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

Well i have just topped up again, so hope i am still listening to my analytical side and not just my intuition.Although I know which of those two i would follow come the crunch.Come on PET!! sorry for outburst of football mentality

willfagg; topped up too, just a little one, but at this price could nt resist.
eric; u win! topped up again.

How many of you are riding the DES rollercoaster as well as this one?

I faffed about when it (DES) was ready to go around the 28p mark last week. Missed the boat!!

Trouble is, how do you define an entry point to get back in after all the cuffuffle dies down? Only thing keeping me sane at the mo is that at least I haven't got a leg on each rollercoaster..........

broke the 90 mark! really trying to pick up some very cheap stock imho. MM's making this move no one else. hold on in there and reap the sweet reward when it comes. i do feel that there will be little time for anyone to get back in a this level shortly.

The e-mail below was just posted across the way, have no reason to doubt this one as Rutter is a regular poster. If PET have been NOT been given the contracts, they would under Stock Exchange rules would have had to say something along the lines of sorry, but we have just got to make an announcement....FACT ! If perhaps they have the nod, but not a final signiture, i.e. Iraqi oil ministry wish to announce the contracts first then sign with PET, it is a good enough reason to keep quiet, and I'm assumming not break any FSA rules.

Here is the e-mail make what you will of it and feel free to confirm it with PET


From : David Horgan
Sent : 11 November 2004 11:52:52
To :
Subject : Sworn to secrecy by the Ministry of Oil.

Inbox


Our hands are tied by the Ministry of Oil. We will release news when we are able to.
DH

-----Original Message-----
From: Jacqui Gallagher
Sent: 11 November 2004 09:22
To: David Horgan
Subject: FW: State of Affairs



-----Original Message-----
From: petrel
Behalf Of ******@doctors.org.uk
Sent: 11 November 2004 08:21
To: petrel@iol.ie; ******@doctors.org.uk
Subject: Contact Petrel Resources : State of Affairs

Name -
Message :
Mr David Horgan ************

Dear Mr Horgan

It has been 6 weeks since you last updated us. Can you confirm whether we are still on track and whether we will be releasing news soon?

I know you are busy, so a one word reply would suffice.
offend.

Good Luck

Yours sincerely

tokyo we mentioned the price dropping the other day to far as 80p. on the waiting front we all know that patients is a future and with your upfront e-mail technique we can't go wrong, DES pattern is a nice fore runner for the PET 'when' it kicks in.

take care one and all

watcher

Afternoon all,
Good work again tokyo. There is no reason for this drop today, and for that matter the rest of the week, it`s just the MM`s trying to make money out of nervous investors and those that are due to pay for their shares. My advice, for what it`s worth, is throw out the charts and TA and go with gut instinct and knowledge built up over the months. Only take as gospel news direct from PET, website or genuine e-mails, and sit tight, it will IMO be more than worth the wait.
Dexter

If you want a chart to soothe the nerves, have a look at TLT. Glancing at that calms my nerves a bit!

It is looking pretty cheap .........had to buy some more. I blame Tokyo!

house sold for more funds ,now living in tent.................I am prone to exageration

Sold out on the first day of Q4. Following the situation very carefully before I get back in. Kicking my self for missing out on DES. Good luck to all who hold and remember that well known Dell boy saying " He who dares".

LOL

MS

Hopefully LivvyTyler - will post her latest investigative e-mail on here soon, has already been posted across the road. Those that bought more today maybe patting themselves on the back sometime next week.

Good luck all & Livvy well done, the e-mail makes excellent reading for anyone who knows how to read between the lines

Tokyo

Hi folks sorry fr the delay in posting, internet at work out of order for 2 days, virus threats...here ya go received finally this afternoon..

Date: Wed, 10 Nov 2004 04:20:58 -0800 (PST)
From: "Jo"
Subject: Investor Inquiry
To: petrel@iol.ie

Good afternoon,

Would you like some bad news first?

Im afraid that I am YET another shareholder in Petrel, and yes, I AM aware that many of my fellow shareholders have telephoned and emailed your good selves in recent days asking in our inimitable and persevering way about the prospects of further updates or information issuing on the state of play regarding the prospective Iraq contract tenders.

I was very much hoping that you could give some indication as to when I and other local holders might expect to be updated on developments. I appreciate the sensitivity of the issue but was hoping for some minimal reassurance (and here I adopt a plaintive tone) still confident that my optimism in holding the shares over the summer was well placed.

Perhaps, if I can may make a respectful suggestion, some one of your legal advisors could, in the very near future, frame an information bulletin which would provide some interim support for us as we have certainly run out of nails, on both hands and indeed both feet.

