative supported by all the Iraqi people and political powers." Al-Maliki expressed appreciation the US support to the political process and reconstruction in Iraq.
Negroponte renewed the US backing to the Iraqi people and government to achieve security and stability in the face of challenges and external interference The surprise visit by the senior American official came a day after Britain's future prime minister Gordon Brown visited the country and held talks with the local leaders urging them to press ahead with measures to restore order and achieve political reforms.(end)

Energy Compass,Vol. XVIII, No. 25, June 22, 2007
IRAQ www.energyintel.com

Sharing the Wealth

After weeks of haggling and tough bargaining, Iraqs central
government and the northern Kurdish region have agreed a
draft revenue-sharing law opening the way for parliaments
approval of a hydrocarbon law regulating international investments
in Iraqi oil and gas fields. The draft revenue law is a
compromise that ensures the Kurds get an adequate and timely
share of state revenues, but keeps the collection and distribution
of those funds in the hands of the government in Baghdad,
specifically the Central Bank of Iraq (CBI).
The draft is balanced, with checks and balances. It has a
mechanism that insures the flow of federal revenue levied
throughout the country without interruption, while at the same
time keeping consolidated data of revenues and expenditures
for the whole country, Thamer al-Ghadban, former oil minister
and one of the draft laws main authors, told Energy
Compass Thursday.
The draft stipulates that all state funds from oil and gas
should be deposited in a financial resources fund account at the
CBI. This embraces oil and gas sales across the country, as well
as royalties, production bonuses, direct and indirect taxes, and
any other additional revenues resulting from oil and gas contracts
with national and international companies, including
those in the Kurdish region. Currently, all oil income is deposited
at a Development Fund for Iraq (DFI) account at the Federal
Reserve Bank of New York, and is monitored and audited by
the UN-appointed International Advisory and Monitoring
Board. Iraq exports about 1.6 million barrels per day, compared
with more than 2 million b/d before the 2003 war.

Compass Points

SIGNIFICANCE: The government of Iraqi Prime Minister
Nouri al-Maliki is racing to deliver a key package, including
hydrocarbon and revenue-sharing laws, to ensure
Washingtons continued support. The Kurds have been
using the situation to their advantage, extracting maximum
concessions for financial autonomy.
CONNECTION: The division of oil revenues lays the foundations
for future relations between Baghdad and the
regions. By maintaining centralized management, supporters
of a unified Iraq hope the framework will safeguard
national cohesion, although, on its own, the law does little
to help the current security and political crisis.
NEXT: The draft revenue-sharing law should be endorsed by
cabinet next week, then sent to parliament with the hydrocarbon
law and other related bills. Debate is expected to be
lengthy. The Kurds will next turn their attention to Kirkuk,
where they are pushing for a referendum on the future of
the northern oil province late this year.

Petrel Resources says Iraq oil projects on track despite turmoil UPDATE
Date : 28/06/2007 @ 14:18
Source : TFN
Stock : Petrel Resources (PET)
Quote : 66.0 3.0 (4.76%) @ 13:19

Petrel Resources says Iraq oil projects on track despite turmoil UPDATE


(Adds interview with managing director)
LONDON (Thomson Financial) - Petrel Resources PLC said its oil fields in
southern Iraq are on track to be on stream by 2010, despite mounting violence
and unrest in the country.
The fields -- Subba and Luhais -- are capable of pumping up to 240,000
barrels a day, said Petrel, the contractor for the 197 mln usd project.
Petrel said it continues to search for more projects in war-torn Iraq and is
looking forward to the passage of the Hydrocarbon Law, which it believes will
open up "significant opportunities" for the company.
"We have worked in Iraq for eight years and understand the potential and the
need for oil development in the country," said chairman John Teeling.
"The imminent passing of the Hydrocarbon Law will offer numerous development
opportunities. With the backing of our partner, the Japanese giant Itochu Corp,
we hope to participate in these developments," he said.
The long-awaited Hydrocarbon Law, expected to be passed this year, aims to
open up Iraq's vast but largely undeveloped oil industry to foreign investors.
In 2006 Petrel and Itochu signed a strategic alliance agreement covering
future exploration work in Iraq.
Itochu assisted Petrel in the exploration and technical study of the Merjan
field. The technical and geological review of the field has been completed and
the results submitted to the Iraqi authorities.
Petrel's managing director David Horgan told Thomson Financial News in an
interview that the group is unperturbed by the political uncertainty that has
prevailed after the fall of Saddam Hussein in 2003.
"We're not worried about politics in Iraq. We've worked with the fifth
government in Iraq, (plus) four years under Saddam," he said.
Petrel's projects have not been affected by the escalating insurgency,
Horgan said, describing the southern part as a "much safer" place than the
northern and central areas.
"We're happy to stay in Iraq over the long term. We don't see any reason why
things won't work out in the end," he stressed.
The group found Iraqi oil officials "very honourable" and are only hoping to
adopt the "best practice" standards in order to attract more foreign capital,
said Horgan.
Iraq's proven oil reserves stand at about 115 bln barrels, and are the
world's third largest after those of Saudi Arabia and Iran. The cost of
producing oil in the country, estimated at below 2 usd a barrel, is probably the
lowest in the world, according to industry experts.
Several companies have sought alliances with Petrel, Horgan said, noting
that Itochu will be top of its list should it decide to get a partner in future
contracts, including Block 6.
The 10,000 square kilometre Block 6, located in the western desert, is
believed to be holding around 3-5 bln barrels of oil.
Petrel gave an update on its Iraqi projects after it unveiled a pretax loss
of 415,570 eur in 2006, against a loss of 481,535 eur previously. It has yet to
make revenues.
At 1.41 pm, Petrel shares were unchanged at 61 pence.



monicca.egoy@thomson.com
mbe/lce

COPYRIGHT

Copyright AFX News Limited 2007. All rights reserved.
The copying, republication or redistribution of AFX News Content, including by
framing or similar means, is expressly prohibited without the prior written
consent of AFX News.

Kurdish deals need changes
Dubai: 6 hours and 40 minutes ago
Iraq's oil minister said oil contracts concluded by the Kurdish regional government must be amended to conform with a controversial new draft oil law approved by the Baghdad cabinet.

'There is a clear provision in the draft law stating that the contracts concluded either by the former regime (of Saddam Hussein) or in Kurdistan must be reviewed and amended in keeping with the new oil and gas law,' Hussein Shahristani told the Al Arabiya news channel.

He said that once reviewed, the contracts must be put to a federal oil and gas council envisaged in the legislation 'or to the council's consultancy office.

'If they (the deals) conform with the provisions of the law, they will be approved. If they violate them they will have to be amended to become compatible with the law,' Shahristani said.

His remarks appeared to represent a climbdown from a warning he issued in May that any oil contracts signed by northern Iraq's Kurdish regional government before the new law is passed would be considered invalid.

They came amid a chorus of Sunni Arab, Kurdish and Shiite opposition to the draft oil law backed by Washington, an amended version of which was approved by the Iraqi cabinet and sent to parliament.

The proposed legislation has sparked a heated debate among Iraq's warring communities over provisions opening the oil sector to foreign investors and allowing regional authorities to negotiate contracts.

The Kurds have demanded that the law accommodate contracts they have already signed with foreign companies to exploit oil in northern Iraq.

Iraq has proven reserves of some 115 billion barrels, but since the US-led invasion which toppled Saddam Hussein in 2003 production has tumbled from 3.5 million barrels per day to around two million.

http://www.tradearabia.com/news/newsdetails.asp?Sn=OGN&artid=126767

Read posts 8 & 9 and consider:

" Ratification of Petrel's concessionary rights over Block 6 awaits the
passing of the country's new hydrocarbon laws. "

Gartmore sale caused overhang of shares and provided golden opportunity to buy @ 61p.Overhang cleared last week and sp on the move north again.Huge potential with known oil reserves.It has been a long wait for passing HCL needed before awards of contracts however 2007 looks to be the year for PET.Worth placing PET on your watch list.aimvho.dyor.

Anyone who invests in any share must accept element risk be it low to high.Speculating to accumulate.If Petrel were trading @ 80p would say risks priced in until passing of HCL. Preferring to be in rather than risk not holding as and when any news breaks.In view of huge potential personally see these levels low risk high reward.Below are some of the reasons why have invested in PET buying shares 60p to 70p.Preferring to be in rather than risk not holding. aimvho.dyor.

PET has the advantage of being in & working with "Iraqis" and very closely with Ministry of Oil over eight years.

The IFs and WHENs

-HCL passed?
-S&L converted to PSA?
-PSAs awarded: Block 6? Merjan? Halfya? Iraq/Iran border?
-PET becomes an oil producer?
-Booking of oil reserves iro of above 3-5 billions? 750 millions? 10
billions?.....???
-PETREL given time becomes the next Tullow,Cairn Energy with sp to match?
- One of majors/giants makes bid for PET-how much sp?

Added to potential of PET awarded any or all of the above, PET has agreed PSA at East Safawi,Jordan.The best bit is there are 'known' oil reserves in Iraq.

Finals empathised PET partnership with Japanese giant ITOCHU.

John Teeling, Executive Chairman of Petrel Resources, Commented:

"The imminent passing of the Hydrocarbon Law will offer numerous development
opportunities. With the backing of our partner, the Japanese giant ITOCHU, we
hope to participate in these developments, delivering considerable value to our
shareholders"
.................

"Petrel will aggressively expand and deepen its exploration and development activities in Iraq as quickly as possible."

David Horgan

dogico - 8 Jul'07 - 21:43 - 83555 of 83578


No major changes made to oil draft law accepted by Kurdistan government -spokesman

Arbil - Voices of Iraq
Sunday , 08 /07 /2007 Time 11:39:31




Arbil, Jul 8, (VOI)- The spokesman for the Iraqi government Ali al-Dabbagh said on Sunday no major changes were made to the draft law ratified last week by the Iraqi cabinet as he handed over a copy of the law to the Kurdistan government, while the Kurdish House Speaker voiced support to a possible reshuffle in the central government.




"A copy of the ratified oil law was handed over to Kurdistan government. The amendments were only concerning legal wording and not affecting the general context of the law. It never touched on central issues in the law," Al-Dabbagh told the independent news agency Voices of Iraq (VOI) after a meeting with Kurdistan Parliament Speaker Adnan al-Mufti.
The Iraqi government spokesman added "The Kurdish officials did not reject the law and they are expected to announce their stand vis-vis the law."
Iraqi cabinet ratified on Tuesday the draft oil and gas law after some amendments were made by the cabinet legal committee to the draft before sending it to the parliament, leading Iraq' Kurdistan prime minister Negervan al-Barazani to talk about a possible Kurdish rejection of the law if major changes were introduced to the initial draft that the Kurds accepted.
Al-Dabbagh ruled out a possible rejection of the law by the parliamentary blocs, saying "I do not think that the law will be rejected by parliamentary blocs as it has many positive points making it one of the most progressive laws badly needed for the economy of Iraq."

11% rise and very quiet here.
2517

A good days work. Do we have news soon? It could be HCL nearing agreement. When it does its going to blow big time.

Yippee!
2517

Does anyone know why this has moved today? Hope this isn't a false dawn I could do with some good news!

Heavy buying on German Stock Exchange two consequetive mondays & and of course here in the UK.

doing the obvious and watching for some time now having brought above 100p and again at 62p..any calculated opinions that things will turn out positive this time with PET

watcher

Just a matter of time watcher

I never thought it would happen, but it looks like it will.

I wont come in, but I wish holders well.

The Kurds are issuing thier own 'Oil Laws' in their parliament today and the sp moving fast on this news, breakout at last for PET holders.

