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

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 ?

The job advert said a leading oil company, PET is not a leading company its a very small one. p.s. has anybody phoned to ask the name of company?

Bad news...more bombs near oil-fields...no news of contracts means more downtrend today...

A friend of mine called the Job advertisement, and I'm afraid it was not for PET, it was something completly different and it was to do Well Head repairs for a major Oil Company. Never mind it was a long shot, never afraid to admit when my speculation is wrong. Still VERY happy to hold though, as these penny drops are designed to scare away the smaller investor who has not done any research and panics at the slightest price drop, the wait goes on for the RNS, which is the make or break of this share, the wait goes on as we have all been doing for what feels like an eternity, what is a little longer - anyone with long finger nails left on this thread. LOL

good luck all

Tokyo

Tokyo,
I ain`t got anything long left after i topped-up the other week without telling the boss (wife)!!!!!!!.
Dexter

Dexter, let's hope the boss signs her approval...my boss only approves when the shares make money but otherwise you get the ear-twist. OUCH!

The article: a possible downside to Petrel being given any contract this YEAR!!!
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With eye to future, oil companies give Iraq free help
A Shell spokesman said the company wants to establish "an enduring presence in Iraq."
By Justin Blum, The Washington Post
November 8, 2004

WASHINGTON International oil companies have launched voluntary efforts to train Iraq's oil workers and provide technical assistance, hoping to generate goodwill and eventually get access to the country's huge oil reserves.

Companies from the United States, Britain and Russia including ChevronTexaco Corp., BP, Royal Dutch/Shell Group and Lukoil are paying to send Iraqi oil workers out of the country to teach them the latest techniques in developing and managing oil fields.


In addition, Shell agreed to look into the most effective use of the country's natural gas reserves. Chevron is advising Iraqis on two of the country's biggest oil fields now in production, Kirkuk in the north and Rumaila in the south.

"The industry is about relationships face-to-face relationships count for something," said Lawrence Goldstein, president of the PIRA Energy Group in New York, an international consulting firm. "If you're the company and individuals involved in the face-to-face training, it's clearly beneficial.... It's offensive, it's defensive, it's altruistic in many ways, and it's self-serving."

The companies said they are responding to a need for assistance and are not jockeying to grab the country's oil. They said that they have offered similar voluntary assistance in other oil-rich countries with limited resources.

"We are interested in building long-term relationships with Iraqis and establishing a material and enduring presence in Iraq," Shell spokesman Simon Buerk said.

A spokesman for Iraq's oil ministry said he was not authorized to comment about oil companies' activities, and could not immediately arrange an interview with an official who could.

International oil companies are eager to gain a foothold in Iraq because the country is believed to have the world's second-largest conventional oil reserve, though some analysts said the statistics are questionable.

Iraq nationalized its oil fields in the 1970s, and no foreign companies have been allowed to own fields in the country since. Under Saddam Hussein, some concessions were granted but they were later canceled or never came to pass because of United Nations sanctions.

Iraq is attractive because its oil is considered high quality and relatively cheap to produce, analysts said. Daily oil production in the country has been hampered in recent months because of insurgents' frequent attacks on pipelines. Analysts said Iraq's oil industry is in need of modernization and investment after years of neglect.

The Iraqi government has not established provisions to allow foreign investment in the oil industry, and companies are hoping such measures eventually will be enacted. Oil companies said they expect such decisions will be made after elections in January.

Iraq this summer solicited bids to perform a comprehensive evaluation of the Rumaila and Kirkuk fields, and companies from around the world are awaiting its response to the proposals. The analysis would help determine how much oil is in the ground and how to best pump it.

In one of the goodwill projects, Chevron, based in San Ramon, Calif., is training Iraqi oil company employees as part of a broader "technical service agreement" with the country's oil ministry, said Andrew Norman, a company spokesman.

"The overall aim of the program is to really bring the Iraqis up to date with their petroleum engineering techniques, modern-day operating standards," Norman said. "It was conceived jointly by the ministry and by us. We made it very clear that it was a goodwill gesture on our part. They made it very clear that there will be no payment in kind. There is no quid pro quo."

But he added: "You might reasonably say, 'What's in it for us?' To be honest, this is part of a broader relationship-building effort we have underway. It's important to build relationships with those folks.

At the same time, we understand the interim government doesn't have the mandate to award any oil contracts."

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If this, last para', is true then all e-mail alleging Petrel origin are now questionable.
Is it time to stop chasing rainbows and return to reality?

note the quotation marks, and allow for journalistic interpetation of never allowing the truth to get in the way of a good story.