(You will realise from that last statement that we are a flexible and versatile lot!)

I much appreciate you time in reading this and I very much look forward to your response.

Oh yes, I forgot to mention that good news?

Well, I havent telephoned or emailed you before!

With very best wishes for success,


Jo
Belfast

Subject: Regards to all in Belfast!
Date: Thu, 11 Nov 2004 10:53:38 -0000
From: "David Horgan"
To:

Dear Jo,
Petrel is sworn to secrecy at the Ministry of Oil's request.
It runs against the grain to be silent, but it is in all our interests. You may have heard the Gaelic seanfhocail that 'a loose tongue broke many a nose.'
Ignore bulletin boards, shorters and rampers - they are typically poor investors and care nothing for the company.

David

Livvy (Jo) You have made me break my own rule/promise, as my portfolio is already too heavy with PET I promised myself that I would not top up again and would just be happy with what I hold, but I just sent some more cash to comdirect - No prizes for guessing what I'm gonna buy!!!!

Tokyo

LOL - Just one last top up!!!!!!!!!!!!!

:-)

Opened a Dec PET spread bet at 94p with a 82p stop loss at 100 a point, it was the largest size they would give me at Igindex.

16:21 50K buy - thats the first T trade I've seen go through today, has anyone else noticed any others?

Tokyo is the top up king, just wish I had enough long term funds to do the same. Hopefully I'll be there early enough on the big day to do a little short term flutter, with unreal (i.e. short term) money!!

As you all here I am still holding tight. Just look away from the screen and everything is ok!!

All the best chaps and chapesses...

And excellent emails from DH, thanks Tokyo and Livvy!

Out for the day, playing golf, and missed the excitment; yes, and the opportunity to buy at rock-bottom prices.

Rebels; thanks for pointing out that my letter on PET was in today's issue. After posting it here, I send a copy to the ed. To my great surprise, JL responded to me directly and on the bb; very complimentary as well! I reckon he does a great job: his editorials are relevant and the mag. is steadily improving.

Aldwick: thank goodness you took the spread bet. I do not put down stop losses on principle. Now a stop gain might be sensible because, when the price drops, you can but it back; but horrid having to buy back at higher than you sold.

Lovely Livvy: super work; the charm of the Irish. Mind, I am still afraid of that sharp pencil!

Tokyo: well summarised again. And well bought; amazing where you get these additional funds from. I wonder what your stake is now - a millionaire in waiting, I guess!

Been perusing the trades for the day. What is amazing, well it isn't really because it is nothing new, is that the price has dropped so sharply whilst trades have been pretty well balanced. A successful day for the MMs. Mind, and I do insist on this one, there is nothing sinister in their tactics:

(1) Price opens unchanged at 98p with 4-point spread.
(2) Selling of about 100K total in first half hour takes price down to 93.5p in order to attract the buyers in. Big movement, yes but perfectly reasonable.
(3) Price recovers to 96.5p with buyers almost catching up sellers. Still not yet 09:00. Spread narrowed to 1 point.
(4) Sellers again predominate, driving price down to 86p at 10.25. Buyers have returned but it may be that stop losses are being triggered and selling continues. Trading is quite hectic and now two way.
(5) Buying continues on its own with price back to 91.5 by 10:33. About 60 trades have been executed in 10 minutes!
(6) Buying continues unabated (there goes Tokyo, dexter, uncle Tom Cobley!). By 11:00, buys well ahead of sells. Prices then move either way around 90p. It seems that there is something of an equilibrium as buyers and sellers match each other. Isn't this just successful market making! Transactions are becoming less frenetic.
(7) Price drifts again during the afternoon as sellers somewhat outweighing buyers. Then recovers towards the close although buying and selling broadly in balance.

Its certainly a highly successful day for the MMs. It almost seems accidental that sellers jumped in at the beginning of the day, quite a movement on low volumes and then relatively little movement on very much larger volumes and smaller spreads. But, and this is the primary reason I have gone through this exercise, there is nothing sinister about it (except perhaps triggering aldwick's stop loss!). It could work the other way round tomorrow.

I also suspect it proves that an awful lot of investors are ill-informed. There are still reasons, including political, why there may not be a contract for PET. But readers of this bb know that the odds are heavily on a deal. But the market is generally in ignorance. 1 million shares sold in a day at prices well down on recent weeks!

Well, I'm going to sleep on it, see where the price is in the morning and then probably switch some funds; into PET that is (OK, Sandra?). But then , of course, I might awake to an RNS!

Eric
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