Huge potential here which some have yet to pick up on.PET well placed immediately benefit following approval of HCL

for would-be investors, there will be plenty of time to get in ...... sp is surely rushing upwards on the hype of the news laws being enacted rather than on any discovery ...... furthermore, if the markets remain unsettled for the next month or two as is a racing certainty or even fall quite substantially (my feeling) then sp will retrace sharply (along with many many others)

cynic, links for research purposes for from your post it would appear that you have not done so,yet? More substance to PET than just short term sp prediciting.Long term hold for me.PET worthy of full in depth DYOR and then you will "know."

PET websited just updated.

http://www.petrelresources.com/

PET presentation also referred to as MAY 2007

http://www.petrelresources.com/investor/files/Petrel_presentation_April_2007.pdf

cynic, links for research purposes.Video link. IRAQI OIL the world needs and IRAQ needs as oil forms 93% of their income.

The War for Oil 58 min - 1 Aug 2007
video.google.com

A brilliant documentary broadast by the BBC about a week after the US and UK invaded Iraq in 2003, explaining why it was all about peak oil.

http://video.google.com/videoplay?docid=8162244809649380953

cynic, links for research purposes.Video link.

4th Hearing: 8 June 2007
Part 4 David Horgan


http://www.channel4.com/news/microsites/I/the_iraq_commission/video.html

Cynic,First mentioned PET here on money am 7/7/2007 sp @ 66p closed friday 84p-87p. Factual information in subsequent posts (i.e post7 onwards) may also be used for researched purposes.

lex1000 - 07 Jul 2007 15:29 - 8 of 27
Petrel Resources says Iraq oil projects on track despite turmoil UPDATE
Date : 28/06/2007 @ 14:18
Source : TFN
Stock : Petrel Resources (PET)
Quote : 66.0 3.0 (4.76%) @ 13:19

Take the view would rather be in than risk being out.Added more on recent dips @ 60.5p.

PET has been working in Iraq ten years.Working on the ground,working on contracts,close working relationships with Ministry of Oil from SH and five successive governments.See presentation.Huge potential here and there's 100% guarantee billions barrels oil in Iraq cheap to produce.Massive reserves of oil.As soon as HCL approved;PET awarded PSA (Block 6 awarded under SH)and possible includes giant oilfield then sp rises along the lines of CNE et seq is a real possibility.PET also have PSA in Jordan which imo supports sp higher thena we are today.

All is in public domain clear for all to see.

Video link reposted below provides excellent background to Petrel Resources and why company busy working in Iraq.

"A brilliant documentary broadast by the BBC about a week after the US and UK invaded Iraq in 2003, explaining why it was all about peak oil.

http://video.google.com/videoplay?docid=8162244809649380953"

"Twighlight in the desert" and "Peak Oil." Without Iraqi Oil, predicted World cannot keep pace with demand by 2010-2017 ish permanent global oil decline without Iraqs oil.

Pays your money and makes your choices.

You say peeps will have plenty of time to get in but @ what price?

Hatto - 4 Aug'07 - 11:03 - 88478 of 88480


Morning Hatto

Received Wednesday 1 August 2007 pre market.

PET SP was 78p v 82p at the time.

The sun is out here and it is a glorious morning,a new month as well and hopefully without all the rain.

Well what do we expect to happen here and now with the PET share price.At last we have seen some progress and most are feeling a lot better.

It must be tempting now for some to sell or scalp to ensure profits,we should after all logically be drifting after the news that the Iraqi parliament is going into recess for a month.

Some others may possibly say,well I will sell some now and buy back cheaper when they have drifted to say 70p.Well I suppose that this could happen and good luck to all those that try to time it to that effect.

However,don't you just get that very strong feeling that something concrete is happening regarding passing the HCL.Some large buys as well of late (has there been any leakage of information or is it pure speculation).

As you know leakages nearly always happen but the problem is identifying them.I remain committed for the long term.I know this is often said by many who take the first opportunity to get out and take a profit.

Who do these people think they are kidding? I like yourself see that by holding on to the shares for say a couple of years will hopefully bring many benefits.

Apart from the CGT relief which I am hoping will be of immense benefit,a couple of years should see a company that by capitalisation is classed now as a minnow turned into a major oil producer.Yes it could be as important as that,a real life changer,the stuff dreams are made of.

A long way from that scenario now ,but in reality it is not that far away.I suppose what I am trying to say is that if the share price does drift from time to time then I will remain committed to the long term view, barring any major catastrophe,guess I will still be in these in 2/3 years time.

After all it does save lots of time researching other companies,paying out lots of dealing costs plus all the spread costs of course LOL Have a nice day as they say.

Best Wishes

--------

Good morning everyone.

Here is another message from my mysterious e mailer, some enjoyed earlier ones so I thought I'd post it & my reply.....

My Reply.....

I'm guessing most (holders)are feeling even better after a further SP rise to 85p/87p as of Friday. Plus with KBC being on their own @ 87p a further quick SP rise on Monday is likely with just the odd buy.

As for selling & scalping a few pence, yes I'm sure some have been doing that but Buying has been so strong of late it has had little effect on PETs SP.

Yes logically, after the Iraqi Parliament went into recess, we should have fallen into the 50p's.

Of late I have thought that PETs SP reflected sentiment on the HCL passing soon, but now we seem to have a new ball game.

Quite what that ball game is we are yet to find out.....

Is it purely the German PET tip ?

Must be a factor surely.....But is there more to it ?

Yes I'm certainly happy to hold my "bought & paid for" for the two year duration, which should nicely tie in with Jordan drilling results, if this pans out as PET have speculated.

PET tipped again in Germany. Target share price almost identical to major and serial professional investor Douglas Wright i.e 10 a share.

For those that do not know beleive Douglas Wright bought HAWK @ 4p - HAWK trading 40p-50p.Always DYOR.


>cubano4 - 4 Aug'07 - 10:22 - 88472 of 88494
yesterday the german share-info-letter "Taipan" confirmed his 14 goal and recommended further buyings.

>cubano4 - 4 Aug'07 - 10:26 - 88473 of 88494
Petrel Resources IE0001340177
Frankfurt / London
PET.GB
Es war knapp, aber es hat funktioniert:
Unser deutlich erhtes Kauflimit f
Petrel Resources hat uns am Montag,
dem 30. Juli, den Einstieg verschafft.
Inzwischen ist das Papier weiter krtig
nach oben geklettert, wobei die
Umsze im Vergleich zur Vorwoche
doch etwas zurkgegangen sind.
Setzen Sie einen groigen Stop
bei 0,89 EUR.
30.07.07 1,07 1,290 20,56% 14,00 EUR
0,89 EUR

>Smart Move - 4 Aug'07 - 13:55 - 88483 of 88494
FAO:- mel

A major shareholder in PET namely Douglas Wright mentioned the 10* share price target for PET in an article printed in the London Financial Times.

* circa 14/15

P.S. - this is also the investor who has built up a near 3.5% in TOM.

From Far6 thread:-

>melfaraj - 4 Aug'07 - 11:46 - 4474 of 4481
lex, pet

i suspect that market makers don't want to be caught this time round knickers round ankles. accordingly they have been upping the price in little bits.

interesting to see the target of 14 euro set by this german source. you would be aware that about a year ago a tippester in the uk had set the targer for pet at the same level.


>melfaraj - 4 Aug'07 - 12:08 - 4475 of 4481
by crossing the 80p mark, pet not only had entered the 90-100p critical band (100p is the line of demarkation between the men and the boys as the stock would lose its penny share status on crossing the 100p mark) but also has cleared all the chart landscape areas that would otherwise prent numerous resistance levels and bands.

it is as if a car leaving a deeply furrowed field and enters solid grounds. it can now gain speed with ease and less turbulance.

note the rising volume
note the rising rsi and macd, the latter is simply dying to go.

i also noted during last week the ocassions when the mm's dropped speread levels to the 2+ range. this is to say that they are willing to trade in quatities.

will we see 100p crossed next week? pet can do it at the drop of a hat!

Link to posts above.Please click on link below if you wish to see charts.

http://www.advfn.com/cmn/fbb/thread.php3?id=13457053&from=4474

No doubt there is enormous potential if IRAQ settles down which it will one way or the other eventually. However can anybody predict at this stage that PET will turn a profit say by 2010?

quite right and not only that .... if the markets stay jittery or worse (i reckon the latter) then second/third/fourth tier stocks such as this will take their customary exaggerated hammering

Cynic & Halifax,That's ok, doesn't sound like PET is for either of you.Place it on your monitor watch list and don't touch it with a bargepole.Better stick to what you know and play safe the two of you.

I like the stock,management,well run company & fundementals.I like the huge potential.I like buying momentum & volumes evidenced last few weeks.I like the chart.....................yes it is Iraq-Middle East there are risks,yes HCL needs to be approved and yes PSA(s) need to be awarded to PET to achieve high rewards which have been spoken about.

In investment life have had winners and losers & openly admit making some crappy decisions.

In my view PET is one of my potentially better decisons,possibly 'life changing', and already up 30%-39.6% based on average and cheapest purchase.If sp fell to 50p again would on paper be losing money-not that think it will,however,50p holds no fear balanced against high rewards. i.e more upside than downside.Resistances @ 70p @ 75p and @ 80p building on supports @ 75p & 80p?

Must remember not to be tempted to sell far too early.

It easy to think that PET is being ramped and over hyped.My posts may lead you to that belief. That's bb for you.Fact of life there are stocks and peeps where this happens 'pump & dump.'

Bulletin boards may point you at stocks to consider Trick and secret is don't trust what others tell you,even Directors,but through "your own research" spot the difference,picking the winners & investing early before the sheep.

Have provided ample info and links so that further research is possible.Two Video links together with most recent Company Presentation essential viewing and reading.

When Iraq Parliament went into holiday recess without approving HCL,sp was expected to drop back to 50p.It hasn't and hasn't despite general market wobbles instead sp has risen.PET bought heavily both UK and German Stock Exchange-GSE (various rumours as to why German/Iraqis in Germany buying) link to GSE is now provided here:

http://www.finanztreff.de/ftreff/kurse_einzelkurs_alle.htm?u=0&k=0&s=694395&b=0&l=276&n=PETREL%20RESOURCES%20PLC%20Registered%20Shares%20E

btw higher volumes usually Frankfurt led.

Money I have invested can afford to tie up for a few years and not bothered by short term fluctuations for example PET fell back from intraday highs 77p-79p down to lows of 57p-60p because of Gartmore sale.Overhang cleared,PET back on the rise breaking out within touching distance of Zak Mir's bullish stance & predicted 90p.

Can invite peeps to consider investing in Iraqi Oil via PET @ 60p-70p just like leading a horse to water.Up to peeps to weigh up risks to reward,make own decisions whether to "drink."

There have been many false dawns.Some holders have held for a number of years many from 2003/2004,sp stuck in a rut 30p-50p.In the words of another poster believe we are about to witness a New Dawn;consider buying 80p up to 120p.

Pays your money and makes your choices.

Yes PET is currently a minnow,prepared to risk working in Iraq for ten years and looking to beginning journey to becoming a major oil producer.

All that PET needs is oil field(s) with 'bookable' oil reserves i.e pre-production and value should then be reflected in share price.Same difference with Mining stocks. VOG is an example of how sp reacts.Unlike VOG, everyone knows billions of barrels of cheap easily accessible oil in Iraq and PET is well placed to benefit.Better examples of risers on confirmed oil reserves such as Cairn Energy-CNE and IEC mentioned in copy of post below.

Remember PET is neutral an Irish Independent as are neutral country Japanese giant Itochu PETs money backers.PET working in Iraq particularly Southern Iraq near border with Iran without any problems.PET enjoys extremely good working relations with Iraq Ministry of Oil and in Iran. David Horgan and PET known to & respected by Majors.............

