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

Sweet dreams, Tokyo. If you were to call the Friday before a Monday announcement, it would be a bit like today, wouldn't it?

Eric

Well Tokyo you were wrong about the 10% rise today thank God; only + 22.95%!!!!
+ 250% next week all being well a ?

That was a much more comfortable day than yesterday. Even topped up with a few more.

What worries me is, that if there is no sign of RNS on Monday, will the SP start to drop again???

Failing Monday.... is this a possibility?

Iraq Procurement conference (http://www.iraqprocurement.com/) is being held on 21st to 22nd November.

Would it not be much better to announce this from that conference signaling it was open for business? Given that it would sound more offical? Media being there? Also, this is so well timed since 21st is a Sunday so an announcement then would be ready for the market for Monday 22nd???

It is possible that an announcement could be any day this month, really best not to pin your hopes on any one day, as hard & nerve wracking as it is to wait, I'm afraid that is the only thing to do, as in the words of David Horgan "It will be in ALL our interests to do so"

Tokyo

I've done a search on the net, but come up empty for Pet related news in the Sunday papers, anyone found anything? Can't believe after Friday's rise that it would be overlooked, especially as this week it is expected to take off.

Please post news if you find it

thanks
Tokyo

I don't think it will go up on Monday...likely to go down as there is no news at all...I searched too...I think the rise on Friday was just speculation...may take a few more weeks to get a better picture of PET.

Hlyeo - The TA says different if volume comes back to PET then it will shoot through the roof tomorrow or so says a well respected chartist from across the way, will try to find the post.

What do you make of the job advertisement below. Could　be PET, if we are lucky. Any volunteers to try and find out?

Anyone fancy applying for this job,or at least trying to find out who is hiring,as the company is in LONDON. This could be PETREL looking for Installation Technicians / Engineers / Managers

check out the link, What do you guys think? Remember David Horgan and John Teeling were in London the other week for their AFD & PRE AGM's.
Any thoughts or am I just dreaming? Timing & place seems to fit if it is PET & they will of course be needing a huge amount of new & experience staff

Tokyo

http://www.ccl.uk.com/vacancy/8377.htm



Back to vacancy list



Job Ref:



MR/08377

Position:



Installation Technicians / Engineers / Managers

Description:



Contracts Consultancy Limited (www.ccl.uk.com) has been requested by a leading international oil and gas contractor to source Service Technicians / Engineers / Manager. Rotation, rates, accommodation, flights, transport, security, subsistence and other terms and conditions to be discussed and agreed.



Location:



Iraq

Qualifications:



Good technical qualifications. Strong mechanical aptitude. Should be capable of dealing sensibly with Client, international and local contractors and be capable of acting in a stand-alone capacity.



Experience:



Minimum 15 years experience including drill-out gates, conducting on-site machining and machine casing. Install, repair and troubleshoot surface wellhead systems. Have achieved competence, with expertise, in the majority of units and have proven ability to affect a customer perception of Client in a positive manner. Must maintain a minimum competency level and continue to train towards a higher competency level. Should have a good track record of involvement / management of overseas projects. Very physical job requiring frequent lifting, pulling, pushing, climbing and driving. Use mechanical hand tools including all types of manual wrenches and many types of power tools driven with hydraulics, electronics and pneumatics.

Must have experience of working in harsh environments.



Apply to:


Mike Roome

Contracts Consultancy Limited
162-164 Upper Richmond Road
London SW15 2SL
Fax: 0208 333 4150

Email: mike.roome@ccl.uk.com

Here is the information on the TA from across the way, I post it here as this guy has been right on the money calling PET correctly throughout. This is someone elses post not mine I'm afraid as my TA skills are embarrassing low compared with this guys'

Here is the post

pet,

ended up friday up nr 23% in the way that only pet can manage. it cut through r100 like knife through butter with the most of bullish of intraday performances!!

the stock rose from relative lowly level as the mm's desperately made another attempt at disguising the real direction of the breakout of the triangle of this stock, as i had envisaged. they have done it once, on the last huge erruption of 6 weeks ago. they had the audacity to do it again this time taking the stock even below the dey support level of 100. poor mm's they have had to defend their patch and who pay for their v8 4 litere mercs!! someone fetch me a kleenex tissue please!!

highly volatile in a country on war footings dealing with the emotive and geopolitical subject of oil exploration and without a product yet or even a signed contract! this does not make for an easiliy fathomable stock. but i've got it in a wrap and it is behaving to expectations. read my posts on this stock over the past few days.

by this weekend expect the battle of fallougah to be over. this should clear the way for pet and other external contractors to operate with a modecome of security in the country.

all the technical factors have hit the apex of the triangle that had started with the start of this year. and now the main battle of fallugah too.

expect fireworks to errupt on this stock next week starting with market open on monday. no certainty here of course. but should you see the stock rising coupled with volume then it is your chance to go in sas style!!

note the rising

my top favourite stock, has been and would be for sometime!!

From Fillyaboots forum, not PET news but closely related as a particular posterfrom advfn(you all know the one) was raving on about how PET would not get anything as they broke sanctions when Saddam was in power, yet this article shows the exact opposite. One thing that I find interesting is the award to JP Morgan and HSBC of some Banking contracts awarded by the interim Government.
Does this mean that they are in the process i.e. of announcing contracts in other areas during the coming days. I suspect it does..

Both these companies were doing business with Saddam and don't forget Petrel had agreements in place before the war. So maybe the time is near




Busted banks get
Iraq contracts

WASHINGTON - The interim Iraqi government awarded contracts to two multinational banks fined for violating American sanctions against Iraq during the regime of ousted dictator Saddam Hussein, records show.

