The tiny Irish stock on the brink of landing 'the first' post-sanction oil deal in Iraq. Ref 'Fleet Street Letter' 12-04-04..

SP down 6.50 today, does anyone know why????

The SP has taken a beating today, as a few panic sells have driven down the price, but it looks like it is again more a case of the MM's taking advantage of the situation as Sells do not heavily out weigh the buys. Check out PET's website and you will see that the slides 2004, have been updated for some reason, check out slide 6

The Iraqi Ministry of Oil (Projects Division or SCOP) pre-qualified and encouraged Petrel to tender for its three oil field development projects under cash contract-
Each oil field will produce over 100,000 barrels production daily and over 60mmcfd of gas
KHURMALA Dome and the HAMRIN Field Development are effectively Green Field sites with pre-drilled wells.No existing production or infrastructure in these fields.
Subba / Luhais development is reconstruction of a badly damaged oil field.
Petrel is finalising negotiations on KHURMALA and HAMRIN.
Ideally Petrel would convert to a risk-sharing arrangement as soon as legally possible. Deeper targets offer scope for greatly increased reserves.
Full project financing for crude oil uplifts offered by international conglomerate.


then check out slides 11 & 12

Tenders submitted April June 2004
SCOP has ranked and has evaluated proposals (July August 2004)
Detailed discussions now addressing inconsistencies and trade-offs
Typical Schedules for supply only 14 months
Construction and production schedule dependant on SCOP progress / budgets for Construction Tenders

Contracts expected to be awarded by end November


Iraqi Ministry of Oil offered nine blocks for exploration. Block 6 covers 10,000 sq kms
These Western Desert blocks are world class potential - though riskier than existing fields
Mesozoic (middle) & Paleozoic (deeper) targets
Detailed technical review of available data led to a work programme covering seismic re-interpretation, new seismic and drilling
We are re-interpreting existing seismic & will acquire new seismic and drill wells as soon as equipment & crews are available and the security situation permits


This updated slide show praises the Iraqi oil ministry and is very encouraging, Why bother to update this, if they weren't expecting the tenders to be announced soon?

This just posted on another board, but related to Geoff Foster, haven't had a reply to my e-mail but perhaps if some one could call him to confirm this, it could be great news for all of us, again not my info so can't confirm it, if someone could I'll be bright eyed and bushy looking for an RNS tomorrow morning(certainly could explain why PET updated their website today)

All

Just spoken to Geoff Foster at the Daily Mail with regards last weeks item in the Mail about the signing of contracts this week. he would obviously not divulge his source but it was not direct from PET. The article was based on the fact that his source said that the contract was to be signed and an announcement made on 9th November. he said that he may even get a call later this afternoon to again confirm this as that date is tomorrow.

Anyway thats where they stand on that..

With all this info. i would suggest that the MM's are attempting to get some very cheap shares from those with a weaker heart to sell on, when, not if, we get the fabled RNS!!!!!!!!!!!!

Tokyo,

At this price I can almost envisage you taking an old telly and a broken umbrella to the local car boot to get a few more PETs in the pot. May have a new temporary job till chrimbo, then onto a PhD, so may just be sorted, and in that case, I can sit a bit tighter on my holding!

Good to see everyone is still positive and still posting.

JJ

107606 - Congrats on getting the part-time job,I hope you get to do your Phd with a bank account full of cash (care of PET), I did my 2nd degree up in Leeds after I had worked for 3 years, it was so great just to be able to study(there may have been a little partying as well) without having to worry about cash.

Anyone who wishes to ring Geoff Foster to confirm the info, his number is 020 79386000

Good luck all
Tokyo

p.s. nice to see alot of buying there near the end

Thankfully the PhD is funded (and thats tax free remember) but a little extra would not go amiss!! Do you think there is any weight behind the tomorrow claim?

Across the road they have just verified with Geoff Foster that his contact/source said tomorrow, really depends on how reliable the contact is I suppose. I have as much knowledge as you on that, but I'll be hoping that it is indeed true, and we shall all be alot richer tomorrow, if not, then the wait goes on...........only 16 possible RNS days left in November!!!!

No sign of the RNS today. Usually about 7.30 from PET, as per prev posts. Still only 15 days left in Nov now ha ha!!!!!!!!!!!!!! got to have a sense of humour on this one, only if it keeps me sane!

Some RNS's in the past have been released at 5.30pm, so we still have the rest of the day as well as the rest of the month, so hold tight guys!!!!!!

Tokyo, I'm still feeling confident that things haven't fallen away to the 80p level, so any thoughts on that line.

watcher.

Waiting for an RNS from PET is more exciting than waiting for x-mas. PET should have has their own advent calendar designed, so that we could have opened a window everyday, until the day of the announcement!!!!

good to be in now, cause if that RNS comes in close the Sp will open a lot higher in the morning! cant help feeling excited at the prospect!!!!!!

Tokyo, I see SCP is ramping away but not entirely surprised that theres sweet ba in the Mail today.
Have doubts about credibility there.
Can you vouch pls?

Watcher - Download the 2004 slides from the website, I've been reading through these today and I'm very happy about the information on there. I think most people holding now are not going to be scared by little penny drops. On slide 11 PET say

- Detailed discussions now addressing inconsistencies and trade-offs

- Contracts expected to be awarded by end November


I think again most people will be holding onto these until atleast the end of November, so we won't see a drop to 80 pence level, the MM's tried to drop it to 1 pound yesterday and it just sparked alot of buying. If the contracts are not awarded by the end of November, then we may see some panic selling, but my advice to all of you, is download the slides from the investor relations section of the PET website, and you'll all see why I'm still confident enough to be holding my shares.


Tokyo

this has just been put up on another bb

Just had a very interesting conversation with Geoff Foster who has confirmed to me that a very reliable source told him that the deal was going to be announced today. His source has told him that, as it stands at the moment, at least one contract has definitely been signed and sealed and that it was in the hands of the PR department to deal with the announcement. Very friendly and informative guy.

Alright being a little untrusting of e-mails and telephone calls since gingermagicans fake e-mail last week I can confirm that (a) Geoff foster did indeed say the above, and mentions that it is indeed just a matter of waiting it out in his opinion,perhaps for PET to get the 2nd contract, he also mentioned many oil firms are trying to get into Iraq yet PET are already there, and (b) Yes he is a friendly and informative chap, he seemed a little surprised to be getting a phone call from Japan but was very forthcoming with what he had heard.

anyone who wants to ring him the number is 020 79386000 Geoff Foster

Good luck all

Tokyo

Tokyo

Blast! Meant to put that money into paying for my Whistler condo. for Xmas and a CFD in ASOS - what happens, I read the posts here and put it on 3937 PET at 104p. No self control whatsoever!

Could you post the address of the PET website please? On timing, I notice that Ramadan starts this Friday which is presumably why they are trying to knock out Fallujah this week. I know from an earlier post the suggestion that Ramadan does not have much effect in Iraq. Nevertheless, I suspect it provides a deadline just as, say, Xmas holidays would here. Anyway, there is a window through Thursday where it would be good to get this announcement out of the way. It had better get itself announced because otherwise I will be unable to prevent myself from investing the other funds I am raising today!

Eric

Eric, You mean the website address?
see below

http://www.petrelresources.com/_latestNews/latestNews.shtml


tokyo

I appreciate Eric's loss of self control. I've topped up again at 104p.