Posts draw attention to companies for peeps to do their own research.Up to you whether punt,invest,trade or do nothing sitting watching on the sidelines.

PET has risen 30% approx.and up to 39.6% if took advantage of buying on weakness, since first mentioning it on Money am.FACT

Reckon potential upside minimum 500%-600% over the next two to three years.

Respected members within Investing community are suggesting upside even higher 1438% +(from 65p mid)

I'll be more than happy with 1 bagger 121p-130p and bonus every multi-bagger after that!

HCL when belately approved! PET should see excellent gains.Lest you forget law on Oil Refineries Law pre-cursor to HCL has been approved.

PET awarded PSA share price should rocket too.

To give some idea false dawns saw sp hit 165p and 125p respectively in excess of 100% on the day.Provides a taster of what is possible for PET with new dawns............imo prepare to witness rollercoaster days over coming weeks and months.

Live and learn about long term investment strategy.Please see post below.

Good luck in all that you do.Plenty fish in the sea but for me expecting PET to beat general market medium to long term and already sitting on a tidy profit.

AIMVHO,DYOR.

>>georgeski -- 4 Aug'07 - 20:27 - 88499 of 88522

Patience is the name of the game here, 3 years ago IEC were just over 40pence. They recently hit 15 before retracing to 10. I believe that Pet have equal or better prospects. I bought IEC at about 50p average and thought I had done well when I sold at 180p. After that I bought in and out on its rise but never maximised the profit I would have made if I had just stayed put. Lesson learned. I've been in Pet since mid 2004 and crapped myself a few times but now average 56p and staying put till they become a major oil producer. What the share price will one day end up at is pure speculation, but one thing I am certain of is that it will be a lot. My opinion of course

>pixi - 4 Aug'07 - 20:29 - 88500 of 88522


cubano4 - 4 Aug'07 - 10:22 - 88472 of 88498


yesterday the german share-info-letter "Taipan" confirmed his 14 goal and recommended further buyings.

********************************************************************************
The exchange rate is 0.674 x 14 = 9.43 per share. Dougie reckons 10.

>pixi - 4 Aug'07 - 20:37 - 88501 of 88522


georgeski

Post of the month!

Excellent post pointing out the obvious difference in return between short-term and long-term investment strategy.

lex .... i openly admit that i trade and only in rare circumstances hold shares for more than a few months ...... but three things ..... 1) it is never wrong to take a profit; no one ever lost their short that way ...... 2) it is always right to cut losses when a share misbehaves - BFC and SEO are classic examples ..... 3) judicious trading is a very good stretegy for maximising profits - IEC makes a great example, though it is not one i have ever bought (or sold)

I have held these since May '04, I paid 42p per share for them, cursed my greed when they briefly touched 157p, and watched them fall all the way back down again. I promised myself several times that I would sell them, but I haven't. I have the utmost respect for David Horgan and also the fact that there is a barrel or two of the black stuff out there. I am tempted to take some profit, (something I didn't do with AMER, still holding, and not fully with GOO, now sold) but PET could really take off from here imo, and I shall stay aboard, I just hope one of the majors do not snap them up on the cheap before their full potential is realised.
2517

Why should a major want to buy PET? ---- Because its Irish!

halifax--------I was thinking along the lines of the vast quantities of oil that may become available to PET, and the fact that some of the major oil co's need to bolster their reserves. It could be a cheaper way in for them. All imo of course.
2517

"may become" is the key ...... though for all that, sp putting in a sterling performance this morning

Yes cynic, I nearly put 'may' in capitals.
2517

Sterling performance indeed.
2517

PRO REFERENDUM MARCH AND RALLY
LONDON
SATURDAY 27TH OCTOBER

WWW.PRA.UK.COM

Heard that the Iraq oil law has been passsed, we have lift-off now

watching is good today...rumours pushing things along nicely..good luck all
watcher

Cynic/Halifax

Intention posting Money AM draw attention PET so that on peeps DYOR list.

Trust PET on you monitor watch list.

What a day. 84p-88p to intraday highs 97p-100p closing 94p-98p.Over 1.3 traded.

German Stock Exchange intraday up to 100p-102p.Over 600k traded

Target prices let's just leave it at multi-bagger.Added @ 60.5p.

Best research info on main advfn thread-skip & filter the rubbish.

Anyway don't want to influence you one way or the other "investing" in huge potential.

You'll know what's best for you.

For me long term hold.

melfaraj - 6 Aug'07 - 17:13 - 4520 of 4522

what a day.

"pet, added 11.6% to 96p with an offer price of 98p. at one stage the offer had hit 100p. pet has matured now. the recent rises have been more sustainable at double digit percentage figures, as opposed to 200% intraday rise which simply could not be sustained. i am now looking for pet to enter the 100+p range, where the big fish swim!"

Extract re: PET;Full post goto:

http://www.advfn.com/cmn/fbb/thread.php3?id=13457053&from=4520

LEX .... you are quite right; this stock has performed exceptionally well today in a strangely unsettled market - i.e. some stocks rose whereas others of similar ilk took a bashing ..... confess i still do not see why this stock is performing so well, as it all seems to be on hype rather than the actuality of finding commercial stuff AND getting it out of the ground ...... while that may very well happen, it must surely be at lest 2/3 years into the future and quite possibly a lot longer .... i am happy to sit and watch as i have plenty already invested elsewhere

CYNIC,if you scratch a little bit further below the surface all will be clear to see.

btw with oil its "bookable reserves" which can be valued, irrespective of date getting it out of the ground.Examples of sp rocketting on estimatec reserves look at VOG.

Here's a hinter;take a look at the chart for Imperial IEC.

lex1000 - 6 Aug'07 - 19:58 - 89137 of 89138 edit

PET: TOPLISTS

7th on list of 1 Week Price Breakouts Up
4th on list of 4 Week Price Breakouts Up
3rd on list of 12 Week Price Breakouts Up

AND

2nd on list of 52 Week Price Breakouts Up


Can anyone afford not to have a few% of PET in their portfolio? In my view PET a "must have."

More and more money coming into PET.Those who've waited on sidelines stirring into action.......50p-70p running away 90p-100p new target area.

New Dawn and urgency to get in and be holding pre-HCL and all that flows after HCL approved.

Greater awareness and realisation PETs full potential in Iraq is literally huge,potentially mind boggling for an Irish minnow.....and mentioned target prices not pie in sky but a real possibility come probability.Peeps beginning to believe and know between 5 and 20 on the cards.Sentiment at an all time high.

Breakout and T/A followers will be attracted by PET potential to go 120p, 150p 200p, 3, 4, 5.....................................7.50............10........whose going to worry if paying a few pennies more.Sub 1 looking even more attractive than before.aimvho.DYOR

though iraq is undoubtedly a singularly important oil producer or at least potentially so as and when the political situation is stabilised, a stronger still case could be made for khazakhstan which almost certainly has even greater untapped reserves, and is arguably a great deal more stable ...... however, both areas are very high risk for the potential investor for all sorts of fairly obvious reasons.

thus, there is no more reason to buy PET or VOG, the latter having shown what a pig's ear can be made of what looked like sure-fire, easy to extract multi million barrel reserves .... the rise and demise of VOG's sp tells it all, so who says that PET will be any better?

as for IEC, the dangers of dealing with the russians is again highlighted ...... for sure sp zoomed up to 15.00 .... but has now crumbled back to 9.00 or thereabouts, purely on rumoured misdemeanours ...... who knows if the next sp move is to be rocket or stick?

and while composing the above load of rubbish, am glad to report that Dow has surged (even more than predicted by smartarse here!), which I am sure has proven a lot more profitable than had i bought the recommended slug of PET ..... sorry to be so smug, but not that sorry!

Cynic,

Big difference VOG v Iraq.Iraq has oil,billions of barrels,cheap to extract therefore big risks of finding oil in the first place do not apply.VOG imo always highly speculative,crap company, crap investment one for swing traders with experience.i.e purely a trading play and not an investment.

Purpose of mentioning IEC was to look at chart not Russia.My research leads me to believe PET potentially will mirror rises to 5-6 where profit taking inevitable then rise to 5-15+.

Bet you haven't bother looking at video links provide for research & lazyboys not keen on reading.

We have again completed a loop Cynic.Whatever you do,do not under any circumstances touch PET with a bargepole as you are risk averse. Instead watch my investment. PET comes with a "wealth warning"-potentially make serious life changing money.LOL

Shares go up and down...................aimvho.dyor.

Recent purchase add PET on 23/7/2007.

20k @ 60.5p 12,233.50 in less than 1 month up over 50% at close today.

20k @ 100p 20,000.

20k @ ???p .........

btw hold more than 20k.

risk averse i am not, or i would not have tidied up very nicely on Dow this evening (yet again!) .... indeed if i were risk-averse, i would not dabble in stocks and shares! ..... suggest you research khazakhstan .... as for VOG, until its demise, the world and his wife thought it was going to be the next BP! ..... i am sure you were really clever and perceptive and shorted VOG at 246 and still hold that position? ...... no? .... why is that?

by the way, never be afraid to take profits nor to cut losses .... that, especially the latter, is the real way to make money.

btw, this .... "cheap to extract therefore big risks of finding oil in the first place do not apply" is total non seq!

Oh dear......................

I don't short.Did trade VOG banking quick profits.Posted timely warnings on thread too;in fact several warnings.

Agree no harm or fear in bank profits and cut losses. Let the trend be your friend...run your profits.......bank profits too early miss potentially higher rewards.

Point is highlighted PET @ 66p for anyone to consider DYOR.Subsequently anyone could have purchased @ 60.5p like I did or in fact available slightly less sub 60p.

Take care.All the best.

regards

lex:;o)

btw Permission to monitor watch 20k @ 60.5p have a laugh or two at my expence.Meet back here in a years time.

You big fish,me small fish.Size doesn't bother me.% rises the same irrespective of size.

something you didn't pick up on ...... cynic doesn't know his stan from his oliver! ..... biggest reserves of anywhere other than perhaps the arctic are in Turkmenistan NOT Khaz!!

and i am no big investor either, though that is always a matter of degree

Cynic,

As posted advfn my one and only 100% researched oil play from February 2007 is PET.My interest is solely in Iraq.Followed PET for several years.Prefer companies I know.

Decided 2007 year to be invested.First purchase @ 70p.On Jordan PSA news rose 78p-79p,subsequently dropped as low as 55p-59p.Strategy ignore stop loss come trailing stop losses.

Genuinely beleive money to made in PET.

You cud have posted "Berkastan" and I wouldn't have picked up on it.lol

Best Wishes

lex;o)

no probs m8! ..... i almost prefer companies i don't know, though glad to see MPH (which i do) taking a well-deserved tumble

Cynic,

ooh,comment bit of a stomach blow.Hands up papers losses in MPH more than made up for by PET.

Before you mention CCT bought 76p and added core holding @ 100p rode CCT all the way up to 207p/210p and all the way down 145p-150p where MPH is now!

Where CCT goes MPH follows.CCT 175p-178p

Strategy late 2006 onwards one of long term hold not trade any.In hindsight bank profits and buy back cheaper would 'ave been better.Target price CCT 250p;MPH 240p both pay small divi ;o)

Cynic,

Let's see how PET trades.

10k bought @ 87.6p this morning total 8,860.10 gross - your fantasy portfolio.

At close @ 94p worth 9,387.50 net. profit = 527.40 net.+5.95% profit in one day.

p.s if day trading profit possible @ 97p bid = 827.40 net.+9.33% profit in one day.