J.P. Morgan Chase, the New York bank giant chosen by U.S. officials to manage the Trade Bank of Iraq, paid a Treasury Department fine four years ago to resolve allegations its Chase Manhattan Bank allowed a $50,000 transfer involving Saddam's Iraq, a CIA report found.

Bids from 58 banks from around the world were considered in selecting the consortium led by J.P. Morgan. The financial services company and Britain's HSBC were the only banks on the list that paid fines for Iraq-related violations.

The U.S.-backed Iraqi leaders awarded one of the first foreign banking licenses in Iraq to HSBC - the only company fined twice for transactions with Saddam's Iraq.

A CIA report last month said Saddam's regime also stashed illicit oil profits in accounts at an HSBC branch in Jordan.

The Associated Press

http://www.gulf-daily-news.com/Story.asp?Article=96443&Sn=BUSI&IssueID=27239

well that's enough hunting around for today, see you guys tomorrow


Tokyo

Tokyo

Fascinating posts above. Great to see the sanctions busters rewarded. It shows that the Iraqi's in power (interim!) know who their friends are. It also shows that they don't see the need to wait for the procurement conference before cutting deals: there is an advantage in having cases already executed to which they can refer as examples.

The other great post is from your chartist friend. As is obviuos from above, I am a first principles man but come to the same conclusions looking at Friday's trading:

(1) I had suggested that Thursday's trading could be inverted on Friday and this started to happen: (i) sharp mark up on early buying for first hour; (ii) reaction as sellers came in so that by 09:30 price was back to 96.5 and sellers were catching up buyers; (iii) steady buying at the lower level in next 2 hours so price is marked up to 104p; (iv) pretty stable trading through to 15:00 at around this level.

(2) But then look at the trades in the last 3 half-hour periods: buys/sells
109,178/90,071 - price marked up 5 points
111,178/98,714 - price marked up 2 points
239,426/147,685 - price marked up 2 points

This is the MM nightmare scenario - they can only react to increasing buying pressure by marking up the price to bring out sellers and they just don't come in sufficient numbers.

OK, overall volumes are not that great. But what is the reason for the spurt of late buying. The most obviuos reason is that some folk know something. There are a lot of trades: several at 10K plus but nothing really substantial to suggest institutional purchases. Could be an analyst newsletter to suppliers. Or could be that these folk know that an announcement is imminent!

The answer could come in the form of an RNS tomorrow. If not, there is still likely to be a follow through of speculative pressure, as a few weeks ago: the MMs will want to bring the sellers into play and make it harder for the buyers.

Anyway, we're getting closer! Cor! it must be difficult waiting for the market to open!

Eric

Great posts from the regulars! There is a lot going on behind the scenes, we just have to make sure we are there at the right time now, its a day by day thing. Good luck. By the way I'm posting less now cos since I finished doing the job i wanted to do (fish) where I had access to a PC all day, I am now temping so access is limited. Just hope im there at the right time for the explosions!

107606

Don't worry! Your probably better off away from the pc - you may be tempted to sell too soon! Good to be incommunicado until, say, Xmas!

Eric

After an interesting start, we are now seeing red. Looking at the trades it is nothing more than small investors getting spooked yet again, or perhaps a few day traders taking delayed profits from Friday, although in fact I think I maybe to blame as I topped up again first thing, and it always dips a little after I top up, sorry folks!!!(couldn't resist after Jo's e-mail and the job advertisement I posted yesterday, alot of info in my opinion is coming togethre and it all looks positive for PET, and if I'm wrong then, well simply put I lose, but if I'm right.............
Be interesting to see what the MM's do with this stock over the coming week, as I'm sure it is not just us small time investors who are expecting an RNS sometime in the next two weeks

Tokyo

Thanks for the posts yesterday Tokyo very interesting stuff.
If it's not too premature and too forthcoming to ask, how long does everyone envisage hanging on to these shares after we get the positive results we are expecting?

KIRKUK, Iraq (AFX) - Four bombs exploded near oil wells in the Kirkuk region of northern Iraq, triggering fires, a security officer for the installations said.

The officer, Anuza Daali, said the wells targeted were at Al-Khabaza, 30 kilometres (20 miles) from Iraq's oil centre of Kirkuk.

'Fires broke out and we are trying to put them out,' he said, without being able to specify if production was affected.

Northern Oil Company officials were unavailable to comment on the latest acts of sabotage against oil installations in northern Iraq.

str/ps/hc/jlw

sandrew

Three times to sell - I like the greek word 'kairos', the opportune time. Inevitably, there will be a very sharp jump on a positive announcement. Its a matter of judgement whether that will go too far and then settle back. I will certainly take some profits anyway as there is a bit of a queue building up of potential investments. Ideal if you can sense the top of the spike.

At the same time, we should look, as the market will look, at the fundamentals. What is the PET stake, what is the potential PE when the fields are live? I would expect the price to find a level, perhaps after a volatile few days, at a relatively stable level. Second kairos!

As the fields approach production, and the security issues diminish, there should be a ramping up towards an appropriate PE. I would expect PET to negotiating other deals: Block 6, etc. Remember Jeremy Lacey's valid point re PET becoming a Cairn Energy. Third kairos! Perhaps they are four quarters, with the fourth held long term.

Nice to dream but also sensible to be prepared. Depends also on any spending plans from the profits! - and negatively, the fearsome CGT!

Eric

Iraq elections maybe postponed till january [ rns today ]

Morning all,
Tokyo, a good post re; jobs adverts,the only problem with it being PET,
I thought PET said they would only employ locals, i would have thought the Iraqi`s would be experts in all aspects of the oil industry. If they started hiring from this country they might not be classed as neutral.
just a thought ,
Dexter

ps, did you get a good deal on your "final" top-up ?