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

looks ambitious judging by today

you have to remember that nothing dramatic is going to happen until,hopefully, they get a contract.all the time there are snippets of hopeful news the price is going to go up,then it will go down when things go quite for a while.even at todays price of 49-50p it`s very good when you consider that the price was only 20-30p in feb/march 2004.most of us are already sitting on a good profit, it`s just that this one could go into orbit,and that`s what make us greedy , for want of abetter word.
good luck
dexter

i want to be greedy too guess i'll just have to wait a while am in on pci too!

You could always eat a bag of doughnuts patsym till we hear some news!

petrel needs some more cash, wonder why?

Petrel Resources PLC
14 July 2004

Petrel Resources plc announces that it has applied to have an additional 110,000
ordinary shares of 0.0125 each listed on the Alternative Investment Market
pursuant to the exercise of options. Admission is expected to take place on
Tuesday 20 July 2004.

Lots of good news on the horizon, but you are kidding yourself if you think 1375 from a share issue is going to change their way of life

Agree with you on that Piston. What diff will that amount make at the end of the day? Patience seems to be the keyword with this one .. that and prayer.!!!

is there any reason for the drop today?,also there is a 50k sell at 5.25pm,am i right to be a little worried?,
i need a drink,
cheers , dexter

I wish I knew dexter.Im with you on the worried front. Its quite a drop since last weeks high. Ill join you for a drink. Mines a double whiskey. Cheers!! Heres to Petrel Resources I hope.

looks like PET was shorted last week with alot of profit taking, but wouldn't be surprised to see most of those people coming back in before August 1st in search of the big prize. I know 4 pounds 35 pence was mentioned at the biginning of this thread, but any intelligent guesses out there, if they won only one of the tenders, which is probably all they will get, what is a realistic price? 3 pounds?? 2 pounds??? what??

"Article in the Sunday Turbine yesterday suggesting that Petrel is set to win the smaller of the three contracts worth 150m."

the above was posted on the iii site, but I can't find anything to back it up on the web, did anyone read the article on Sunday?

morning tokyo,
what is the sunday turbine,is it an irish newspaper?
dexter

I searched the net yesterday and it appears to be an Irish newspaper, but couldn't find the story and considering that mass buying hasn't been triggered by those people in Ireland who could have read it and no-one has posted that they read the story on Sunday, I'm pretty sure this article doesn't exist, pity though, as I along with everyone else have my fingers crossed for Petrel.
Really hope "The Financial Times" gets to write an article soon about Petrel winning ay least one of the tenders!!!!

good luck to all PET holders & PET itself!!!

have looked myself and unable to find anything...putting Sunday Turbine into google will find the paper, but finding the news is more difficult..rgds

sunday turbine is a nickname for the sunday tribune,which is an irish newspaper.you can`t get any articles on-line unless you subscribe to the on-line version.does anyone know about ,or have any views on,the bit in petrel`s annual report about their work in the Sudan?
dexter

nice little rise today lets hope it keeps going!!!

Theres an update on PET at Lemminginvestor.com this evening with an important update from the company ahead of their AGM.

The update relates to;

Funding
Security
Bid
worst case scenario

http://www.lemminginvestor.com/PetrelResourcesDavidHorgan.html

Good luck

morning elico,
this makes very interesting reading,so near yet so far.i`ve mentioned several times about Sudan ,but it seems nobody knows anything,do you elrico?.
dexter

Interesting read, here it is -

July 27

It is about this time Petrel Resources investors will be experiencing itchy feet, so close to news of Petrels three tenders for the right to develop proven oil reserves in a country 2nd only to Saudi Arabia - you can smell it, or some would have you believe, whether it is good news or bad news is anyones guess. The air of anticipation of good news is apparent; BBs commentators predicting anything from 50p by close of on Wednesday as investor speculate on good news being released at the companys AGM, others are even more bullish; predictions of 500p by September, no such prophesies from me, or the company.

Iraqi authorities has led us to expect results of tenders by August, probably the later end, previously, this was expected to be June. Lets be realistic, this timescale was always in hope rather than design, which led to Petrels shares slip from the mid 40s to 32p in mid June as news that the tender dates had slipped-nothing to do with Petrel, they were ready. The shares are in a healthy position trading between39p-46p today, typically hovering around the support level of 40p, but off there 52p high July 9; the shares were just 10p this time last year.

Petrel has put in tenders for three oil fields in Iraq, the company is hopeful that it will be given the opportunity to develop at least one of these fields in either; Kirkuk in the north, Hamrin in central Iraq and the Subba and Luhais fields to the south of the country. Petrel also has rights to prospect in the deserts to the west of Baghdad.

As expected, the blue chip oil giants have all but shied away from the tendering process for fear of terrorist reprisals. The risk reward ratio for such corporate giants is not worth the wrath of militant terrorist groups, speak nothing of shareholder concerns from the larger institutions, hardly surprising to learn that the big boys have little stomach for tenders, this as expected, has opened the door for Petrel just a little wider.

Petrel is not a company which leaks information; they are approachable, reassuringly frank and open with investors and journalists alike.

I approached David Horgan, the MD of Petrel this afternoon; I received a reply to my e-mail just a couple hours later; even though Mr Horgan must be busy preparing for the companys AGM on Thursday in Dublin-which I am sure investors eagerly await. I asked just four questions which I am sure concern investors above all others. Mr Horgan answered in typical no nonsense fashion, with clarity, frankness and in as much detail as LSE rules would allow.

