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!!

Good evening guys. Share price rising.

Information posted on this thread is for anyone interested in learning more about & researching PET.

AGM on 22 August 2007 in Dublin.

Fantasy portfolio is for you Cynic,IF you had bought 10k @ 87p.It's called negative buying or something like that.LOL

I'm the one holding real fully paid for shares making real money from 60.5p up^

Wealth Warning: PET huge potential to seriously enhance your wealth.aimvho.

Keep watching.DYOR.

Good luck.

eibborc - 14 Aug'07 - 20:43 - 90809 of 90812


jecs / mclellan

re your posts above, some good news from BBC News website:

'Separately, three Iraqi ministers whose party had been boycotting government meetings, attended the latest session.

The move comes as politicians from some of Iraq's main political parties are holding informal talks ahead of a summit called this week by Prime Minister Nouri Maliki to try to resolve their differences.'

'On the political front, the three minister from the mixed Sunni-Shia Iraqi National List of former Prime Minister Iyad Allawi unexpectedly attended a government session.

They were among five ministers who last week began the boycott of Mr Maliki's government over what they said was its failure to end sectarian violence.

Meanwhile, Foreign Minister Hoshyar Zebari said he hoped Iraq's fractured government could be rebuilt, and key legislation agreed, after this week's summit.

Most Sunni Arabs have withdrawn from the administration of Mr Maliki, whose cabinet is now narrowly based on Shia Muslim religious parties and Kurdish groups.

Washington has expressed its frustration with the slow pace of political reform, a central goal of its recent military build-up was to give Iraqi politicians the space to make real progress.'


the important bit....' and key legislation (could be) agreed, after this week's summit'

eibborc - 14 Aug'07 - 20:51 - 90810 of 90812


More news - this report/statement from the IMF is actually the kind of pressure that Iraq will have to respond to:

WASHINGTON, Aug. 14 (UPI) -- The International Monetary Fund praised Iraqs government for moving forward on debt agreements but urged it to increase oil production and pass an oil law.

Iraq failed to fully invest its allocated oil capital budget, leading to a larger fiscal surplus in the past two years, but plateaued oil production in a sector in need of spending, according to a new IMF report.

The IMF executive board released the report Tuesday following meetings earlier this month with Iraqi officials, all a part of deals the Iraqi government signed to alleviate its debt, incurred by Saddam Hussein.

It said since Aug. 1, 2005, Economic growth has been slower than expected mainly because the expected expansion of oil production has not materialized.

Iraq has produced an average of about 2 million barrels per day of oil over the past three years. Its oil sector was ravaged by war, Saddam Husseins mismanagement and U.N. sanctions. Security throughout the country, as well a lack of institutional capacity to spend needed investment, has kept the sector lagging. Iraqs oil sales -- about 1.6 million bpd last year -- brought in more than $31 billion last year.

Iraq also suffers from a drastic fuel shortage, caused by a lack of refining capacity as well as a strong smuggling racket. The IMF demanded Iraq reduce its subsidies of oil products sales to citizens, much to the dismay of the population suffering from average 60 percent unemployment.

The IMF report called the reduction in subsidies progress.

Official fuel prices have been increased to levels in other oil-exporting countries in the region, and private sector importation of fuel products has been liberalized, it said.

This is part of the new Iraqi governments move to the free-market system, which the IMF applauded. Iraq is making a bid for World Trade Organization membership.

The report called on the government to approve a law governing the exploration, development and production of Iraqs oil reserves as soon as possible, which it said would help entice investors. The law is stuck in Parliament over disputes that include the limitations and roles of private and foreign investors.


Wapit - 14 Aug'07 - 22:09 - 90811 of 90812


bahouse good post - 14 Aug'07 - 11:13 - 90586 of 90810

Keep posting PET stuff and enjoy the rise as PET take another go to stay above 100p then 110p next.

Now I know why I could not buy early this morning, Large buys going through and trying to get sellers by quoting Buy 2,000 Sell 37,000....

