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

Hold tight for a bumpy ride now guys! There will be a lot with the jitters out there now as the MM's try and push this down!!!!!!

Good Morning All!

Thanks Tokyo for the find re pet site and totally agree with your excellent if not the only interpretation.

Why update the website in a positive light at this late stage if you haven't got it in the bag? Wouldnt you lose credibility with the city, including backers etc, let alone shareholders, if in only 2/3 weeks later you would announce that you were unsuccessful in the bids? It just cannot make sense. Plus JT is a chairman of at least 3 other companies listed on AIM. Would he risk his credibility re all these cos because of pet? I don't think he's that stupid! Further evidence is the last paragraph in your post pasted from Pet website:

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

Again at this late stage, they are talking about providing equipment and crew and the not say if everything goes to plan i.e. we get the contracts! So in my opinion this omission says it all! It's in the bag! And I don't think it's a matter of opinions any more - its them saying it by omission!

Re Falluga! I don't think it will affect the signing of the contracts at all. In fact the attack on falluja has the prime objective the forthcoming elections. You can't be seen to be serious and at the same time have a part of the country not under your control. In the same vein you want to project life is returning to normal, and more so before the elections to indeed convince the people that they have a stake in voting. What better ways of the doing this if not by showing business is booming and contracts with international cos are being signed.

However in the medium to long term it will have serious political and security consequences for the Americans and the present government if 're-elected', which I am sure it will in a different form, which would include Alllawi (+some of his colleagues), who has now multisigned his death warrant! I think Falluga will be pacified relatively quickly, but the insurgency will regroup and spread to various part of the country because it will bee seen once again that the US has no concern for civilians, as I am sure they will be a lot casualties of innocent Iraqis! This will still not affect Pet greatly because I believe even the militants understand that it is not in their interest to disrupt oil industry reconstruction which is in the hand of neutral cos, such as pet!

Good Luck to us all! Rns soon I think!

If Foster is right and one contract has definately been signed...remind me again how long PET can sit on this info before they are obliged to release it. Is it 3 days? I know this is rather desperately clutching at straws, but is there any chance they are hoping to tie up another contract first so info an be released on same RNS...obviously wishful thinking on my part.

Morning all,
Thanks to all for the good posts,i`ve been unable to follow much lately,Tokyo,good post re; PP presentation. I personally would`nt take much notice of Geoff Foster`s timescale, when i`ve been so-called quoted in local press, i`ve said nothing like what they print, and they all have "reliable" sources!.The only thing we can all do is sit tight and have belief in our own judgement,the rampers and de-rampers are`nt going to do anything to the sp apart from off load some nervy investors, they are not that powerful!!.

regards,
Dexter

if this does go on til next week ill be able to top up some more!!!!! still the waiting game is quite fun, i think?

gra1969 Glad you think it's fun, everytime it drops nearer to 1 I get nervous. I look at technicals more than anything else and any clear drop below 1 signals a further fall to around 90p to pick up the previous uptrend support line or 80p to pick up support at the dip prior to the last RNS. Whilst I expect any new news to make the technicals redundant whilst the wait goes on it continues to test the 1 level.

RNS where are you???????????

Guys - the wait is killing us all, but the only thing we can do is wait. People panicing about the share price dropping are perhaps a danger to the short term SP, but this share is make or break on contract news (hence the wait), with all the newspaper reports, quotes from the oil minister himself and information on PET's website, an announcement this month is looking like the best bet. As for time scale who knows? Will we have to wait for Fallujah to settle down? Wait for the end of Ramadam? Again too many questions! What we do know is that PET have been sworn to secrecy by the oil ministery, hence the news black out, yet when there was news about the tender negiogations PET's name was the only one ever quoted. I've had a look around today, but no real news on the inter-net, so not much point in posting anything, except to say - to those that can just relax, have a look through your old research of news or skim through this thread (thanks to everyone who has posted on here) really seems like the best thread to get informed news & views from.
(Fillyaboots is also pretty good - http://www.fillyaboots.com)

worth a look at as there are some good posters over there too.


Tokyo

for reasons of info:
Ramadan is the ninth month of the Muslim calendar. This year it ends on November 12.

During the month Muslims fast, concentrate on their faith and spend less time on everyday concerns. They are not allowed to eat or drink during the daylight hours. And most refrain from smoking or having sexual relations between sunrise and sunset.