In my humble opinion PET long term hold for highest gains - that "feeling grows & grows...."

My posts pre-open today one could say have been proven "timely." For an alternative contrarian view see post below-you did bring MPH into it.LOL ;o)

DOW 13468.78 +286.87

cynic - 04 Aug 2007 09:26 - 24 of 59
for would-be investors, there will be plenty of time to get in ...... sp is surely rushing upwards on the hype of the news laws being enacted rather than on any discovery ...... furthermore, if the markets remain unsettled for the next month or two as is a racing certainty or even fall quite substantially (my feeling) then sp will retrace sharply (along with many many others)

Have you two thought of exchanging phone numbers, (he says in a cynical way!)

seawallwalker, in a byegone age cud have been pistols at dawn.These days for some possibly handbags..... lol

IF Cynic had listened to me, 827.40 profits there for the taking on day trade.More long term hold.

Seriously i'm quite laid back.Posts on my part are genuine.Readers can take it or leave it .

Don't mind Cynic's being cynical or for that matter contrarian.Like a bit of humour & leg pull from time to time.

Don't trust anyone or everything you read.DYOR

On PET I don't trust Cynic.Time will tell.Today for instance and tomorrow...............lol

Purpose of bb is to highlight companies & personal opinions in order to doing further personal research .

Puts me money where my mouth is.Will update on PET.

Bottom line on my take:PET will make money.Buy low,sell high.aimvho.DYOR.

regards

lex;o)

sorry Lex .... did not realise you held MPH, though the comment i made about it was fair enough.

for myself, will certainly keep watching PET and if you are all really unlucky, will get on board one day ..... however, have had my fingers burnt by more that one E&P so am happy to saty with PMO, PFC and HAWK in oil related stocks + POG in gold ...... and own up to still holding small stakes in both GOO and MCR

Cynic, no offence taken. My comment was light-hearted as I can see the funny side.Talking of which PET up again this morning.Intra day highs 101p-104p fallen back 100p-101p.Though PET better buy when first mentioned 60-70p,still cheap methinks.

Once psychological 100p barrier broken next target becomes 110p.

Volumes UK & GSE total over 904k and not even mid-day.

Happy with progress and do not mind consolidation around 100p.

Keep lucky

anyone see Channel 4 news about Iraq and oil, half hour ago..Iraq parliament gone on hols...an unofficial law passed for foreign oil companies to explore.
However its not recognised by government and will be months before it gets passed and may even be reviewed by government when they reconvene

I think I will jump ship early Wednesday

Jumped ship Monday (97p), held since 38p, will get back in if under 50p, laugh if you like but as far as I can see there is no news, only rumour and speculation, can see this going big but only when war over, contracts awarded etc etc, till then I think it will drift down.

pinechris---------Only natural to secure some profits well done, I bought @ 42p and perhaps I should do the same (been too greedy in the past on PET) however have held over 3 years and whilst your comments above may well be right, if you buy in after the war is over and contracts awarded then you almost certainly will be paying a price far in excess of their current sp. IMO the floor is now around 60-65p. BWDIK.
2517

it cannot possibly be wrong to top-slice at the very least ...... even relative peace in iraq is not likely any time soon, let alone the awarding of contracts and the actual discovery of a commercial well or two ...... it follows that PET's sp will remain hostage to rumour into the far distant future

6 Aug 2007 fantasy portfolio

10k bought @ 87.6p total 8,860.10 gross - .

Net paper profit at closing prices = 327.40


Oh ye of little faith and understanding.Don't mind being the only one KTF.Keep holding.

Cynic,so that can compare notes,please let me what 'other fish' you are into?

you have no e-mail .... 24 asst'd stocks at present

In market mayhem,PET stood up very well on friday.Buyers moved in 89p-91.75p.

100michael - 10 Aug'07 - 10:39 - 90060 of 90291

This is the opportunity of a lifetime - staring us all in the face, PET have an unprecedented opportunity, work effort exactly right over last 9 years, strong relationships built, strong capable leaders at the top, proved not to be just there to take but to give something back to the people of Iraq, diplomats, and rightly so, PET have helped train local people and have invested and delivered aid to the needy over last 9 years,flying in essential baby food and medical supplies etc, sponsoring local community, want to and are working with the Iraqi people, prepared to live in Iraq, walking the walk, ready to hit the ground running at a moments notice, right there on the ground - not just prepared to study seismics for the next few years from the safety of overseas boardrooms, taking risks right now side by side with the Iraqi people, the foundations are built, the trust is being won, the directors are genuine, commited people - essential in this situation, the HCL will soon pass, our PET will be ready, and unless you are accumulating a decent holding you will be kicking yourselves, buy when everyone else is selling, greed when everyone else is fearful, if you prefer, or average up, or down...it doesn't really matter, the point is this might be THE investment of your lifetime...I can not believe people are prepared to risk trading in and out of this stock, and as for the fearful ones selling, they obviously have not done their homework on PET, or are using funds they really should not be using as this is a long term play, and the tight holders are fortunate indeed to have discovered this company - buy at any price imho/pdyor

Note: oil in the ground has a value pre-production.

kdickson - 15 May'07 - 12:45 - 77730 of 90291


All this talk of 5 per share makes me think it's time for a 'fag packet' calculation to keep us focussed on the massive potential of PET.

Does anyone remember an ADVFN poster named edgein who was an O&G guru who used to post on the EME/VOG threads. The following part post were his thoughts on one method he used to value oil in the ground:-

The other method I use which you might prefer and I think is less complicated but just a rough guide:
Use the current oil price to work out the current Net Present Value of the oil reserves of a co. Take 10% of that value as the value of oil in the ground and that gives a present value based on the current market oil. A simplier and much quicker system to use. I personally rarely use PE to calculate the value of an oil stock My system tends to be highly conservative, but then again I'm rarely disappointed and regularly in profit.

Im no expert on valuing oil companies but, based on the above, does anyone majorly disagree with the sort of share price achievable in my calcualtions below?

Petrels presentation said Block 6 has 3 to 5 billion barrel potential.

Lets say 4 billion barrels at $55 = $2,200 billion
Divide by 2 to get into pounds = 1,100 billion
Take 10% as value of oil in ground = 110 billion
Take 20% as PSA share = 2,200 million
Split 3 ways (Itochu/Makman/PET) = 740 million each (approx)
Divide by 74 million shares = 10 /share (74m mentioned in presentation)

(Mmmm, now whos always predicted 10 share price!?)

i.e. for every 1 billion barrels, value to PETs share price for oil in the ground is 2.50

Now, toting up PETs potential contracts:-
Halfaya 10 billion barrels
S&L (deeper levels) 2 bbls (say)
Merjan 0.75 bbls
Block 6 4 bbls
TOTAL = 16.75 billion barrels at 2.50 per bbls = oil in ground price of 40 + (excludes East Safawi as well!).

mclellan - 12 Aug'07 - 18:28 - 90312 of 90319


Iraqi PM calls for political leaders' meeting

Baghdad - Voices of Iraq
Sunday , 12 /08 /2007 Time 9:26:57




Baghdad, Aug 12, (VOI)- Iraqi Prime Minister Nouri al-Maliki called on Sunday for a summit meeting by political leaders during the two upcoming days.




"The internal political problems the country is suffering from, have forced me to make a call for the Iraqi political leaders to meet in a summit during the next two days," Maliki told a news conference in Baghdad.
The Prime Minister added "the aim behind the summit is to address basic topics arisen in the Iraqi political arena as well as considering the political program and the strategic problems facing the government."
"The meeting is to address the political program agreed upon when the current government was formed and ways to implement it. Demands submitted by individual blocs will be discussed as allowed by the constitution," Maliki told reporters concerning the topics on the meeting agenda.
The Iraqi Prime Minister who expected a number of decisions out of the summit including naming substitute ministers to replace the Sadrists who quit from the cabinet said "we will not stop at discussing the demands by the blocs; rather we will consider the commitments they have to honor as well."
"Demands submitted by the blocs will be implemented if they complied with the constitution, otherwise we will apologize for them," Maliki noted.
As regards naming new Sunni ministers to replace the quit Accordance Front ministers, the Iraqi Prime Minister said "we hope that the crisis will end and the Accordance ministers be back to the cabinet but if they refused to do so we will find ourselves obliged to replace them."
Al-Maliki also stressed that his government will not collapse saying "it is a wish by some but it is far the day when people would see the government in its count down."
The Prime Minister applauded the Iraqi security forces saying "the forces are working on two parallel lines to strike with iron arm on the heads of terror and to increase, develop and train the already existing troops."
"The terror going on in Iraq has links to foreign states that were adopting ideologies hostile to Iraq but recently they felt that supporting terror will make it spread outside Iraq to other countries," the Iraqi Premier told reporters.
The Prime Minister who just ended official visits to Turkey and Iran told the news conference that he got pledges from Turkey and Iran to support Iraq in face of violence and providing basic services to its people, noting that he would visit other regional countries in the upcoming days.
Al-Maliki also welcomed the U.N. resolution to expand its work in Iraq saying "the resolution is in favor of the government as it will enhance our efforts and policies."
SK



mclellan - 12 Aug'07 - 18:37 - 90313 of 90319


Maliki gives upbeat revelation on government's performance
Baghdad (NINA) Iraqi Prime Minister has given an upbeat revelation about the performance of the government within the coming days. In a news conference held Sunday, Nouri Al-Maliki said a meeting, for which the cabinet has called on all political leaders to consider the strategic deadlocks
**********************
So, the Govt still seems to be working away...

pixi - 12 Aug'07 - 21:42 - 90318 of 90319


The 21st century oil rush will be triggered when the Iraqi HCL is approved.

Oil is the engine of the Iraqi economy. All players in the Iraqi oil industry are keen to boost Iraqi oil production.

OiI companies are now lining up to get into the third biggest onshore oil field in the world with recovery costs of around $1-2 per barrel.

It is likely that Big Oil will sit on any contracts they get until the security situation improves. That leaves the door open for Petrel/Makman/Itochu. The Iraqi's are likely to give any work to their own people first. Tiny Petrel, unknown to the share tipsters and by the general public at large, intends to be an Iraqi oil independent.

Petrel has been continuously active in Iraq since 1999 and is now considered one of the most established players in the Iraqi oil industry.

Petrel has MASSIVE potential in Iraq.

bit about PET may well be accurate, but the great unknown is just how long it will be until the country is stable enough to allow relatively normal government to resume, with all that that implies ..... until that time, i cannot believe there will be any new wells spudded, let alone contracts awarded

Nearer we get to approval of HCL, the risks lessen.When HCL approved and PET awarded PSA contracts PET will be valued and re-rated pre-production based on "oil in the ground." Once you accept this concept & Iraq IS the place to be only then opens up mind to the true potential here.

See post 72.PET already in Iraq and been working there several years.Happily working in South Iraq,no probs whatsoever.PET been there throughout accepting risks."Well in" with Iraq Ministry of Oil (and Iran).Who is likely to benefit? PET Ready & waiting.Glory of PET able to begin work immediately,whereas,majors might leave it for a few years for security to settle.

I took the speculative risk investing 60.5p-70p.Added last thursday @ 91p.

PET an Iraq independent oil company.Minnow now........Huge,huge potential.

http://www.iraqdevelopmentprogram.org/idp/news/business/newolilaw.htm

http://www.gulf-daily-news.com/Story.asp?Article=190322&Sn=BUSI&IssueID=30145

katoema - 13 Aug'07 - 11:31 - 90431 of 90433


Pixi:
It is interesting browsing all of Itochu's different websites. There are details on Tullow and Dana for example, but I have found absolutely nothing on PET. Research has shown that they like also to have loss leaders, but cannot see PET in this catagory! K

ander - 13 Aug'07 - 11:31 - 90432 of 90433


Hi mclellan....pm for you on FYB.

bbd2 - 13 Aug'07 - 11:34 - 90433 of 90433


Iraq leader says he's optimistic about chances of unity
By The Washington Post and Los Angeles Times


BAGHDAD Prime Minister Nouri al-Maliki on Sunday expressed optimism about the chances of reconciliation within Iraq's fractured government, even as a political rival accused him of protecting militias with ties to Iran.