Alan

The Iraqi government has not established provisions to allow foreign investment in the oil industry, and companies are hoping such measures eventually will be enacted. Oil companies said they expect such decisions will be made after elections in January.

"The industry is about relationships face-to-face relationships count for something," said Lawrence Goldstein, president of the PIRA Energy Group in New York, an international consulting firm. "If you're the company and individuals involved in the face-to-face training, it's clearly beneficial.... It's offensive, it's defensive, it's altruistic in many ways, and it's self-serving."

WHAT DO YOU THINK PETREL HAVE BEEN DOING FOR THE LAST SIX YEARS IN IRAQ?

Also the oil minister himself was quoted as saying the contracts will be awarded by the end of November.

Scottie are you suggesting we take the word of this journalist & companies not in the running for these contracts over all the others and the oil minister himself?

Also ask yourself why Petrel went to Jordan last month for urgent talks and why the Iraqis were in Ireland.(or do you think that was just for a holiday)

They can't award contracts, so this whole tendering process has been one big partical joke....Come on get real!!!!
sorry too many facts that point the other way to take this journalists'or de-rampers' views seriously!!!

If the above posters are worried then it is best for you to get out, and leave us real holders to take the risk and reap the rewards. This stock is still very much a gamble, but posting things like the oil ministry can't give out these 2 contracts expected this month is a little stupid, don't you think, as there is a whole lot of evidence to support the fact that they can, including the current Share price!!

Tokyo

well my prediction has gone down the shute, so my next is top up like the believers if you can, i can't any more and look at the evidence that has been generated before you sell.

watcher

The demonstration of his ignorance of the HSBC and JP Morgan banking contracts shows that the journalist above has not done his homework fully. Its been clear that the Fallujah decision was essentially made by the interim Government sho do seem to be calling more and more of the shots (figuratively and literally). There may be some doubts about the origing of some posts but I would have thought that there was absolutely none concerning the quotes from the Oil Minister. So it shakes some holders out which is hard luck on them and further acquisition opportunities for those who are investing time, as well as money, to follow the situation closely.

Whilst the volumes have been relatively light, it is somewhat baffling seeing people drop out with only two weeks to the end of November, unless its deramping which could lead to fingers being burnt. One thing having no finger nails left! At least they grow again!

Eric

Eric

I have been reading your postings on PET for a while. I'm not in but I am tempted. Raised some cash today but can't decide what to do. I hold SEY and I am thinking about topping up but already have a large position on it. PET does look a risk but then again they all are. I will make my mind up tomorrow. If PET does come good the results will be huge.

LOL

MS

This above post 1163 is not the views held by me but a quote from the Washington post.
I too have held a position in this company for seven months ramping or de-ramping I have only quoted-- that what is written.

If we were to look for doubt I need only to refer to my own communication with Petrel- or do you think they only talk with you?

Need I remind such a "real holder" this share was first lauded in April with contracts to be signed in July and then August and then September oh yes then October and November and now December. You "REAL HOLDERS" can surely understand if a little doubt crept-in.

As for the Ministry of Oil, they do exactly as they are told by the USA and their Government. What evidence to you speak of? do you mean the your postings or the facts? Petrel resources are in negoitations with the Ministry of Oil for several contracts, and because of Petrels long association with Iraq and the Iraqi people they are in a good position----they or it is the only fact/s.
The share price is good and I hope it will continue to 'be good' I intend to retain my holdings until the 'cows come home' or until they reach 47.00 when I will release enough to make me a Sterling millionaire. So please don't get out of your pram if the Washington Post prints quotes from, at best an interested party, wanting the contracts that Petrel are about to WIN, after all its not only good news that effects the share price and you real holders have a right to know ALL NEWS, don;t you think!!

I also refer you to my
"note the quotation marks, and allow for journalistic interpetation of never allowing the truth to get in the way of a good story"
this implies the truth will never affect an article. How did you read it?

Just a final word of advice: Don't get too involved with one stock and try to get a life.

I remain a dedicated follower of Petrel Resources
Alan

skinflint

Nice to have some cash to invest. Every time I want to buy something I have to sell something I think is really good! So, should it be SEY or PET? Fristly, where I am coming from. I suspect you may have visited the ASC bb where we set up an ASOS challenge and 10 of us put forward our canditates to beat ASOS in doubling (ASOS is leading hands down, but I am backing PET to win!). Several were competing to nominate the oil shares: PCI, SEY and PET. I took a position in each of them but, as is my wont, set them to compete with each other and ended up consolidating in PET. SEY are fine. Their is not much downside risk; they have cleared their funding overhang from the Mauretania deal; Mauretania potential is significant and they have an inside position with the government. No reason I can see why they shouldn't double in six months, put perhaps not much more.

