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

gra1969 - I think in this news black out and with the end of November approaching there is nothing new to post, all we can do is sit back and wait, alot of other boards have now been filled up with de-rampers who are taking advantage of the news black out to spook any new investors, glad that has not happened over here.

Over the other side, one of my favourite posters(SWALF)has returned, he does not post often, but I have been informed but a trusted friend that this guy has a great success rate with his investments, but I tend to like his posts as his information is normally spot on (makes for an interesting read anyway)

Tokyo

post below


First of all, Yes politics are playing a major role in the awarding of these contracts and will do for some time to come, - hardly an obscure observation!

However that is ONE of the reasons why Petrel will do exceptionally well in the 'New Iraq' The Americans are aware that the current world consensus believes the majority of the oil proceeds/contracts will be filtered through to US backed/owned intrests.Awarding small to medium sized contracts to firms such as PETREL are politically motivated - simple! In other words this gives the world community, or at least the naive general populas, the impression that the US is commited to sharing contracts in the true free market spirit.

Secondly,

As I pointed out on a previous post Petrel will be eyed by the majors as a vehicle, by which they can secure some of the more lucrative contracts without raising too much suspicion and in addition not exposing themselves and their global brand to dangerous elements namely in the form of terrorism. A no brainer ! As the Americans like to say.

Thirdly,

The majors need PETREL. They need PETREL to succeed in Iraq. They have a vested interest in operations like PETREL becoming operational because it allows them to not only utilize the relationships that the firm has developed over the years between key personnel in both the Iraqi oil ministry and the Petrel organization but it also gives them the added advantage of being seen to respect the sacrifices and work the likes of Petrel have made over the years during the embargo.

Over the years I have employed several nationalities from the gulf region namely Lebanese,Persians but also the odd Iraqi and Saudi. Understanding the mindset of the average Arab man is quite a task. But remember this one important thing. The Iraqi people suffered greatly under the embargo particularly with regards to medical supplies for their children. Irrespective of the reasoning behind the sanctions they felt that the majority of the world left them to their demise. Firms like PETREL who stuck with them, negotiating, networking amongst other things have their utmost respect. This has been relayed to me by several influential Oil industry execs. The majors have lost this critical advantage and they are concerned, very concerned.

Fourthly,

Petrel is positioned to reap massive rewards from .......

I was going to go on but I have decided to stop.Why do I reply to idiots like SS and M and C , by repling I only give them credit which is not my intention. I will end on the following note.

Petrel is on the brink of shocking the city in a manner that only happens in the market once in a blue moon. Buy in on any sign of weakness and ride the stock. Stop trying to guess the RNS date. I can gaurantee you all one thing. The news that is forthcoming is very good indeed. On release of the news the city will take several days to digest it before the stock really jumps. On deals like this they always do. Thats when you will be sucked into selling thinking that the stock has peaked. You always do.

Note. My information is a result of personal research. You should never believe what you read on a BB. That includes me. Make a decision based on your own conclusions.

Thanks Tokyo, just wanted to hear a friendly voice, as it were. Have been looking at both Fillyaboots and Advfn threads, but nothing compares to the research and posts on here!

Im confident and very hopeful!

morning all,
that was a great post by SWALF. i do think that most people are linking the iraq procurement and PET`s tenders, i might be wrong but i can`t find anything positively linking the two. we had this with the last iraq procurement in august, but again nothing linking the two.

remember these tenders were put out at the beginning of the year, and i think the fact that they have dragged on longer than we all hoped, that we automatically link them to the meetings in amman.

i still think PET will get 2 contracts and block 6 rubber stamped, i don`t care if they are risk sharing or not to start with, as lon as they get a foothold in iraq.

regards,
dexter

Morning all

This is my first post to this BB. Thanks to Toyko for steering me in this direction. In "another place" I am known as "Dogbawls" for those who read my posts there.

I agree that the quality of posting on this BB is certainly superior and thank Tokyo for extracting SWALF's very informative post. I hope that his very positive thoughts are realised when the announcements are made this week. They are aren't they?

One thing that I would advocate on this BB is a "recommend" button. It seems a pity that the good quality posts are not recognised by the more sensible thinkers on BB's in general.

Comments please

Oilywag

welcome to this side oilywag,
i`ve read your posts over there and find them interesting and informative. what is your thinking on how many contracts etc.?
dexter

Morning Oilywag, r u a fellow PET holder too?