Islam has two major religious celebrations. The first occurs after the completion of Ramadan, the Islamic month during which Muslims (believers in Islam) fast daily from dawn to sunset as part of an effort towards self-purification and betterment. This holiday is known as Eid ul-Fitr (Festival of Breaking the Fast).

The festival of Eid al-Fitr, the Festival of Fast breaking, marks the end of Ramadan. Eid is a bright joyous time of generosity and gratitude.
Muslims celebrate Eid by saying prayers, giving money to the poor, sending Eid Mubarak - Happy Eid - cards and feasting with their families. A very important aspect of Eid is charity. Many muslims give gifts, money or help to the poor.

the festival of Eid maybe a good time for Petrel!

PET and ISA

I have just had a phone call from Etrade who said.

"Yes, you are right, you can put PET in an ISA. You may trade it today over the phone and from tomorrow online"

They said that they would be trying to get to grips with the rest of the list of 90+ AIM shares whiah are also eligible.

To summarise, broadly speaking:

If a share is quoted on a recognised stock exchange you can put it in an ISA. AIM is not recognised (LOL) but lots of tin pot ramshackle foreign ones are.

PET was allowed on the grounds of it being listed on the Dublin Exchange

been running the concepts of what would influence the timing of the RNS from the oil ministry side of the fence. I can't help but come back time and time again to the Ramadan date. Whilst things are progressing on the military front, I think this is uncontrolable from anyone else but the USA military, politics from their viewpoint. PET must be having trouble sitting on their hands with their mouths taped, (aren't we all). What could be more fitting than oil contracts signed, ramadan celebrated. This I hope has been planned months/weeks ago, great spin from bright company,

any comments could help fill the news void

watcher

thats it, i ve sold the wife and the kids, im topping up again!!!!!!!!!!!!!!!!!

As posted above the festival of Eid (celebrating the end of Ramadam)is a time for an exchange of gifts. I don't know if Eid is a time for giving BILLION DOLLAR contracts but it could be the ultimate gift to Petrel and all its share holders. But what would we give in return?

gra1969 music to my ears...... christmas is gonna be quite in your house without them....

watcher I am getting keyboard happy now, must learn to sit on my hands.

lets just say im sure i can buy them back again when the RNS comes out! and sned them off on a nice cruise, bless!!!!!!

First, re timing of the RNS. I misread the diary and, of course, Ramadan ends this weekend with the Eid feast. This points to Monday, 15th as a feasible day for the RNS (as was concluded earlier, I remember). It may be, of course, that Monday is the start of the Iraqi final deliberations and there is no obvious reason why they shouldn't use the balance of the month that they have allowed themselves. It could be that they want the Fallujah offensive out of the way. I do think that if another company had been on the brink of picking up the contract(s) that something would have leaked out, just as they have from third parties involved with PET. The main thing is to avoid those fear-driven itchy fingers reaching for the panic button! Rather, allow the optimistic heart to rule the head for once!

Second, re the trading pattern. Looking thorugh today's trades, I don't see anything sinister from the MMs. They marked the price down first thing, presumably because they needed some buying action to keep their book in balance. Buyers were getting a bit ahead of sellers around 10:20 and the price edged up a tad, only to fall back quite sharply as selling set in. Its not so clear why the price recovered to its present level, but it is understandable if you make the assumption that the raft of ? transactions were in fact buys, thus balancing trading for the day. There is certainly no evidence of the MMs building up positions but rather just manipulating the market, which is their job, to keep a balance in trading. Anyone disagree?

Eric

Don't you thing you are reading to much into this ramadan date, they are not as strict as most arab states and they are good business men.

I ve topped up again. i ve taken any sign of weakness in the Sp as i sign to do so!!!!!! This is the last last time.

aldwickk: You could well be right! Ramadan has certainly not stopped them attacking Fallujah nor has it stopped the terrorists! But we stop for Xmas and New Year don't we? Probably a 'possible' rather than a 'probable'.

gra: don't believe you! Will remind you when you next post that you have acquired more!

Eric

Eric; if this does go into December then, ok, ill be topping up again, but like all of us, i think Novemeber will see the RNS we all crave at this stage!

SP being hammered this morning! down five points on 90k of selling!! i think im gonna turn off the pc!!!!!!! MM's and those with weak hearts are pushing this down, forget charts, this is all about the RNS. Im holding til then.