Shows the bigger picture as MM's short of stock and desperate to trick newbys into selling so larger buyers can accummulate before HCL and PSA's are awarded in what 4-6 weeks time... :-)


14CHWAY - 14 Aug'07 - 22:12 - 90812 of 90812


The Iraqi goverment are coming under pressure from 3 separate entities to pass the HCL.
1. George Bush
2. Australian goverment.
3. The IMF.
There may even be more than these but these 3 come to mind.
Surely they should get the message that it is in Iraq's interests to pass the law asap.and because of these pressures, we may start to see some positive
meetings and discussions.
Also, the KRG have led the way in the passing of their part of the HCL.

kdickson - 14 Aug'07 - 22:38 - 90813 of 90813


A bit more info from today's meetings, taken from the Iraqi President's own website (link below is google translated version):-

http://translate.google.com/translate?u=http%3A%2F%2Fwww.iraqipresidency.net%2Findex.php%3Flanguage%3Darabic&langpair=ar%7Cen&hl=en&ie=UTF-8&oe=UTF-8&prev=%2Flanguage_tools

President of the Republic maintains a luncheon for the leaders and senior officials of the State in honor of the President of the Kurdistan region of Iraq

August 14, 2007 August 14, 2007

President of the Republic announced Jalal Talabani of intent to hold meetings of the quartet and quintet leaders blocs and parties participating in the parliament and the political process from the start tomorrow, Wednesday.
He and President Talabani, said in a press statement following his luncheon in honor of President expanded Kurdistan Massoud Barzani, attended by the Prime Minister Nuri al-Maliki and His Excellency Vice President Dr Adel Abdul Mahdi, and the representatives of all political entities and parliamentary blocs, and a large number of Ministers and deputies in the Parliament at the residence of the President of the Republic in Baghdad Tuesday 14-8-2007,, that the meeting today was a "good opportunity to exchange words of love and affection and creating an atmosphere conducive to the holding of political meetings, which begin tomorrow, especially for the masses, which has now withdrawn, previously.
And the President explained that the luncheon was held also for the purpose of "Tsafe hearts and create an atmosphere of cordiality and debate Apostle," a reminder of the problems of what happened before the formation of the government, saying : "We have started and finished Feast timely agreement, and that this banquet beginning to reach agreement to resolve all the issues. And President Talabani was not in search of any political issues during their meeting today, indicating that His Excellency enjoys a good relationship with Accord Front recognizes as president a list of their demands.
And why not attend Vice President Tariq Hashimi of the luncheon, His Excellency said : "We have contacted me Mr. Tariq Hashemi morning and apologized for attendance because of the Wach healthy," noting that Messrs. Iyad al-Samarra'i, a champion Ani of the Political Bureau attended the dinner today. As President Talabani to the meeting between the President of Kurdistan, Massoud Barzani, Vice President Tariq Al-Hashmi, pointing to the existence of side events to pave the way for further meetings include everyone.
Meanwhile, the Vice-President Adel Abdul Mahdi said that "Iraq is a unified and this is not the subtleties. And he said, "We are optimistic that the good crowd, there's deliberations and bilateral meetings, as happens in one day more than a meeting with more than one party to prepare for the meeting, and there was a meeting between representatives of all fixed blocks a view to reaching a common understanding."
He explained, the Attorney had also been in a meeting today "talk bilaterally and not talk collectively, and there were workshops through which to talk about how the reunion and create unity."
And the President described in Kurdistan to meet today to "prepare for the unexpected encounters that God," while the State Prime Minister Nuri al-Maliki that the forthcoming meeting will discuss "how to manage the country and crises and solve the problems facing the political process."
And the Prime Minister said that "there is a set of demands that must be achieved as soon as possible, and including laws relating to the work of the Chamber of Deputies, such as oil and gas and provincial law. And he added, "There are also questions of the government, appointing new ministers and ministers instead retreating from the government, and other matters within the Constitution and paragraphs required modification."
. In turn, the Chairman of Accord Front Dr. Adnan Al-Dulaimi on the wishes that "such meetings lead to compromise and get on the path to true Iraqi government". Dulaimi said, "We are encouraging the hands of both the calls for reconciliation and agreement," stressing that today's meeting came at the "special invitation from His Excellency President Jalal Talabani, and if not talk about any of the cases, but the fraternal meeting."

Ramp on!!

Halifax,more reading material for you.

Bartyboy - 15 Aug'07 - 07:36 - 90817 of 90819


Morning all.

Hi Dipbob

Dipbob - 14 Aug'07 - 13:09 - 90659 of 90815

Wonder if PET get a lift off on any transit fees from the pipeline passing through East Safawi in Jordan?
...............................................................................

Interesting thought. My first reaction is that any fee would be more likely to go to the actual landowner, as opposed to PET who merely have the exploration rights.