A lot of commensense in the SWALF post. Looking at the details of the prrocurement conference, it certainly comes across as a trade fair and therefore about futures: thus not relevant to this particular procurement. We need to stick to the basics. The Iraqi Oil Ministry has set an end-November date. PET, hopefully as the only primary bidder, will have had a lot of work to do to finalise their tender against the Ministry specification. They will have wanted to know just how PET will deliver and that will include the contractor team and probably the risk sharing arrangements. When the tender is finalised it will no doubt need review to dot the i's, etc. That would mean another Horgan visit to Baghdad and his whereabouts do seem to leak out. One suspects that the end November date given did not leave much leaway, if any; why take the presssure off, particularly as the ensuing revenue will be so important to the incoming government? So end-November it should be, perhaps Monday, 29th. Might it slip in to December? They wouldn't want that to happen, but one can imagine the disruptive effect of the terrorism in the oil fields. The odds of success have risen in mind with the posts on this bb this month - the main thing is lack of any indications that a third party is active and might run off with the spoils. So, one and all, keep the faith!

Eric

Gra169 & dexter01 and othera who know me from "the other place" I am a PET holder, but do not hold quite as much as Tokyo Nick unfortunately.

As to the contracts? Well like other sensible people, I'm sitting on my hands (with fingers crossed) and hoping that the news will be soon and GOOD!

Oilywag

Morning all,
This thread is getting like it was earlier in the year ie. nearly slipping of the leader board !. It can`t be long now, we`ve just got to be patient a few more days, after all these months that won`t matter.
good luck to all, i`m sure there`s something at Boots to help ulcers!!,
Dexter

dexter01: I think the only thing left is for true believers to top up even more at these attractive prices! John

Theres an awful lot of conjucture on Fillyaboots at mo. All about the consultants that recieved 400k Pet shares in lieu of payment. But, i guess they are just going over old ground whilst awaiting news!!!!!!!!!! as we are!!!!

gra1969 - How are you over on Fillyaboots?

I don't think the consultants have sold their shares, not really sure if DH would have issued 400,000 shares just for them to sell them a couple of weeks later. They are perhaps in a better position than we are to understand what is going on, so anything is possible, but I would suspect they are waiting for the announcement just like us. Afraid I have no information on these consultants, so it is as much speculation as everyone else.

Tokyo

Last month John teeling released the following re AFD:

RNS Number:7760D
African Diamonds PLC
06 October 2004

6 October 2004

African Diamonds plc ("African Diamonds" or the "Company")

The Board of African Diamonds notes the recent increase in the Company's share
price. The Board is not aware of any specific reason for the recent price
movement. The Board will continue to keep the market advised of material
developments as they occur.

Contacts:

John Teeling, Chairman, African Diamonds plc +353 1 833 2833

Matthew Robinson/Jonathan Retter, Durlacher Ltd 0207 459 3600

This information is provided by RNS
The company news service from the London Stock Exchange
END

---------------------------


AFD sp had gone up by 20% -30% which prompted the above release. Now think about it: the same chairman of Pet, John Teeling, did not see fit to release a similar rns re Pet even when the sp went up over 350% (160p intraday) and is till over 250% (1 now)from its 40p.

What does this say to us: that JT think that even at this price 1 Pet is still undervalued. Therefore there should be so much upside even without the contracts rns!

Tokyo, just use Fillyaboots and Advfn etc for any further insights to be gained, much as else where and as you have previously posted there is a blackout on info and posters are constantly recycling info!

With he's fingers in all those pies PET, AFD ect: any views on how much he is worth.

This is crasy: You can only buy 1000 shares but sell 15000 shares. Is that 15 buyers for 1 seller! Barclaays stockbrokers! Very good omen indeed!

A damn sight more when PET follows the steps of Cairn, thats for sure!!!!!!!!!

Im afraid that this is just another post which reiterates what has been said previously - namely that we sit back and wait. I would however ask that patrons of this bb DO NOT fill their spare moments by ringing or emailing PET HQ as more than one poster on another bb has reported irritation creeping into responses to t/cs.

When there is nothing to say, all one can be is silent. :)
(Hugs) to all
- Jo

An article the surely signifies that the MOO is looking for 'neutral countries' to assist/partner on oil projects. Although not related to PET directly, thought it may be of interest to be noted.


From The Norway Post

24. November 2004

Oil & Gas: Iraq seeks cooperation with Norway

The Iraqi interim government wants cooperation with Norway on the development of its oil sector.

This initiative is now being discussed between Norwegian and Iraqi authorities, Foreign Minister Jan Petersen said in Parliament on Tuesday.

- What form this cooperation should have, with basis in the oil and gas competence we presently posess, will now be examined, Petersen said.

He also said that such cooperation may have a positive effect on Norwegian oil industry, and on trade between Norway and Iraq, and added that the Norwegian government has already allocated funds for initiatives in the business and industrial sector in Iraq.

(NRK)

Rolleiv Solholm

http://www.palladian-publications.com/Pipelines/Assets/NEAsi a.pdf

A report in English for you all gives reference to Japanese interests in the middle east through investments.