Meanwhile, the U.S. military announced that five soldiers were killed Saturday when a sniper shot one, then lured the others to a house rigged to explode. It was the single deadliest attack against American forces this month.

Four troops were wounded in the incident, which occurred southeast of Baghdad in Arab Jabour, a haven for Sunni insurgents.

Al-Maliki announced Sunday that a meeting of Iraq's leaders would begin this week, possibly today, in an attempt to resolve the growing political crisis. The results of the summit could have significant ramifications for the progress report that Gen. David Petraeus, the top U.S. commander in Iraq, is to present to President Bush and Congress on Sept. 15. Al-Maliki's desire to create a cohesive government has been crippled by tensions among Shiite factions and by a sense of alienation among minority Sunnis, leaving several key pieces of legislation stalled.

In announcing the meeting, Al-Maliki said he hoped the six Cabinet members from the Iraqi Accordance Front the largest Sunni political bloc would return to the government. But he added that he would not hesitate to replace the politicians with other Sunnis, saying several tribal sheiks had approached him about filling the seats.

It remained uncertain, however, whether Sunni leaders would heed the call for negotiations. Adnan Dulaimi of the Iraqi Accordance Front, the largest Sunni political bloc in parliament, appealed to neighboring Arab countries Sunday for help in defeating what he called Iranian-supported Shiite violence against Sunnis.

Seventeen of al-Maliki's 37 Cabinet ministers have abandoned the government in recent weeks, many claiming the Shiite prime minister has turned a blind eye to torture, assassinations and execution-style slayings by Shiite extremists. Much of the violence has been blamed on Shiite cleric Muqtada al-Sadr's Al Mahdi militia operating from the impoverished Sadr City.

President Bush ordered an increase in troop levels earlier this year, bringing the total U.S. deployment to near 160,000, in an attempt to quell both insurgents and sectarian extremists so al-Maliki could firm up the fragile ethnic and religious coalition that make up his government. Coalition forces on Sunday also raided suspected al-Qaida in Iraq hide-outs in western Baghdad, Samarra, Mosul and Tikrit, arresting 30 suspected militants, including two accused of weapons trafficking for the group, the military reported.

Mortars also landed on a northern neighborhood of the capital Sunday evening, killing four Iraqis. An Iraqi soldier was gunned down outside of his home in Babel, and an Interior Ministry source reported that 17 bullet-riddled male bodies were found during the day dumped around Baghdad.

Cynic,ongoing review of fantasy portfolio 'had' you bought! Based on mm bid @ 93p this morning on paper profits 427.40 net. Wait 'til PET trading 1+

lex1000 - 09 Aug 2007 01:21 - 70 of 78
6 Aug 2007 fantasy portfolio

10k bought @ 87.6p total 8,860.10 gross

Remember first posted moneyAM when sp 66p.If you are risk averse buy when HCL approved.What price sp then & what price followed by major news?

mclellan - 13 Aug'07 - 11:56 - 90438 of 90441


Someone mentioned the Pet/Makman/Itochu split.
I don't think we know what the proportion is.

"The arrangement is subject to the approval of the Iraqi Ministry of Oil. Petrel and Makman will form a new company for the purposes, in which each party will have a 50% share."


The cooperation agreement between Petrel and ITOCHU will initially cover work on the Merjan oil field. ITOCHU will also have a first look at future Petrel projects in the Iraqi oil and gas upstream sector. ITOCHU will contribute towards Petrel's historic costs in the Iraqi oil and gas sector and will cover a fixed share of the costs of the current study.



Dipbob - 13 Aug'07 - 12:00 - 90439 of 90441


McLellan,

You are quite right.

We dont know what the splits are other than:-

Subba Luhais = Pet/Makman (JV 50%)
Merjan = Pet/Itochu (Historic Costs)

Cant help but think wonder if there is a project pending where all 3 work together (H) ?

mclellan - 13 Aug'07 - 12:07 - 90440 of 90441


(H) sounds a possibility

Simon K - 13 Aug'07 - 12:07 - 90441 of 90441


Yes - that is pretty well what we know about the Itochu in the context of their general co-operation agreement with PET. It is referred to as "considerable support" by DH.


Makman is generally referred to as a joint Venture with an Iraqi Contracting Group, which covers the Subba & Luhais oil field development services contract. Makman are providing security, local transport as well as construction and engineering support. We are told that Petrel and Makman will form a new company for the purposes of the Joint Venture in which each party will have a 50% share. Under the Agreement, Makman will provide a Bank Guarantee for the 5% Performance Bond, and a further Bank Guarantee to enable the Iraqi Ministry of Oil's project company to issue a 10% advance payment to finance the project.

On line quotes: Bid 93p max-60k v Offer 95p max-5k

Simon K - 13 Aug'07 - 12:43 - 90453 of 90453


mixitup - re the discusion on PET / Makman / Itochu, if you are out there, I recall your post back in February - referred to as your longest post to date and your hope that it is not a load of bollocks - quote un quote. And no it isn't!. It is of interest, given the calculations, at the time, based of course on what we knew at the time.

mixitup12 - Tue, 20 Feb 07 :
.......If PET just receive the Merjan block as a PSA, then talking figures of 750 million barrels of oil on Merjan. Presuming that the PSA is awarded at 20%. Which divided by 3(Itochu and Makman included), that would give them 6.67%. Presume that the field lasts for 30 years, that is 25 million barrels per annum. 6.67% of 25 is 1,667500 barrels per annum. Multiply by $60 per barrel, gives about $100 million per annum or ?50 in sterling. With a P/E of 15, that would value the company at ?750 million or roughly ?10 per share. I haven't included cost of extraction of $1 per barrel. That is what I think is the minimum bottom line of where the share could go this year. It probably won't pan out like that. Just think if they get the 15 billion barreel field, what the sp could get to. Forget Cairn, forget White Nile, this is PET in Iraq.

Frankfurt offer creeping up.PET touching 100p a share on German Stock Exchange.

Frankfurt
IE0001340177 1,47
18:55:12
13.08.2007

18:55:12 1,47 300
18:18:08 1,47 1.400
17:54:39 1,46 5.000
17:52:59 1,44 5.000


Stuttgart
IE0001340177 1,46
18:09:27
13.08.2007

18:09:27 1,46 1.500
17:57:47 1,46 225

porker - 13 Aug'07 - 20:45 - 90502 of 90503


I could be wrong but I intend to buy alot more as finances allow. I see this as one of the biggest gambles of my life. A possible upside of 15x from here in the next year.

Simon K - 13 Aug'07 - 20:50 - 90503 of 90503


Fantastic opportunity porker, what started out as a calculated risk is becoming an increasingly sound proposition. A good number of informed posters here. For me, the most exciting share I have come across in my 20 years of stockbroking and, right now,the world, it seems, is only just starting to recognise what PET is all about.

Hatto - 13 Aug'07 - 22:59 - 90512 of 90513


Good evening everone from a wet & extremely windy Blackpool.

I'm staying in a very pleasant B&B with my elderly disabled friend. It's not how he remembered it.....Its a real dump.

We are here for 4 days....not sure that we will last the course.

A good day for PET, although I cannot for the life of me see anything to justify the MM's knocking the BID from 92p to 91p late on.

There was fairly substantial buying above the 92p level throughout the day.

Perhaps they were just playing it safe or maybe trying to shake a few holders out.

I'd expect the SP to continue North tomorrow & maybe even test 100p (again) later on this week.

The AGM is only 8 trading days away & I would expect PIs to be buying in expectation/anticipation of a positive statement from the PET board on that day.

Hatto - 13 Aug'07 - 23:01 - 90513 of 90513


Just a reminder here was last years statement that came out pre AGM.

Petrel Resources AGM Statement


RNS Number:7654G
Petrel Resources PLC
26 July 2006


Petrel Resources plc


Highlights of statement made by David Horgan, Managing Director Petrel
Resources, at the AGM Wednesday 26th July 2006


We remain focused on our long-standing objective of building an Iraq-centred oil
and gas independent.


The Subba & Luhais project is on track. So far there have been no insuperable
security problems. Suppliers continue to give strong support. Staff morale and
commitment are excellent. International groups are interested in partnering
with Petrel.


Rising tensions in the Middle East have created problems - but they are
difficulties we prepared for and are better positioned for than are other
western companies. We expected recent events and anticipate further challenges.


The commitment of industry players to Iraqi oil development has been tested.
Most have folded. We continue to expand and deepen our involvement. What
others see as difficulty, we see as opportunity.


Events have driven the oil price to historic highs - increasing the potential
value of our investment."


Iraqi oil field development contract

Petrel's priority is the $197 million Subba & Luhais oil field development
services contract in southern Iraq. This is the biggest contract awarded by the
Iraqi Ministry of Oil since 2003.


The project is on track and on budget:

1. Engineering Design is underway - 75% of the Basic Design Package is complete
- we expect a final review in late August, triggering a second milestone
payment.

2. Our design focus is now switching to technical data for major equipment
orders. We are finalising a key order representing about 20% of the
material supply budget.

3. We will shortly survey field and pipeline routes. This will enable us to
finalise steel pipe quantities and secure payment for an additional 20% of
the materials supply budget.

4. The Joint Venture with our Iraqi partner is running well: all bonds are in
place. We have agreed processing site layouts.

5. We have established excellent relations with the Trade Bank of Iraq. Funds
drawdown has started. TBI confirmed they will issue Letters of Credit -
subject to finalising terms. This augurs well for future business.


Iraqi oil exploration

Petrel signed a Technical Cooperation Agreement on the Merjan oil field, in
central Iraq, with the Ministry of Oil in October 2005. The Merjan oil field
was discovered in 1983, but has not yet been brought into production because of
extraneous circumstances, including OPEC ceilings.


The work programme formally kicked-off in May 2006. Petrel has now received the
data package and our technical staff and contractors have processed the seismic
data. It is now being reinterpreted. We hope to complete the study by end
year.


Hydrocarbon Law review

A fully sovereign government has taken office following successful elections
with a high participation rate. A priority is to review the Hydrocarbon Law,
establishing the basis for foreign participation in Iraqi oil & gas. Policy for
downstream investment has been agreed, subject to parliamentary approval. The
Iraqi Minister has stated his desire to establish a legal framework for upstream
investments by end 2006.


Petrel is well placed to seize the opportunities which will open up.

superpete - 13 Aug'07 - 23:35 - 90514 of 90517 edit


Heading north.Time to fill yer boots.imo

jecs - 14 Aug'07 - 00:11 - 90515 of 90517


Looks like the MOI is prepared to get things moving as soon as the HCL is ratified. (Some of the translation is rather funny / or perhaps appropriate)

From alsabaah today:

The first political : to identify priorities for the development of the fields after ratification of the Law of Oil

Baghdad morning
The Ministry of Oil priority in the development of oilfields through investment after the law of oil and gas by the Iraqi Parliament with international companies intend to submit their offers to invest portions of the field after the ratification of the insane law.

