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

Thanks Tokyo, did confuse me!!!!!!!!!!!!!!!!!!!

If anyone is getting nervy with all these de-rampers etc, take time to read PET`s annual report P11 re; partners and onto exploration of block 6, the article following. Remember whatever press article you read with so-called quotes etc, the only hard truth is what PET put out themselves via reports and RNS`s, also believe e-mails and phone calls from RESPECTED posters.
IMO it will be 2 contracts and block 6 rubber stamped.

Dexter

This is an article people have used to de-ramp, but as always you have to read the whole piece.
Dexter

Oil sector reforms in Iraq put on hold

Saudi, Kuwait cut crude prices; oil falls below $47 to 8-week low
Nicosia: Proposals for major reforms in Iraqs oil industry have been put on hold as the interim government concentrates on its daily problems, the Middle East Economic Survey reported yesterday.
The Cyprus-based weekly publication said proposals from senior government officials over the past few months were being shelved as priority went to improving security and preparing parliamentary elections in January.
Some of the immediate problems include the frequent attacks on the domestic and export pipeline system and on oil installations, as well as the safety of oil employees, many of whom have been killed. Other problems were provision of adequate petroleum products supplies for the domestic market and preventing the smuggling of crude and products to neighbouring countries.
Another issue of grave concern was sustaining present production capacity of 2.5 million barrels per day, while gradually raising this to 3.0 million barrels per day over the coming year.
The Ministry of Oil was also embarking on the development and construction of projects to enhance capacity and operations, while the appropriation of a capital expenditure budget of three billion dollars had already been approved by the cabinet, the highest figure in a single year.
The MEES report added that the Ministry of Oil was keen to establish contacts with international oil companies, despite the security conditions which stopped executives visiting Iraq. Companies such as ChevronTexaco, Shell, ExxonMobil, Lukoil, BP, Petronas, Ivanhoe and Tigris had been approached to assist in the Iraqi oil establishment.
■ Saudi Aramco has announced its December crude pricing formulas, with further reductions for most grades to all-time lows with respect to benchmark crudes, the MEES reported yesterday. Iran and Kuwait also announced lower crude price formulas for December deliveries.
The Cyprus-based weekly said producers of sour and heavy crudes had difficulty selling during the last two months after the Organisation of Petroleum Exporting Countries agreed to raise output. For December deliveries to the US, where Saudi Aramco uses the West Texas Intermediate crude as a benchmark, prices were reduced across the board by 70 cents one dollar a barrel.
■ LONDON: Oil prices fell yesterday to an eight-week low under $47 a barrel, as growing fuel stocks in the US eased fears of a winter supply crunch. US light crude fell 53 cents to a low of $46.59 a barrel, the lowest price since Sept. 22 and and 16 per cent below a record high of $55.67 on October 25. London Brent fell 91 cents to $41.40 a barrel.
A rebound in crude stocks in the United States, the worlds largest energy market, has brought oil prices down from their peaks. Supplies have risen 22 million barrels in the past seven weeks, thanks in part to the highest Opec production in decades.  Agencies
Last update on: 16-11-2004

I just sent an text to David Horgans mobile asking

"I am a small novice Irish investor with (my savings) Euro 30K in Petrel. Should I reduce or hold? What week is key?

Thanks


I got a response 5 minutes later (surprisingly)

"The Ministry has sworn us to secrecy".
END

Take from that what you will

Not a small novice Irish nun. lol.

" The ministry has sworn us to secrecy"

We have heard and read this comment so often! As it was "the ministry" that swore PET to secrecy bodes very well indeed for us, "the ministry" being the key element!!!!!!!!!

the ministry has sworn us to secrecy.why?
so that you have not got the tenders or we will announce the tenders and contracts in front of all the biggest oil companies in the world and tell them we mean business.come and play.

looking at buys Vs Sells today - 400,000 (with the protected T150,000) buys Vs 100,000 Sells, and the MM's drop the price yet again. Are they gearing up for the expected rush of buyers on Friday before the Amman conference or what? trying to hit stop losses or weed out people who bought earlier in the week with yet another tree shake? If the price was truly sub one pound it would stay there after their initially tree shake but as it keeps popping back up everytime(We've seen the same tactic about 5 times now), Anyone who falls for this obvious MM tactic that we have seen so many times before, I'm afraid is an idiot!!!!(not that I'm calling anyone here an idiot, but you get my meaning, even if you wanted out, would it not make sense to wait until Friday when everyone is expected to want in. If these announcements do go to next week I see another big mark up on Friday, not that I'll be selling of course unless it is a mark up to 4 pounds!!!!!)

