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 Aldwick, people have posted on that poster, so I took away the post, as he latter posted something completly opposite to what he said originally, looks like Katie is shorting the stock again or looking for some cheap stock, as one week she is positive the next negative.

One thing is for certain, this close to the end of November, the only news I am going to trust is going to come from either the Iraqi oil minister or PET themselves, anything else positive or negative shall be read but looked upon as speculation or rumour and nothing more.

the research I have done, and keep reading over and over again is keeping me positive, and believing that PET will walk away with at least one of the contracts, It is still just a matter of when, but it is the when and the waiting that is killing most investors, would not be surprised to see this roll over into December, then the de-rampers will be out in full force.

Anyone who is getting nervous I suggest you look through the thread and follow some of the website links, there you'll find alot of interesting info on why we feel PET will win, also gives you peace of mind when people start posting negative things about PET, it shows you that half the de-rampers over the other side, really don't know what they are talking about.

Keep strong people, and fingers crossed for an RNS soon to put us out of our waiting misery!!!!



Tokyo

Tokyo.
Go back to the other side Katie as some info for you.

over the past two weeks I have had to cross many parts and now it come down to crossing more parts. There is nothing left so i have uncrossed a few things and backed-up the sound information and viewpoints to help me hold on maybe until the RNS is eventually out there, even it is after 30th. I might even get a top up, thumps up from she who must be obeyed.

Good morning Pet Lovers

The (Sunday) business Newspaper:

Chinese and Indian giants go head to head in search for oil

Richard Orange
November 28, 2004 6:00 AM (GMT

JUST as the western oil giants are finding the yearly struggle to replace the oil they produce harder to achieve, along comes more competition. Acting on the orders of their political masters in Beijing, Kuala Lumpur and Delhi, Asia's oil companies are scouring the globe for oil and gas reserves to safeguard national supplies. The International Energy Agency expects 40% of global growth in oil demand to come from Asia between now and 2030. By then China will need an extra 8m barrels per day (bpd) of imports, requiring a supplier the size of Saudi Arabia to meet demand.

This imperative is bringing the Chinese duo of Chinese National Petroleum Corporation and Sinopec, India's ONGC Videsh and Malaysia's Petronas, head-to-head with established western companies in bidding for oil projects.

"The days when we had a European and American monopoly of the major oil companies is over," said David Hobbs, an oil and gas strategy expert at Cambridge Energy Research Associates. "The Asian companies aim in 20 years to be among the top five oil companies in the world."

Last week, CNPC was the first oil company to confirm it will bid for Yukos subsidiary Yuganskneftegas, which the Russian government is auctioning for $8.65bn (4.6bn, E6.6bn) next month. Russia's suspicion of China means few expect it to win the stake, but the move shows how quick the Asians are to fill the gap whenever western firms shy away from opportunities. CNPC is similarly ready to mop up if tax disputes between Ecuador's government and western companies sees the firms selling out or having their fields confiscated.

The Asians have tended to specialise in "pariah states" such as Sudan, Myanmar, and Turkmenistan. In Sudan, for example, where CNPC, ONGC and Petronas produce 320,000 bpd, Sweden's Lundin Petroleum is the only western company, after pressure from human rights groups led the others to pull out.

But in the past couple of years, the Asians have started competing directly against western firms. While BP works on its controversial pipeline to channel Caspian crude to Turkey bypassing Russia, CNPC in September began a rival pipeline east from Kazakhstan to China.

And as western majors await the release of more exploration blocks offshore Nigeria, CNPC this month slipped in the backdoor with a deal to explore the country's neglected eastern interior, as well as help build pipeline and perhaps buy a stake in a refinery.

A look at the latest bidding rounds of the major oil producers shows the Asians are as much a fixture as any western firm. In Algeria's latest bidding round, three out of eight contracts went to the Chinese.

What is worrying for the likes of ExxonMobil and Royal Dutch/Shell is that Asian firms are willing to develop oil and gas for lower returns. They may face the choice of lowering the profits or losing out. Investment has brought impressive international growth. ONGC aims to be produce five times as much overseas oil for the Indian market by 2010, and CNPC's oil production is expected to jump 40% on 2003 to 700,000bpd in 2005.

Not everyone believes they can challenge western companies in terms of scale. Professor Paul Stevens at the Centre for Energy Law and Policy at Dundee University says: "They're working hard at it, but their opportunities to develop in the upstream remain limited."

They've had their fair share of dud investments. Petronas has succeeded in securing huge tracts of exploration acreage across Africa, partly because much of it is unprospective. Asian companies are not always welcomed as partners. CNPC's Yugansk bid follows a string of failures to enter Russia and when BG Group sold a stake in the giant Kashagan oil field to Sinopec and CNPC, the other partners blocked the deal. One of Petronas' western partners complains that it is a cumbersome negotiator, with all decisions seeming to require approval from Hassan Marican, its president.

