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

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
(5)

My fingers are crossed for you lot.

You deserve a result!

With the last trade of the day, reportedly being a C trade (a roll over of a previous T trade, although normal roll over are normally only charged an extra penny not 4 pence),so I think we can expect at least a 2/3 pence mark up tomorrow morning, followed by perhaps strong buying ready for the end of Ramadan, would expect T20&T10's to start piling in soon. All IMHO but wouldn't be surprised to see a 10%+ rise tomorrow.

good luck to all holders, both new and old

Tokyo

Any chance there could be a link between the 32% rise in PRE today and an announcement from PET? In the last PRE results they mention the possibility of future middle eastern deals.
Eric
I know I said I wouldn't but I'm once again looking to see what I can lose for a final(ahem) top up. This price is too good to miss.

Sandra: Good morning! The PRE movement is on a rumour about drilling results elsewhere!! You may want to buy that as well. Do you have DES now as I think I brought it to everyone's attention at 35p. SP has almost doubled in 3 days. John

Good Morning All!

jojobt9 - 11 Nov'04 - 15:19 - 33160 of 33327
David Horgan email to Jojo, acroos the pond

"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"

Why swear somebody to secrecy if you have nothing to offer them? Plus "it is in all our interests": This says it "all" and includes us shareholders.

Suspected the same, Tokyo. Well done, John. Had to join you, Sandra. Sold some AZM at 132.3p and bought PET at 96p. Frustrating having to go via the dealer, who had to work it out long-hand while I was on the phone and price was moving. If I'd been able to trade on-line it would have been 93p, changed from 95p before I traded at 96p. Within 4 mins it was 98p, though. As I suggested could happen, starting to see the inverse trading pattern from yesterday. Exciting times!

Eric

Instead of offering good wishes, I have had a little nibble this morning.

Hello fellow holders.

:-)))

I get the feeling we are on the way up and will reap rewards next week!

There she goes, through the 100p - a fine sight. Well done, John: DES up another 6%, PRE 10%. Three lovely schooners. Mind, I'm not so sure about this seanfhocail - already got a bloody nose from the Mrs for being late with her morning tea! - and the shares were on her account, as well; no appreciation!

Eric

Eric: I am pleased to read that you have got your priorities right. You can tell her who must be obeyed, that she will soon be able to have servants all around her based on your earnest endeavours! John

Well guys with Ramadan over tomorrow, it would have been nice to seen an RNS today, I could have celebrated Eid with style!!!! Never mind with all the activity going on with the SP today maybe the good news is just round the corner!

Anyway Happy Eid and good luck for next week!!!!!!

Morning all,
Bit better today, i don`t know if this has been posted before, but it`s from a respected poster on the other side.
Dexter

Petrel is sworn to secrecy by the Ministry of Oil. It is a sensitive
time. Also there's the law:
Like any quoted company Petrel cannot selectively brief investors - when
there is a material update it will be announced to the stock exchange.

DH

-----Original Message-----
From: Jacqui Gallagher
Sent: 11 November 2004 11:09
To: David Horgan