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

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.

Shame no funds left to buy more. Still holding.

Looks like more downtrend from here - 94p now

Good Morning All!

RNS Number:3398D Petrel Resources PLC 27 September 2004

Earlier Petrel had submitted plans to develop the Khurmala Dome, Hamrin and Subba & Luhais oil field. Funding has been allocated but Petrel has also offered full project financing via an international partner. In recent days the Iraqi Ministry of Oil invited Petrel for 'an urgent and direct discussion to finalize all technical and commercial matters' in relation to the first of these three tenders.

Pet also said that they have a full financing backing for the first of these tenders.

They were then invited to urgently discuss the second tender.

4 days ago, Pet updated its website in a positive light and now they are talking about providing the services required without even stating IF they get the contract (confirmation of this by ommission):

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

The oil ministry has said they expect TWO contracts to be signed this month!

Looking at the above are we surprised that there has been a delay, and a good one at that? A delay to have TWO contracts!

Pet was INNITIALLY ready for ONE not TWO contracts. The Iraqis wanted to finalise TWO not ONE contract in one go (who would blame them as with two, they would drive a better bargain!). Hence our wait, but not for long!