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!!

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.