Elric: How will the company would fund a successful tender.

Mr Horgan: Between August and November 2003 we met over a dozen City and Scottish institutions and three international banks. Having teased out their level of interest and concerns, we incorporated their feedback, ideas and guidance into our tenders. So, as long as we stay reasonably close to our riding instructions, we have equity and debt commitments for a major Iraqi oil field development. Things evolve, but generally along the lines we then sketched out.

There have also been approaches from oil independents and 'spontaneous meetings' with super-majors, as well as the usual private equity sources. Provided prudential requirements about economics and title are observed, funding should not be a serious problem. We are more concerned to avoid excessive or premature dilution.

Elric: Would you welcome a bid from oil majors like BP?

Mr Horgan: I want to build an oil independent as Armand Hammer did with Oxy in Libya. But shareholders want to maximise risk-adjusted returns. So far these objectives are in tandem. Should they diverge we will strive to maximise present value for shareholders. But our whole focus is in landing an oil field development contract, exploring the western desert and being part of the Iraqi oil industry.

Elric: Should the worst case scenario become reality, what position would this leave Petrel in?

Mr Horgan: Petrel has no debt and low overheads - with practically no fixed overheads. There are few shares in issue. So it cannot go bust. The worst case would be fatalities. If we were delayed in Iraq we would push on with alternatives in countries such as Sudan, where we have quietly pursued opportunities for some years.

Elric: What security issue do you expect if you are successful in obtaining the rights to at least one block?

Mr Horgan: The only real security in Iraq is the goodwill of local communities. There are many former soldiers (now unemployed) available, many of whom come highly recommended by the Ministry of Oil officials. They are scrupulously honest, brave and reliable. I have entrusted my safety to local friends and partners since the war, so am content to follow their guidance. Where exceptional problems arise (e.g. transporting large pieces of equipment across the western desert at low speeds) where we cross different tribal areas / political spheres of influence, we may have to employ international security operatives. Some such firms are excellent, though expensive. So far, best results have been achieved relying on the Iraqis themselves. Some of our partners, however, have not been through our close experience of the past 18 months and will need hand-holding.

We are experienced in working in ambiguous situations: arguably we're comparable to the barbarian auxiliaries who served the Roman Empire: we can operate reasonably comfortably under both civilised 'Queensberry Rules' and also the evolving rules of the more chaotic barbarian world - always ready to flip back and forth between the two.

End quote:

don't really see anything here to warrant the drop in price unless people were expecting the contracts to be announced today. I'm still happy to hold on this news

Petrel Resources PLC
28 July 2004

162 Clontarf Road
Dublin 3
Ireland



Tel: 353 1 833 2833

Fax: 353 1 833 3505

Email: petrel@iol.ie



www.petrelresources.com



28th July 2004



Petrel in technical discussions on Iraqi oil developments



At the AGM of Petrel Resources plc which will be held at 1400 hrs today the
Managing Director, David Horgan, will make the following statement:



'Petrel is pushing forward its submissions to develop the Khurmala Dome, Hamrin
and Subba & Luhais oil field developments in Iraq.



Recent political developments have presented some challenges and delayed, but
not derailed this work. The new minister has reasserted the need for
professional and pragmatic progress. We have received excellent cooperation and
a warm welcome from Iraqi officials.



Petrel is now in detailed technical discussions with the Iraqi Ministry of Oil
on the first two of three tenders submitted recently. The work deepens and
broadens the detail provided in our submissions in response to the tender
information made available to pre-qualified companies, including Petrel.



The key technical issues are mechanical, civil, telecommunications, control &
instrumentation and especially electrical. The Ministry's oil field development
company is conducting professional due diligence on suppliers of piping, values,
fittings and other equipment. Petrel submitted its tenders in close cooperation
with some of the world's leading contractors and suppliers of oil field
equipment.



This necessary work clarifies the engineering choices required and lays the
foundations for commercial negotiations.



This work confirms the renewed commitment of Ministry officials to ensure the
optimal equipment provided by suppliers who are able and willing to work under
prevailing circumstances.



Petrel employs, where possible, local staff. They are honest, brave and
reliable. Where exceptional problems arise, as where we cross different tribal
areas / political spheres of influence, we may have to employ international
security operatives.



Given the economics and geology of Iraqi oil, Petrel believes that funding
should not be a problem. We are more concerned to avoid excessive or premature
dilution.



Petrel aims to become an oil independent developing Iraqi oil fields and
exploring the western desert.'



Contacts:

David Horgan Tel: + 353 87 292 3500
Jim Finn Tel: + 353 18332833



Barrie Newton, Rowan Dartington Tel: + 44 (0) 11 79 33 00 11
Mob: + 44 (0) 7720 276 271



Redleaf Communications
Emma Kane/James White Tel: +44 (0) 20 7955 1410
Mob: +44 (0) 7876 338339





PETREL is an Oil Explorer in Iraq traded on the AIM market in London. Ticker
symbol (PET)
Further information on Petrel Resources plc is available at its website:


www.petrelresources.com



Directors: John Teeling, Chairman, David Horgan, Managing, Guy Delbes (FR),
Stefano Borghi (ITL), Jim Finn, Company Secretary

Registered Office: 162 Clontarf Road, Dublin 3, Ireland


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