Presumably if and when PET decide to drill on East Safawi, they then have to negiotiate a Lease with the Landowner to cover the drill site. This would include annual rental plus a "Make good at the end" clause.

Pixi, are you around to comment, as our resident drill expert?!!


14CHWAY - 15 Aug'07 - 07:44 - 90818 of 90819


Oil prospects are getting better every day.

Energy - Oil & Gas

Oilfields development priorities

--------------------------------------------------------------------------------

Baghdad, 15 August 2007 (Al-Sabaah)
Print article Send to friend
Oil Ministry set the priorities of oilfields development through investment after approval oil law by Parliament while international companies intend on offer its bids to invest parts of Majnoon field after the approval, source at the Ministry said.

He added that two companies from US and France agree to offer bids of invest parts of the Majnoon field especially that the two companies worked previously in the field during previous regime era.




AJJ2003 - 15 Aug'07 - 07:52 - 90819 of 90819



Looks like the conferences are still on which is another good sign. AJ

Oil majors to meet with the Iraq Government at the world's leading energy summit for Iraq

The world's pre-eminent operators within the global oil, petrochemical, electricity and security sectors will descend on Dubai early next month for the forthcoming Iraq Oil, Gas, Petrochemical & Electricity Summit, the world's first event organised to consider the future of Iraq's abundant energy resources through direct consultation with the international private sector.

Ministry Security Officials to address the Private Security Industry at Iraq Oil, Gas, Petrochemical & Electricity Summit
Iraq Ministry official invites international companies to explore Iraq's petrochem sector
Iraqi Energy Summit confirmed to take place in Dubai on 2-4 September 2007
Iraq Oil, Gas, Petrochemical & Electricity Summit confirmed to take place in Dubai, UAE on 28-30 May 2007
Chevron confirmed as key sponsor of Iraq Oil, Gas, Petrochemical & Electricity Summit
more Iraq Development Program news
The summit, which will take place in Dubai on 2-4 September, will welcome a delegation of Ministers and Director Generals from the Iraq Government and the Kurdistan Regional Government (KRG). These will include representatives from the Ministries of Oil, Industry, Electricity and National Security Affairs.

These key decision makers will be participating at the landmark summit, the first of its kind to bring ministers and other officials to establish relationships and enter into contractual negotiations with international energy operators.

The official Iraqi delegation will include some of the most important figures from Iraq's energy sector, including Minister of Industry & Minerals H.E. Fawzi Al-Hariri, Minister of Electricity H.E. Kareem Wahid and KRG Minister of Oil H.E. Ashti Hawrami. It will also include Thamer Ghadbhan, a former oil minister and Chairman of the Iraq Oil Commission, Bahr Alolom, former oil minister and Chairman of the Official Summit Steering Committee, Mohamed Al-Waili, Governor of Basra and Abdulrahman Mustafa, Governor of Kirkuk, who will be headlining a special session on Iraq's oil strategy and the key requirements for the sector.

H.E. Fawzi Al-Hariri will be leading a strong delegation from the Ministry of Industry & Minerals including the Director General for Petrochemicals, the Director General for Petrochemical Industries and the Director General for Petrochemical Investments, all of whom will be outlining requirements for the petrochemical sector, covering issues such as refinery and petrochemical integration, feedstock flexibility and production availability for petrochemical production.

The summit will also feature a special security briefing, featuring director generals from Iraq's Ministry for National Security Affairs, complemented by the Head of Facilities Protection, who will be attending as part of the Ministry of Electricity delegation led by Minister H.E. Karim Waheed. The briefing will be held on Day 3 of the summit, focusing on the protection of power stations, pipelines, refineries and other associated energy facilities and the various security provisions required.

All attending Iraqi Ministries will be outlining the requirements for their relevant sectors in front of the senior corporate audience, before holding private consultations with some of the pre-eminent operators within the global energy sector.