An official source at the Oil Ministry told (morning) : The ministry controls identified a number of priorities for the development of oil fields in various parts of the country through investment after the law oil and gas fields but it is hoped that the development through investment and the importance placed by perceived as a madman, Ahdab The West Qurna well as a number of other oil fields in the southern region and the Middle Euphrates regions.
He added : that the ministry is now waiting for approval of oil and gas law by Parliament in order to raise the process of developing these fields for investment by international companies adopted, which contributed to increasing the production capacity of crude oil from Iraq.
The source said that American and French companies have agreed to make presentations to invest parts of the field crazy especially since the two companies have work in this field during the former regime. He said the American company has a memorandum of understanding with the Ministry of Oil to provide oil studies and the training of Iraqi Cadres not conclude reduce this moment any contract with the Oil Ministry to develop the fields.
It is noteworthy that the Oil Ministry is waiting for approval of oil and gas law before Parliament to enable it to the announcement of oil fields which it is hoped that the evolution of oil companies to develop the oil industry in the country and increase the volume of oil exports to world markets and that the ministry had stressed the need to reconsider the all contracts with international companies before April 9, 2003, examination, in accordance with the interests of the Iraqi people.

Source - Google translation of :
http://www.alsabaah.com/paper.php?source=akbar&mlf=interpage&sid=47455

Up just a little bit - 14 Aug'07 - 00:50 - 90516 of 90517


jecs - 14 Aug'07 - 00:11 - 90515 of 90515
*************************************************
Jecs,
I am getting more convinced that the negotiations have already been done on deals for the fields that have been talked about recently on here.
Exciting couple of weeks ahead prior to AGM.


Up just a little bit - 14 Aug'07 - 06:33 - 90517 of 90517


Good morning all!!!
What are the odds that Mr 25k buys within first 5 mins??

UK market after stock much of the day yesterday. Bid max limits at times 50k-75k.

GSE opens positive.Zero trades. Approx Bid 95.9p v Offer 99.3p.These may change.

Frankfurt
1,42
1,47

Berlin-Bremen
1,40
1,46

Stuttgart
1,42
1,47

Mchen
1,42
1,47

Open 91p-95p compared to GSE 95.9p-99.3p

melfaraj - 14 Aug'07 - 08:56 - 4644 of 4654

pet

last i lookde there were 10 trades executed. 2 unkown, one sell and the rest buy trades. volume of buy 37357, vol of sells 5077. you might say this speaks volume of the stance of the stock

there seem no stopping to this stock hitting its 100p target and going beyond.

note the buildup of volume mass lately.
note the rising indicators, the macd simple appear to have developed a shark like mouth ready to gobble all.
note the near 100% bullish intrady performance of yesterday and 100% intraday bullish performance of this morning! no back steps, just rises!!


Link to text and charts

http://www.advfn.com/cmn/fbb/thread.php3?id=13457053&from=4644

Cynic,PET on the move 95p-98p.Remember this is in your fantasy portfolio.Possibly one of the best investments around........add in the words of another poster 'in 20 years of stockbroking.'

Bid 96p v Offer 98p

bahouse - 14 Aug'07 - 11:13 - 90586 of 90589


Dipbob - 14 Aug'07 - 10:11 - 90553 of 90557


Looking good for PET (1ST MOVER ADVANTAGE)

Key points from article below........

"And buyouts of smaller companies already operating in Iraq were also possible once the security situation improved, industry sources said"

"Some companies may be positioning to buy others"

Dipbob

Youre an excellent poster/researcher, the best on here I would say. But I take issue with your point above.

a) Its not good news for Pet to be taken over. Would you be happy with 5 a share or independent Pet 50 a share, eventually? Do you think DH/JT would be happy with that, too?

b) Pet, despite being liked by all Iraqis of every persuasion, it is nevertheless being backed by some powerful Iraqis group. Put yourself in their shoes: would you let another company take over oil-cow-Pet and see wealth generated for others or yourself, especially when the oil is YOURS, as an Iraqi?

c) Recall Pet had many approaches from big cos,including Shell. Yet Pet chose neutral Japanese ITOCHU, as big as other multinational and better since ITOCHU will provide EVERYTHING, INCLUDING HARDWARE AS IT MANUFACTURES THEM ITSELF?

Lastly Pet management say We remain focused on our long-standing objective of building Iraq-centred oil and gas independent.

The reality in a nutshell is: We remain focused on our long-standing objective of building an IraqIS-centred oil and gas DEPENDENT. But they cant say that, can they?

Here is the western desert pipeline for you, LOL it will be nice to have your expert comment:

American military officials, in interviews this week, spoke of maintaining perhaps four bases in Iraq that could be used in the future: one at the international airport just outside Baghdad; another at Tallil, near Nasiriya in the south; the third at an isolated airstrip called H-1 in the WESTERN DESERT, ALONG THE OLD OIL PIPELINE THAT RUNS TO JORDAN; and the last at the Bashur air field in the Kurdish north.
http://www.truthout.org/docs_03/042103B.shtml


unimog - 14 Aug'07 - 11:13 - 90587 of 90589


Puppy.agree I could sell now and realise 84.3% profit, I've not waited 3 years
for that. Pet is my biggest investment and certainly the biggest gamble I have ever made in my 47 years. I've already won (15% if in Buiding soc)so any more is a bonus.

pixi - 14 Aug'07 - 11:13 - 90588 of 90589


Top Of The Morning Petrel Poppets!

I am on the move and will not be back until next week.

Just remember that there are only around 69 million Pet shares in circulation and most of those are tightly held by the directors, financial institutions and the long-term shareholders.

Any loose shares in play today came from weak holders who sold and are in short supply. If demand exceeds supply the price will rise.

Keep up the good work.

bahouse - 14 Aug'07 - 11:18 - 90590 of 90590


Fig1

My pleasure!

To continue on my point, if we look at the volumes these last few weeks, you will notice its far far higher than we have been accustomed to, irrespective of the sudden buying in Germany. We have been seeing average of 500K shares. Plus a lot of it is small investors. Which all goes to show people are starting to come to stocks with fundamentals because of the market downturn, indeed. Note how others such VOG. EME etchave been falling while Pet has taken the opposite direction, with no apparent reason such as news. We will see more of this in the coming days/weeks, imo.

14CHWAY - 14 Aug'07 - 11:21 - 90591 of 90592


Bahouse
We certainly do not want PET to be bought out at this stage.
Perhaps if the sp.were around 30 then it would be a different situation.
In the meantime,I am holding onto my shares for long term,as PET could pull
back some of my losses over the years.

On line quotes: Bid 97.1p v Offer 99p

Tick up^ 96p-100p

On line 1,750 available @ 99p.

On line quotes: Bid 97.6p max-37.5k v Offer 100p max-1.5k

Simon K - 14 Aug'07 - 12:00 - 90625 of 90625


The world needs oil, as if we did not know it........
Just out , a few momintes ago........

Global oil demand in 2007 will exceed initial OPEC expectations partly because a Japanese earthquake forced power plants to close earlier this year, said the cartel in a monthly report.
OPEC added, however, that recent broader market turbulence could hurt demand
growth in the final half of this year.
OPEC pegged world oil demand at 85.72 mln bpd, up from a previous estimate
of 85.60 mln bpd.
"Given current world economic growth along with the anticipation of normal
winter, world oil demand growth for 2007 is forecast at 1.3 mln bpd, or 1.5 pct,
a slight upward revision from the last monthly report, reflecting additional oil
needs for Japanese power plants," said the report.

bahouse - 14 Aug'07 - 12:52 - 90648 of 90648


Dipbob - 14 Aug'07 - 12:13 - 90629 of 90630


Bahouse,

I thank you personally for your kind comments about postings.

Its good to operate in a marketplace where there is a lot of potential for merger/acquisition isnt it as it values everything else so much more.

Just an observation....I didnt say I wanted PET to sell out did I ;-)

Like you, I want PET to:-

We remain focused on our long-standing objective of building Iraq-centred oil and gas independent.

As for the H-1 airfield...
Its very near to Haditha (major hydro-electric dam for power)
It will be used to protect the pipeline.
It will act as a defence against Syria.
It follows the vision of Henry Kissinger to pipe oil west from Iraq by running an oil pipeline from Iraq to Aqaba in Jordan (opposite the Israeli port of Eilat).
I believe this was previously promoted as well by Donald Rumsfeld.

PET are strategically very WELL PLACED are they not?

Dipbob

I am sure you would want to exchange 50 for 5 note, LOL!

Very good point there re the pipeline.

I would add ITOCHU would be the prefered contractor for rebuilding the western desert pipeline ...... add Block6 to the equation and all will come handy for everyone concerned. If US cos get involved, the pipeline rebuilding will be disrupted by the insurgency, especially as you say Israel will be the beneficiary. But the US has lost the war, see below, and thus it is not and will not be really in control on the ground. So the only option for the western desert is for a neutral cos to operate there. Recalll DH in the CH4 debate stating insurgency/tribes asking him to not to bring in mercenaries if he wanted to be left alone to work, LOL!

"Harry Reid, the Democratic Senate leader, provoked accusations of treason when he said only a few months ago that Bush knew the war was lost." http://www.timesonline.co.uk/tol/news/world/us_and_americas/article2076032.ece

Coalition should 'admit defeat and leave Iraq'
http://www.telegraph.co.uk/news/main.jhtml;jsessionid=GXJYNWTYYZLZXQFIQMFSFFOAVCBQ0IV0?xml=/news/2007/05/03/nrose103.xml

Washington's War by Michael Rose
http://news.bbc.co.uk/1/hi/programmes/newsnight/6616465.stm

'Invaders' must leave Iraq, says SAS general http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2007/05/04/narmy04.xml

Tick up^ UK & GERMANY

Whoooooooosh 100p-102p

Cynic,your fantasy portfolio doing ok. Remember you are risk averse.Do not buy any PET potential to make you seriously wealthy.lol


lex1000 - 06 Aug 2007 22:04 - 60 of 101
Cynic,

Let's see how PET trades.

10k bought @ 87.6p this morning total 8,860.10 gross - your fantasy portfolio.

PET - breaking out on GSE.150-155 euros converts 101.3p-104.7p approx.

http://www.finanztreff.de/ftreff/kurse_einzelkurs_alle.htm?u=0&k=0&s=694395&b=0&l=276&n=PETREL%20RESOURCES%20PLC%20Registered%20Shares%20E

bahouse - 14 Aug'07 - 13:40 - 90697 of 90698


bigboots

We all know Pet has some contracts under its wings. But 60p would be for a co producing olive oil, LOL, NOT FOR BLOODY BLACK-GOLD FROM LOWEST IRAQ OILY OCEAN!

Finn says 5 for one contract...and I believe him to be conservative, as any responssible director would be. And having met him and spoken to him on the phone, he certainly seems to be a responsible guy.

I have never seen you before, so if I want to be cynical I would say you're ramping for a quick profit! Sorry but a bit of cynicysm is a healthy thing! Because a good stock doesn't need ramping..for ramping destroys a good stock!

Closed 97p-100p. Fantasy porfolio in profit 827.40.10k @ 87p 8,860.10 worth 9,687.50.Ignoring intraday highs up +9.33% in 6 trading days.

jecs - 14 Aug'07 - 19:53 - 90803 of 90803


President of the Republic announced Jalal Talabani of intent to hold meetings of the quartet and quintet leaders blocs and parties participating in the parliament and the political process from the start tomorrow, Wednesday


Prime Minister Nuri al-Maliki that the forthcoming meeting would discuss " how to manage the crisis and the country and solve the problems facing the political process. " and the Prime Minister said that "there is a set of demands that must be achieved as soon as possible, and including laws relating to the work of the Chamber of Deputies, such as oil and gas and provincial law." and he added, "There are also questions of the government, appointing new ministers and ministers instead retreating from the government, and other matters within the Constitution and paragraphs required modification."

http://www.irqna.com/cat200.php?sid=11937#TOP

Keep ramping!!

not intending to be sniffy, but fantasy portfolios are easy to manage because there is never any fear and greed factor, so you can take any risk you like, and if it works then lovely jubbly, and if it doesn't then you can just shrug your shoulders ..... with real money, the game is dramatically changed

thus, the post about intent + all the other fine words is just that ...... is there really anyone in the world who honestly thinks there will be a half-way stable iraq government within 24 months let alone12, that will be a position to write meaningful far-reaching oil contracts and similar?