Tokyo

4 pounds sounds as good a price as any to me!!

Has anyone checked out AST, whats happening there

Hampi man

I was just about to type exactly the same thing!!

Talk about fireworks!!

PET watchers might be interested as it's even more exciting, and it might give you some entertainment to destract you from the interminable wait.........

I work for one of the Oil Majors, and the only work they are doing with regards to Iraq is 'Advisory on how to rebuild the Gas Infrastructure'
They also talk about large undeveloped Gas Fields in the Western Desert that have been known about for Decades but not Developed.

The company I work for are heavily involved in developing Oil and Gas Fields in Iran at present.

They are not best friends with the US because of this....

on the other side they are still guessing days, i don't know what they don't understand about "end of the month" i think it just deramps the s.p. as does people saying they will sell out at 2.50. when they get the contract(s)they need to research again otherwise they will lose a lot of money longer term

I have been an investor in Petrel since they were at 14p and first mentioned in Shares Magazine a good while ago now.
I have Locked in Profits many times over , and now all the money I have invested is from Profits , This at a Price of 131p.

I have also been an investor in Siber Energy for a good while , mainly because of there 50/50 partnership in the Saylm Project in Siberia(50/50 Partner with Shell).
This development has recoverable reserves of around 800 Million Barrels of Oil.
That is RECOVERABLE.

If you look at average future $40 a barrel , then this has potential for $32 Billion Income for Development Costs of $1 Billion. with an Opex lift cost of $1.50 a barrel lift cost = $1.2 Billion over Field Life.

Siber is the Biggest company on AIM.
It has been suspended for a while now because of a legal dispute involving the setting up of a company called Moscow Oil and Gas.

They will be coming back onto the market soon, and the expectation is that due to the more than successful drilling campaign and also the economical increase since project started on expected oil price, then a sale of the 50 % share in the Saylm Project will go ahead (Worth $14 Billion)to fund the Moscow Oil and Gas Project(Recieving Terminal for the Project) .
At 28p a share this is a quarter of the price of Petrel and is far less risky and actually worth more.
Keep an eye on it , there will be a circular issued this week with regards to final plans before coming back onto the market.
If PET comes in over the next week, I would Lock in Profits and keep a close eye on Siber for some more Gains!!!

Lansdownboy,
where can i get good info on Siber ?
cheers,
Dexter

Dexter, Go onto londonstockexchange.com or sibirenergy.com. The former has previous trades and reports all to hand. Should gain a useful insight to this on it. I have been waiting for this one myself and hope that PET performs to our hopes and gives me an opportunity to go into Sibir as i hope.

I have alot of info about the Saylm project due to my job as it is close at hand if you know what I mean, but I cannot post it here.

As already mentioned Sibir have there own website.

I bought into them at 16p and have doubled my money ,locked in until it comes out of suspension. There will be an announcment by tommorow of what they plan to do with Moscow Oil and Gas and the Legal battle with Roman Abromvich(chelsea) Oil Company .

Like I said the favorite is that they will dispose of the Saylm share and use this to fund the Moscow Oil and Gas Venture.

Anywhere else we should look at Lansdownboy?

Pet dependant anyway!!!!!!!!!!!!!

Hi everyone,

My first post having tracked PET for a while now, and invested frequently in top ups! Thanks for all the excellent posts and calming influences.

Out of interest, I just topped up with a 2,500 buy that has shown as a sell, intriguing? What's all that about then?

Welcome stevebolton,
if you read the disclaimer at the bottom of the trades page it basically says that the trades should only be used as a guide. hope that helps, it`s best just to keep an eye on the price movement.
Regards,
Dexter