PET have, I believe, a unique inside track with the Iraqi governing party, which, I am quite convinced, are not in the pockets of the USA (as implied above). The contracts won by HSBC and JPMorgan are very significant in this respect. So, why PET and not SEY. The downside risk is 1 per share, or 99% approximately, if you like. If you don't like that, stay away. The upside risk is 'n'. The Shares magazine said, in evaluating my portfolio, that 'I am comfortable with risk'. I am comfortable with risk because, if there is isn't a downside, there can't be much upside, because otherwise the price would already be much higher. So how big is 'n'. I am an admirer of Jeremy Lacey so let him speak: 'PET could be another Cairn Energy'. Cap. of Cairn is 2.2 billion to the nearest 100M. So lets say the potential, perhaps over several years is 1 billion - just to be cautious! Then the value of 'n' could be 150. Funny, I like that sort of upside. Now following the approach in my reply above and you dispose of three of four tranches of shares in the first year or so, and you have n=10 so far, then n=40 overall and your 10K has become 400K. JL thinks that could happen, though I don't know whether he has put his money where his mouth is! I think that probably will happen and I have put my money where my keyboard is.

So, if you have a slice of dosh which you are prepared to say good bye to, it has to be PET. You just couldn't live with having said 'no'!

lol! atwttb!

Eric

Re post by Scottie 7, 1163 Washington Post Article.

I e-mailed Pet on this and a few other burning queries, why, i ask myself, well, why not! the responce from Pet was that they are 'unable to comment'.

This for me is fine, they have no need to bolster the sp or indeed alay any fears that the weaker 'risk' investor may have. The blackout of any info coming through from Pet is not disturbing, it shows a confidence in what they are doing and a greater importance for them to focus on contacts, awarded at this time or not, than reply to e-mails from the likes of me!!!!!!

IM HOLDING TIL THE END!!!!!!!!!

Eric- Very well put, I think all new people to this thread should start off by reading post 1170. As PET is a gamble, some people believe it is in the bag, because of the relationship PET have built up with the oil ministry(these are the same people that the Americans removed as they were working when Saddam was in power, but then had to reinstate them as the oil industry feel apart without them, I'm pretty sure they have NO love or loyalty for the yanks as many people believe the yanks are running things) and the fact that SCOP encouraged PET to tender for all 3 of these contracts, there is so much evidence pointing PET's way, but until the RNS is released saying "PET have won the tender(s)", then this share is still a gamble and only money you can afford to lose should be put into it, the upside is amazing, but the downside is equally devastating, the analogy that comes to mind, is that it is like backing the favourite to win a horse race @ about 4/1, everyone believes the horse has what it takes to win and the evidence is all there to say it can, but there is a long way from the start to the finish, I think many of us feel that we have travelled this race with Petrel, and are hoping that they cross the finish line first with the Iraqi oil tender.

Things are not 100% sure with this company, but I am very happy to leave 100% of my PET stock in until the announcement, I have great faith in the abilities of David Horgan, the relationships he has built up in Iraq, the current political situation points to an Irish company being a very sound choice.

Make what you will of the information on this board, as all the people on it have put in some great research and opinions, making this one of the best boards I've come across for PET related facts and information.


Tokyo

Very low volume today so far! Is this a pause before lift off! oh such wishful thinking. I do hate it when it goes so quiet.

Maybe the best thing would be to have a BB blackout.

That way we wouldn't be able to wind each other up so much, and the time might pass a bit quicker!!!

a 50k 'T' sell, at 1.05? still low volume

Tokyo

Thanks for that post. I had been racking my old brain ticker for reasons why this might not happen: oil field explosions almost help it to happen; assassinations? big boys flexing muscles? So, I thought, what if the Iraqi decision makers change their minds at the last minute, perhaps under US duress. You have answered that! It is self-evident, anyway I suppose, because the strongest calling card that PET clearly has is just that they have been calling for six years; confidence has been built up; the Iraqi's know that they have the skills, will act as an effective front man, and will deliver. OK, as Chirac is saying to Blair, there is no pay-back from the US. But, the HSBC/Morgan shows the loyalty of the Iraqi's. Back to my quiet confidence again!

Eric