These best-in-breed operators and companies will be represented at board level in order to build the relationships that will be crucial to the future of the Iraqi energy sector and include the likes of BP, Exxon, ConocoPhillips, Chevron, Lukoil, Statoil, Marathon Oil, Total, Shell, Kuwait National Petroleum, Annadarko, Schlumberger, ABB, ONGC, General Electric, Cummins Power, Mitsui, Aegis, ArmorGroup, Janussian, Control Risks Group, Unity, Hart, Olive Security, GardaWorld and Triple Canopy.

http://www.ameinfo.com/129175.html

Blaweary - 15 Aug'07 - 07:54 - 90820 of 90820


Political leaders' meetings to start on Wednesday - Talabani

Baghdad - Voices of Iraq
Tuesday , 14 /08 /2007 Time 11:11:12



Baghdad, Aug 14, (VOI)- Iraqi President Jalal Talabani said on Tuesday that the political leaders' meetings will start on Wednesday, noting that they will hold four-way and five-way meetings, mainly for the blocs that withdrew from the government.
This came in a press statement released after a lunch banquet Talabani held in honor of Iraq's Kurdistan President Massoud Barazani and Iraqi Prime Minister Nouri al-Maliki.
The banquet was also attended by Vice President Adel Abdul Mahdi, representatives of all political blocs and a large number of ministers and lawmakers.
"Today's meeting was a good opportunity to create an appropriate atmosphere for holding the political meetings which will start tomorrow, mainly the blocs that withdrew from the government," the statement said.
The Iraqi government is facing an aggravated political crisis after the Sunni Iraqi Accordance Front and Iraqi National List announced the withdrawal of their ministers, while the Sadrists quit the cabinet months ago.
The president also announced that four-way and five-way meetings will be held for leaders of political and parliamentary blocs participating in the political process string from Wednesday.
For his part, Vice President Adel Abdul Mahdi said "we are optimistic as bilateral talks and meetings between all political leaders were made in an attempt to reach a common understanding."
Iraq's Kurdistan President Massoud Barazani described today's meeting as preliminary for the upcoming meetings, while the Prime Minister Nouri al-Maliki said that the tomorrow's meeting will discuss means to solve problems that hamper the political process.
"There are several demands need to be accomplished as soon as possible, including laws related to the parliament's work, oil and gas law and the provinces' law," the premier also said.
"There are some issues related to the government including appointing new ministers to replace those who withdrew and other issues within the constitution," he added.
For his part, leader of the IAF, Adnan al-Dulaimi expressed hope that "this meeting will solve all disputes."

sold out 2 weeks ago @ 79.8 with a nice profit . Regretted it immediately, and even more so when they went to about 105. When market dropped last week, was lucky and able to re-invest all my profit at 80p so could have been worse.
Last couple of days are on the climb again

MXP would have been better still, though i don't have those either!

market still very sensitive on PET

News message ref HC Law today
Then PET release statement

Everyone must have expected both and yet shares dropped slightly

Probably fly again tomorrow once peoples realise that the news was exepected and its all system go again

pb

Shares write up favourable for PET and a buy recommendation, 5-6 weeks then before (hopefully) the hydrocarbon law is passed.
2517

good call Piston
Looks like another 10 to 12% increase again today

cynic,in reply to your post 117.

Told you this stock comes with a "WEALTH WARNING". Don't buy any PET,you mustn't cynic, as PET could seriously increase your wealth.

Hopefully others bought like I did 60p-70p.

Too cynical for your own good.LOL

regards

lex ;o)


p.s bought as you know 10k @ 87p for 'Cynic's' fantasy portfolio.Almost 20% profit from 6/8/2007.That's +1,500 approx.profit.


cynic - 21 Aug 2007 08:41 - 117
MXP would have been better still, though i don't have those either!

PET trading 100p+.Anyone who has read feedback from AGM which adds more meat to AGM statement will know more to come.Watch PET over the next few transitional months.Bullish.aimvho.dyor.

nice leap away from 100p today..lets hope the climb 'in progress' maintains at the same rate
watcher

Excellent verbatum feedback from this weeks AGM.More meat added to meat official RNS i.e What companies are permitted to say under AIM rules.

Highlighted PET when trading 60p-70p possible to buy 58p-61p.

Anyone who has bothered to do their own research would like me appreciate full potential.Professionals private investors heavily invested added more immediately after AGM and today.Initial target of 5 should be achieved on approval of HCL and contract awards.aimvho.DYOR

116p-120p.On the German Stock Exchange moving higher too.

Bloody Hell. PET one bagger for me and several more to come.

123p-126p!

I've just got home, what a lovely move (so far) today, I've held these through thick and thin since 2004, on a 2 bagger now having bought @42p, but imo there is far more upside to come, I won't be trying to 2nd guess the sp rises and falls but will stick with it. I'm not sure what takeout price to have in mind.
2517