Good evening guys. Share price rising.

Information posted on this thread is for anyone interested in learning more about & researching PET.

AGM on 22 August 2007 in Dublin.

Fantasy portfolio is for you Cynic,IF you had bought 10k @ 87p.It's called negative buying or something like that.LOL

I'm the one holding real fully paid for shares making real money from 60.5p up^

Wealth Warning: PET huge potential to seriously enhance your wealth.aimvho.

Keep watching.DYOR.

Good luck.

eibborc - 14 Aug'07 - 20:43 - 90809 of 90812


jecs / mclellan

re your posts above, some good news from BBC News website:

'Separately, three Iraqi ministers whose party had been boycotting government meetings, attended the latest session.

The move comes as politicians from some of Iraq's main political parties are holding informal talks ahead of a summit called this week by Prime Minister Nouri Maliki to try to resolve their differences.'

'On the political front, the three minister from the mixed Sunni-Shia Iraqi National List of former Prime Minister Iyad Allawi unexpectedly attended a government session.

They were among five ministers who last week began the boycott of Mr Maliki's government over what they said was its failure to end sectarian violence.

Meanwhile, Foreign Minister Hoshyar Zebari said he hoped Iraq's fractured government could be rebuilt, and key legislation agreed, after this week's summit.

Most Sunni Arabs have withdrawn from the administration of Mr Maliki, whose cabinet is now narrowly based on Shia Muslim religious parties and Kurdish groups.

Washington has expressed its frustration with the slow pace of political reform, a central goal of its recent military build-up was to give Iraqi politicians the space to make real progress.'


the important bit....' and key legislation (could be) agreed, after this week's summit'

eibborc - 14 Aug'07 - 20:51 - 90810 of 90812


More news - this report/statement from the IMF is actually the kind of pressure that Iraq will have to respond to:

WASHINGTON, Aug. 14 (UPI) -- The International Monetary Fund praised Iraqs government for moving forward on debt agreements but urged it to increase oil production and pass an oil law.

Iraq failed to fully invest its allocated oil capital budget, leading to a larger fiscal surplus in the past two years, but plateaued oil production in a sector in need of spending, according to a new IMF report.

The IMF executive board released the report Tuesday following meetings earlier this month with Iraqi officials, all a part of deals the Iraqi government signed to alleviate its debt, incurred by Saddam Hussein.

It said since Aug. 1, 2005, Economic growth has been slower than expected mainly because the expected expansion of oil production has not materialized.

Iraq has produced an average of about 2 million barrels per day of oil over the past three years. Its oil sector was ravaged by war, Saddam Husseins mismanagement and U.N. sanctions. Security throughout the country, as well a lack of institutional capacity to spend needed investment, has kept the sector lagging. Iraqs oil sales -- about 1.6 million bpd last year -- brought in more than $31 billion last year.

Iraq also suffers from a drastic fuel shortage, caused by a lack of refining capacity as well as a strong smuggling racket. The IMF demanded Iraq reduce its subsidies of oil products sales to citizens, much to the dismay of the population suffering from average 60 percent unemployment.

The IMF report called the reduction in subsidies progress.

Official fuel prices have been increased to levels in other oil-exporting countries in the region, and private sector importation of fuel products has been liberalized, it said.

This is part of the new Iraqi governments move to the free-market system, which the IMF applauded. Iraq is making a bid for World Trade Organization membership.

The report called on the government to approve a law governing the exploration, development and production of Iraqs oil reserves as soon as possible, which it said would help entice investors. The law is stuck in Parliament over disputes that include the limitations and roles of private and foreign investors.


Wapit - 14 Aug'07 - 22:09 - 90811 of 90812


bahouse good post - 14 Aug'07 - 11:13 - 90586 of 90810

Keep posting PET stuff and enjoy the rise as PET take another go to stay above 100p then 110p next.

Now I know why I could not buy early this morning, Large buys going through and trying to get sellers by quoting Buy 2,000 Sell 37,000....

Shows the bigger picture as MM's short of stock and desperate to trick newbys into selling so larger buyers can accummulate before HCL and PSA's are awarded in what 4-6 weeks time... :-)


14CHWAY - 14 Aug'07 - 22:12 - 90812 of 90812


The Iraqi goverment are coming under pressure from 3 separate entities to pass the HCL.
1. George Bush
2. Australian goverment.
3. The IMF.
There may even be more than these but these 3 come to mind.
Surely they should get the message that it is in Iraq's interests to pass the law asap.and because of these pressures, we may start to see some positive
meetings and discussions.
Also, the KRG have led the way in the passing of their part of the HCL.

kdickson - 14 Aug'07 - 22:38 - 90813 of 90813


A bit more info from today's meetings, taken from the Iraqi President's own website (link below is google translated version):-

http://translate.google.com/translate?u=http%3A%2F%2Fwww.iraqipresidency.net%2Findex.php%3Flanguage%3Darabic&langpair=ar%7Cen&hl=en&ie=UTF-8&oe=UTF-8&prev=%2Flanguage_tools

President of the Republic maintains a luncheon for the leaders and senior officials of the State in honor of the President of the Kurdistan region of Iraq

August 14, 2007 August 14, 2007

President of the Republic announced Jalal Talabani of intent to hold meetings of the quartet and quintet leaders blocs and parties participating in the parliament and the political process from the start tomorrow, Wednesday.
He and President Talabani, said in a press statement following his luncheon in honor of President expanded Kurdistan Massoud Barzani, attended by the Prime Minister Nuri al-Maliki and His Excellency Vice President Dr Adel Abdul Mahdi, and the representatives of all political entities and parliamentary blocs, and a large number of Ministers and deputies in the Parliament at the residence of the President of the Republic in Baghdad Tuesday 14-8-2007,, that the meeting today was a "good opportunity to exchange words of love and affection and creating an atmosphere conducive to the holding of political meetings, which begin tomorrow, especially for the masses, which has now withdrawn, previously.
And the President explained that the luncheon was held also for the purpose of "Tsafe hearts and create an atmosphere of cordiality and debate Apostle," a reminder of the problems of what happened before the formation of the government, saying : "We have started and finished Feast timely agreement, and that this banquet beginning to reach agreement to resolve all the issues. And President Talabani was not in search of any political issues during their meeting today, indicating that His Excellency enjoys a good relationship with Accord Front recognizes as president a list of their demands.
And why not attend Vice President Tariq Hashimi of the luncheon, His Excellency said : "We have contacted me Mr. Tariq Hashemi morning and apologized for attendance because of the Wach healthy," noting that Messrs. Iyad al-Samarra'i, a champion Ani of the Political Bureau attended the dinner today. As President Talabani to the meeting between the President of Kurdistan, Massoud Barzani, Vice President Tariq Al-Hashmi, pointing to the existence of side events to pave the way for further meetings include everyone.
Meanwhile, the Vice-President Adel Abdul Mahdi said that "Iraq is a unified and this is not the subtleties. And he said, "We are optimistic that the good crowd, there's deliberations and bilateral meetings, as happens in one day more than a meeting with more than one party to prepare for the meeting, and there was a meeting between representatives of all fixed blocks a view to reaching a common understanding."
He explained, the Attorney had also been in a meeting today "talk bilaterally and not talk collectively, and there were workshops through which to talk about how the reunion and create unity."
And the President described in Kurdistan to meet today to "prepare for the unexpected encounters that God," while the State Prime Minister Nuri al-Maliki that the forthcoming meeting will discuss "how to manage the country and crises and solve the problems facing the political process."
And the Prime Minister said that "there is a set of demands that must be achieved as soon as possible, and including laws relating to the work of the Chamber of Deputies, such as oil and gas and provincial law. And he added, "There are also questions of the government, appointing new ministers and ministers instead retreating from the government, and other matters within the Constitution and paragraphs required modification."
. In turn, the Chairman of Accord Front Dr. Adnan Al-Dulaimi on the wishes that "such meetings lead to compromise and get on the path to true Iraqi government". Dulaimi said, "We are encouraging the hands of both the calls for reconciliation and agreement," stressing that today's meeting came at the "special invitation from His Excellency President Jalal Talabani, and if not talk about any of the cases, but the fraternal meeting."

Ramp on!!

Halifax,more reading material for you.

Bartyboy - 15 Aug'07 - 07:36 - 90817 of 90819


Morning all.

Hi Dipbob

Dipbob - 14 Aug'07 - 13:09 - 90659 of 90815

Wonder if PET get a lift off on any transit fees from the pipeline passing through East Safawi in Jordan?
...............................................................................

Interesting thought. My first reaction is that any fee would be more likely to go to the actual landowner, as opposed to PET who merely have the exploration rights.

Presumably if and when PET decide to drill on East Safawi, they then have to negiotiate a Lease with the Landowner to cover the drill site. This would include annual rental plus a "Make good at the end" clause.

Pixi, are you around to comment, as our resident drill expert?!!


14CHWAY - 15 Aug'07 - 07:44 - 90818 of 90819


Oil prospects are getting better every day.

Energy - Oil & Gas

Oilfields development priorities

--------------------------------------------------------------------------------

Baghdad, 15 August 2007 (Al-Sabaah)
Print article Send to friend
Oil Ministry set the priorities of oilfields development through investment after approval oil law by Parliament while international companies intend on offer its bids to invest parts of Majnoon field after the approval, source at the Ministry said.

He added that two companies from US and France agree to offer bids of invest parts of the Majnoon field especially that the two companies worked previously in the field during previous regime era.




AJJ2003 - 15 Aug'07 - 07:52 - 90819 of 90819



Looks like the conferences are still on which is another good sign. AJ

Oil majors to meet with the Iraq Government at the world's leading energy summit for Iraq

The world's pre-eminent operators within the global oil, petrochemical, electricity and security sectors will descend on Dubai early next month for the forthcoming Iraq Oil, Gas, Petrochemical & Electricity Summit, the world's first event organised to consider the future of Iraq's abundant energy resources through direct consultation with the international private sector.

Ministry Security Officials to address the Private Security Industry at Iraq Oil, Gas, Petrochemical & Electricity Summit
Iraq Ministry official invites international companies to explore Iraq's petrochem sector
Iraqi Energy Summit confirmed to take place in Dubai on 2-4 September 2007
Iraq Oil, Gas, Petrochemical & Electricity Summit confirmed to take place in Dubai, UAE on 28-30 May 2007
Chevron confirmed as key sponsor of Iraq Oil, Gas, Petrochemical & Electricity Summit
more Iraq Development Program news
The summit, which will take place in Dubai on 2-4 September, will welcome a delegation of Ministers and Director Generals from the Iraq Government and the Kurdistan Regional Government (KRG). These will include representatives from the Ministries of Oil, Industry, Electricity and National Security Affairs.

These key decision makers will be participating at the landmark summit, the first of its kind to bring ministers and other officials to establish relationships and enter into contractual negotiations with international energy operators.

