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!!

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

>cynic - 04 Aug 2007 09:26 - 24 of 127
for would-be investors, there will be plenty of time to get in ...... sp is surely rushing upwards on the hype of the news laws being enacted rather than on any discovery ...... furthermore, if the markets remain unsettled for the next month or two as is a racing certainty or even fall quite substantially (my feeling) then sp will retrace sharply (along with many many others)

>lex1000 - 04 Aug 2007 10:21 - 25 of 127
cynic, links for research purposes for from your post it would appear that you have not done so,yet? More substance to PET than just short term sp prediciting.Long term hold for me.PET worthy of full in depth DYOR and then you will "know."

PET websited just updated.

http://www.petrelresources.com/

PET presentation also referred to as MAY 2007

http://www.petrelresources.com/investor/files/Petrel_presentation_April_2007.pdf


>lex1000 - 04 Aug 2007 10:23 - 26 of 127
cynic, links for research purposes.Video link. IRAQI OIL the world needs and IRAQ needs as oil forms 93% of their income.

The War for Oil 58 min - 1 Aug 2007
video.google.com

A brilliant documentary broadast by the BBC about a week after the US and UK invaded Iraq in 2003, explaining why it was all about peak oil.

http://video.google.com/videoplay?docid=8162244809649380953



>lex1000 - 04 Aug 2007 10:24 - 27 of 127
cynic, links for research purposes.Video link.

4th Hearing: 8 June 2007
Part 4 David Horgan


http://www.channel4.com/news/microsites/I/the_iraq_commission/video.html

>lex1000 - 06 Aug 2007 22:04 - 60 of 127
Cynic,

Let's see how PET trades.

10k bought @ 87.6p this morning total 8,860.10 gross - your fantasy portfolio.

At close @ 94p worth 9,387.50 net. profit = 527.40 net.+5.95% profit in one day.

p.s if day trading profit possible @ 97p bid = 827.40 net.+9.33% profit in one day.

In my humble opinion PET long term hold for highest gains - that "feeling grows & grows...."

My posts pre-open today one could say have been proven "timely." For an alternative contrarian view see post below-you did bring MPH into it.LOL ;o)

DOW 13468.78 +286.87

Cynic/Halifax current sp 125p-130p.

10k @ 125p 12,500 -12.50= 12,487.50 - 8,860.10

Since 6/8/2007 net profit 3,627.40 +40.9%

What did PET start the week at please.
2517

about 83p