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

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!

The fall in sp is defintely over done.

maybe there is some bad news we are not aware...

MM's and panic sellers! im holding, nothing will make me sell this. Imagine waking up to find that the sp has opened substantailly higher with an RNS in place the day after u sold in the pm. Sick or what!!!!!!!!!!

Out of PET stop loss triggered.

Morning guys

Quite a few messages here, MM's trying to panic a few holders, you'll notice that a few sells and the MM's will mark down, but larger buys are not having an effect on the SP, it is in the MM's interest to keep the price down until an announcement is released, remember their money is made from between the spread if they keep the price the same, then people are just waiting to see what happens, i.e. vry little buying or selling, by moving the price up and down they are just creating a market, as people panic and sell, stop losses are hit, or people with cash are topping up at unbelievable prices. Afraid I'm all in, but there is no way I'm panicing and selling out, not with all the evidence infront of us. We are all waiting for that RNS, but remember how investor friendly PET were before they went to Jordan for the contract talks, then after they came back, we are in a news black out situation, reports of promised EU funds not reaching Iraq, Oil ministers saying risk/sharing agreements would benefit both oil companies and Iraq.

I am, like most of you here for the big prize, which is perhaps only a matter of days away now, no little penny drops are going to separate me from my shares. Hang on in there

good luck to all PET holders

Tokyo

just sold everything i own and put it into these (not that much by your standards). cannot beleive it has gone below 100p again. this is definitely the last chance

You are joking?

Morning PET persons,

What a top-up opportunity.....freed up funds arrived just in time for the fall in the sp.

I have been in PET since April and no MM is going to scare me out of it, not now when we are all on the verge of great success with this 'tiddler'.

All the news, (including the blackout 'lack of news'), plus the research on this BB is extremely positive. Lets try to keep it that way folks and stop looking for problems that don't exist.

Good luck to all holders.....tough luck on all sellers.

yeah ha ha i'm joking. good one isn't it ha ha. oh i can't stop laughing ha ha ha. be laughing even more when the rns is released. ha ha ha ha ha

One of the most informed threads i ve followed for ages, good advice and researched thoroughly, many thanks in advance to those of u, including Tokyo, Eric. Dexter etc. I will toast u all!!!!!!!!!! where next after this one guys?

Eric, your letter sent via email last week has been published in this week share mag.

big respect to eric, well done!!!!!!!!!!!

just posted this other on the other thread, but so relevant to PET, as these price drops spook most people, I've taken my stop losses off as I would hate to come home, to find out that the MM's have triggered them in an intra day tree shake

As much as I hate these drops, Like most of you I've been in this stock since April and have seen this done twice before already, only for it to jump up further then before 60p down to 40, then 155p down to 80, everytime it has rebounded back up, and the board is then full of people kicking themselves or others praising themselves because they topped up. Nothing has changed except the current SP, the Share price is make or break on the contract announcements, until then whether the SP goes up or down, it really makes no difference. a positive contract announcement and the SP is marked up to over 2 pounds+, if a negative result then the SP is marked down. It really is as simple as that. There will be people ramping and de-ramping this stock, I suggest you just do what your gut/research/or whatever else you have tells you. If I had sold out at 40pence only to see it go to 155, then I'd be kicking myself and I have a feeling sometime this month there will be a few of you that maybe doing so!!!

Tokyo

Tokyo,

Agreed. I have wittnessed this twice before and both the previous occasions as you mentioned the price fell for 4 - 5 days before a sharp rebound. For this retracement we are now in the 5th day.

Also news followed quickly after the retracement. Haven't got time today but this is clearly visible in the chart so will look to post one this evening.