The official Iraqi delegation will include some of the most important figures from Iraq's energy sector, including Minister of Industry & Minerals H.E. Fawzi Al-Hariri, Minister of Electricity H.E. Kareem Wahid and KRG Minister of Oil H.E. Ashti Hawrami. It will also include Thamer Ghadbhan, a former oil minister and Chairman of the Iraq Oil Commission, Bahr Alolom, former oil minister and Chairman of the Official Summit Steering Committee, Mohamed Al-Waili, Governor of Basra and Abdulrahman Mustafa, Governor of Kirkuk, who will be headlining a special session on Iraq's oil strategy and the key requirements for the sector.

H.E. Fawzi Al-Hariri will be leading a strong delegation from the Ministry of Industry & Minerals including the Director General for Petrochemicals, the Director General for Petrochemical Industries and the Director General for Petrochemical Investments, all of whom will be outlining requirements for the petrochemical sector, covering issues such as refinery and petrochemical integration, feedstock flexibility and production availability for petrochemical production.

The summit will also feature a special security briefing, featuring director generals from Iraq's Ministry for National Security Affairs, complemented by the Head of Facilities Protection, who will be attending as part of the Ministry of Electricity delegation led by Minister H.E. Karim Waheed. The briefing will be held on Day 3 of the summit, focusing on the protection of power stations, pipelines, refineries and other associated energy facilities and the various security provisions required.

All attending Iraqi Ministries will be outlining the requirements for their relevant sectors in front of the senior corporate audience, before holding private consultations with some of the pre-eminent operators within the global energy sector.

These best-in-breed operators and companies will be represented at board level in order to build the relationships that will be crucial to the future of the Iraqi energy sector and include the likes of BP, Exxon, ConocoPhillips, Chevron, Lukoil, Statoil, Marathon Oil, Total, Shell, Kuwait National Petroleum, Annadarko, Schlumberger, ABB, ONGC, General Electric, Cummins Power, Mitsui, Aegis, ArmorGroup, Janussian, Control Risks Group, Unity, Hart, Olive Security, GardaWorld and Triple Canopy.

http://www.ameinfo.com/129175.html

Blaweary - 15 Aug'07 - 07:54 - 90820 of 90820


Political leaders' meetings to start on Wednesday - Talabani

Baghdad - Voices of Iraq
Tuesday , 14 /08 /2007 Time 11:11:12



Baghdad, Aug 14, (VOI)- Iraqi President Jalal Talabani said on Tuesday that the political leaders' meetings will start on Wednesday, noting that they will hold four-way and five-way meetings, mainly for the blocs that withdrew from the government.
This came in a press statement released after a lunch banquet Talabani held in honor of Iraq's Kurdistan President Massoud Barazani and Iraqi Prime Minister Nouri al-Maliki.
The banquet was also attended by Vice President Adel Abdul Mahdi, representatives of all political blocs and a large number of ministers and lawmakers.
"Today's meeting was a good opportunity to create an appropriate atmosphere for holding the political meetings which will start tomorrow, mainly the blocs that withdrew from the government," the statement said.
The Iraqi government is facing an aggravated political crisis after the Sunni Iraqi Accordance Front and Iraqi National List announced the withdrawal of their ministers, while the Sadrists quit the cabinet months ago.
The president also announced that four-way and five-way meetings will be held for leaders of political and parliamentary blocs participating in the political process string from Wednesday.
For his part, Vice President Adel Abdul Mahdi said "we are optimistic as bilateral talks and meetings between all political leaders were made in an attempt to reach a common understanding."
Iraq's Kurdistan President Massoud Barazani described today's meeting as preliminary for the upcoming meetings, while the Prime Minister Nouri al-Maliki said that the tomorrow's meeting will discuss means to solve problems that hamper the political process.
"There are several demands need to be accomplished as soon as possible, including laws related to the parliament's work, oil and gas law and the provinces' law," the premier also said.
"There are some issues related to the government including appointing new ministers to replace those who withdrew and other issues within the constitution," he added.
For his part, leader of the IAF, Adnan al-Dulaimi expressed hope that "this meeting will solve all disputes."

sold out 2 weeks ago @ 79.8 with a nice profit . Regretted it immediately, and even more so when they went to about 105. When market dropped last week, was lucky and able to re-invest all my profit at 80p so could have been worse.
Last couple of days are on the climb again

MXP would have been better still, though i don't have those either!

market still very sensitive on PET

News message ref HC Law today
Then PET release statement

Everyone must have expected both and yet shares dropped slightly

Probably fly again tomorrow once peoples realise that the news was exepected and its all system go again

pb

Shares write up favourable for PET and a buy recommendation, 5-6 weeks then before (hopefully) the hydrocarbon law is passed.
2517

good call Piston
Looks like another 10 to 12% increase again today

cynic,in reply to your post 117.

Told you this stock comes with a "WEALTH WARNING". Don't buy any PET,you mustn't cynic, as PET could seriously increase your wealth.

Hopefully others bought like I did 60p-70p.

Too cynical for your own good.LOL

regards

lex ;o)


p.s bought as you know 10k @ 87p for 'Cynic's' fantasy portfolio.Almost 20% profit from 6/8/2007.That's +1,500 approx.profit.


cynic - 21 Aug 2007 08:41 - 117
MXP would have been better still, though i don't have those either!

PET trading 100p+.Anyone who has read feedback from AGM which adds more meat to AGM statement will know more to come.Watch PET over the next few transitional months.Bullish.aimvho.dyor.

nice leap away from 100p today..lets hope the climb 'in progress' maintains at the same rate
watcher

Excellent verbatum feedback from this weeks AGM.More meat added to meat official RNS i.e What companies are permitted to say under AIM rules.

Highlighted PET when trading 60p-70p possible to buy 58p-61p.

Anyone who has bothered to do their own research would like me appreciate full potential.Professionals private investors heavily invested added more immediately after AGM and today.Initial target of 5 should be achieved on approval of HCL and contract awards.aimvho.DYOR

116p-120p.On the German Stock Exchange moving higher too.

Bloody Hell. PET one bagger for me and several more to come.

123p-126p!

I've just got home, what a lovely move (so far) today, I've held these through thick and thin since 2004, on a 2 bagger now having bought @42p, but imo there is far more upside to come, I won't be trying to 2nd guess the sp rises and falls but will stick with it. I'm not sure what takeout price to have in mind.
2517

>cynic - 04 Aug 2007 09:26 - 24 of 127
for would-be investors, there will be plenty of time to get in ...... sp is surely rushing upwards on the hype of the news laws being enacted rather than on any discovery ...... furthermore, if the markets remain unsettled for the next month or two as is a racing certainty or even fall quite substantially (my feeling) then sp will retrace sharply (along with many many others)

>lex1000 - 04 Aug 2007 10:21 - 25 of 127
cynic, links for research purposes for from your post it would appear that you have not done so,yet? More substance to PET than just short term sp prediciting.Long term hold for me.PET worthy of full in depth DYOR and then you will "know."

PET websited just updated.

http://www.petrelresources.com/

PET presentation also referred to as MAY 2007

http://www.petrelresources.com/investor/files/Petrel_presentation_April_2007.pdf


>lex1000 - 04 Aug 2007 10:23 - 26 of 127
cynic, links for research purposes.Video link. IRAQI OIL the world needs and IRAQ needs as oil forms 93% of their income.

The War for Oil 58 min - 1 Aug 2007
video.google.com

A brilliant documentary broadast by the BBC about a week after the US and UK invaded Iraq in 2003, explaining why it was all about peak oil.

http://video.google.com/videoplay?docid=8162244809649380953



>lex1000 - 04 Aug 2007 10:24 - 27 of 127
cynic, links for research purposes.Video link.

4th Hearing: 8 June 2007
Part 4 David Horgan


http://www.channel4.com/news/microsites/I/the_iraq_commission/video.html

>lex1000 - 06 Aug 2007 22:04 - 60 of 127
Cynic,

Let's see how PET trades.

10k bought @ 87.6p this morning total 8,860.10 gross - your fantasy portfolio.

At close @ 94p worth 9,387.50 net. profit = 527.40 net.+5.95% profit in one day.

p.s if day trading profit possible @ 97p bid = 827.40 net.+9.33% profit in one day.

In my humble opinion PET long term hold for highest gains - that "feeling grows & grows...."

My posts pre-open today one could say have been proven "timely." For an alternative contrarian view see post below-you did bring MPH into it.LOL ;o)

DOW 13468.78 +286.87

Cynic/Halifax current sp 125p-130p.

10k @ 125p 12,500 -12.50= 12,487.50 - 8,860.10

Since 6/8/2007 net profit 3,627.40 +40.9%

What did PET start the week at please.
2517

about 83p

mwoolgar-----------thanks for that, so it's only natural that profit takers step in. Well done them but I'm more afraid of being out of this than I am from being in it. I feel the same as lex1000, that the really large gains are still to come.
2517

Bid 125 offer 123 now there's a bargain you don't see very often.
2517

Need to change the thread header. :-)

New thread created:

PETREL RESOURCES.Independant Iraq Oil Company.10 target 2007/2008 (PET)

http://www.moneyam.com/InvestorsRoom/posts.php?tid=11949#lastread

.
CYNIC,update on your PET fantasy portfolio

At close tonight PET 146p-149p.

10k @ 146p = 14,600 gross 14,587.50 net

Paper profits from 6/8/2007 14,587.50 less 8,860.10 = 5,727.40 net profits or in percentage terms + 64.64%




lex1000 - 06 Aug 2007 22:04 - 60 of 138
Cynic,

Let's see how PET trades.

10k bought @ 87.6p this morning total 8,860.10 gross - your fantasy portfolio.

At close @ 94p worth 9,387.50 net. profit = 527.40 net.+5.95% profit in one day.

p.s if day trading profit possible @ 97p bid = 827.40 net.+9.33% profit in one day.

In my humble opinion PET long term hold for highest gains - that "feeling grows & grows...."

My posts pre-open today one could say have been proven "timely." For an alternative contrarian view see post below-you did bring MPH into it.LOL ;o)

DOW 13468.78 +286.87

cynic - 04 Aug 2007 09:26 - 24 of 59
for would-be investors, there will be plenty of time to get in ...... sp is surely rushing upwards on the hype of the news laws being enacted rather than on any discovery ...... furthermore, if the markets remain unsettled for the next month or two as is a racing certainty or even fall quite substantially (my feeling) then sp will retrace sharply (along with many many others)

This thread is closed.Please GoTo

2007/08/29 22:26 lex1000 PETREL RESOURCES.Independant Iraq Oil Company.10 target 2007/2008

CYNIC,

Your Fantasy portfolio 10k @ 87p profits on 8,860.10 invested increased 14,987.50 net.

Profit 6/8/07 to close 31/8/07 19 trading days is 6,127.40 net up + 69.15%

Average gains 322.49 per day or put another way 1,531.85 per week.

Peanuts as you ain't seen anything yet! lol

AIMVHO.DYOR

ps this thread closed due to fact PET trading @ 150p , a whole 50% above 100p target price.New thread opened with year end 2008 target price of 10.Enjoy.

Cynic,

UPDATE @ CLOSE. Bid 153p v Offer 156p PROFIT +72% period 6/8/2007 - 6/11/2007 Average profit @ 24% pcm

10k @ 153p total 15,300. Gross profit + 6439.90 gross +72%

p.s profit higher if PET bought 60p-70p.
PET overbought first time.sp dropped 150p down to intra day lows 105p-107p.

Trip down memory lane

>lex1000 - 06 Aug 2007 22:04 - 60 of 139
Cynic,

Let's see how PET trades.

10k bought @ 87.6p this morning total 8,860.10 gross - your fantasy portfolio.

At close @ 94p worth 9,387.50 net. profit = 527.40 net.+5.95% profit in one day.

p.s if day trading profit possible @ 97p bid = 827.40 net.+9.33% profit in one day.

In my humble opinion PET long term hold for highest gains - that "feeling grows & grows...."