Stevens adds: "They're not a patch on the western companies, not so much in terms of technology - you can buy the technology from service companies - but in terms of project management." But every international partnership, this knowledge improves. Asian firms have had no problems overtaking western companies in other fields, why should the oil industry be different?

http://thebusinessonline.com/modules/news/view.php?id=32007
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"Asia's oil companies are scouring the globe for oil and gas reserves to safeguard national supplies" + "The Asian companies aim in 20 years to be among the top five oil companies in the world." + "but the move shows how quick the Asians are to fill the gap whenever western firms shy away from opportunities."

Will the the Indian/Chinese/Malaysian companies be able to do the above without taking over some western cos like our pet? Especially the chinese as yhey are involved both in Iraq and Sudan, just like Pet.

morning all,
well, no rns as yet, i would expect a certain amount of selling to start with and then buyers picking up cheapish stock in anticipation of an rns later today or tomorrow all IMO. over on the other side some people are getting ratty and edgy, this is understandable, but if you have only invested what you COULD afford to lose and bought early you should`nt have too much to worry about.
regards,
dexter

Thanks EWRobson (- 26 Nov'04 - 08:51 - 1307 of 1314)
and watcher (- 26 Nov'04 - 09:12 - 1308 of 1314) for your appreciations!

The MM`s are really keeping the sp down today, i wonder why?!.Anyway just got broadband installed at the w/e, what a difference!!, can get around to more research without falling asleep!.

A fair volume of buying in the last half hour has brought buying price over 1 again. An imminent RNS? Helps to keep the spirits up, anyway. Another great post Hemacik; good background stuff. Now who would be better at bridging east and west than - yes, good old Dublin and PET, in particular!

Eric

sure is a strange day, loads of buys and the sp hardly moves, then a couple of sells and they drop the price. just a case of holding our nerves and IMO it will be more than worth it.
Dexter

A very odd day indeed, it seems the MM's are really trying to scare sellers with such movement!

Dear all,
This was posted on fyb and was a response to an e-mail the author sent asking this journalist his thoughts on PET after hee read some article by him. Ipersonally don`t read anything into it, other than the usual press crap.
Let`s face it who would take any notice of Shell at the moment ?,how many billions are they out on their estimates ?!!


ANDREW CRITCHLOW, BLOOMBERG/ NEWSROOM: Re: Iraq spending $1 billion to boost oil output article Mon 29/11/2004 05:10 Dear Nick, I know Petrel Resources quite well. I met David Horagan, their managi ng director who is a frequent visitor to Baghdad some months ago when I was ther e. They are bullish about there chances of winning a concession for the Khurmala dome but most people in the industry say its too big a development for such a s mall company to take and while Petrel have been quick to make statements I would consider it extremely unlikely that any contract would be signed. These fields combined could produce another 1 million b/d. People I talk to at Shell and Che vron who are in talks with the ministry say these tenders were issued to keep co mpanies interested until after the elections when the real decisions will be mad e. Petrel seem to be using their links with the ministry to make statements to boost their share price.."

Dexter01 - That e-mail was sent to David Horgan by Darshan, here is his reply


----- Forwarded message from David Horgan
-----
Date: Mon, 29 Nov 2004 12:09:26 -0000
From: David Horgan
Reply-To: David Horgan
Subject: FW: urgent shareholder
To: ********


Since we have had a news blackout - at the Ministry's request - since
October how can we be accused of making "statements to boost the share
price"?
You can't have it both ways!
DH

dexter
doesnt quite stack up as PET arent issuing any news to bolster their share price, in fact they are painfully quiet.If as implied they were making up stories to move the share price I feel sure they would be a lot more vocal than the current silence.IMO

As anyone asked PET how long the news blackout will last?

tokyo,
i meant to post that bit as well!,basically i was just saying that we should`nt take ANY notice of any press,it`s just that some PET holders are getting a bit twitchy.

willfagg,
remember that song, "silence is golden"?.

i`ve sent PET an e-mail asking why they have`nt issued an rns on the progress, as in the past they have kept us informed. i don`t hold out much hope of a reply though !!.
dexter.

ps. i sent the e-mail before i read the reply from DH above.

Dexter - I also sent DH a cleverly worded e-mail yesterday, although perhaps not clever enough as I've not had a reply today, and really do not hold out much hope of one. PET keep pressing the point that they have been sworn to secrecy by the MOO, and well we are not going to get anything out of them, and as frustrating as it is, the only thing we can do is just wait, the SP takes a short term hit, well it is nothing we haven't seen before, one thing is for sure I feel like I've been on a roller coaster ride with this company, I've built up a fair sized holding (perhaps weighted my portfolio a little too heavily with PET), done a sh*t load of research into this company and there is no way I going to chicken out of it now, I said back in April it was sh*t or bust, guess it is time to live up to my word, I shall either be pretty rich or lose a chuck of my portfolio soon, I'm still willing to take the gamble, the question is, how many investors are willing to do the same?

Tokyo

Tokyo,
it really does`nt matter if the sp swings 10% or so because until we get the elusive rns it is going to stay around the 1 mark, at least without the day traders it stays more stable!.
what made you buy into PET all those long months ago ?, with me it was when they topped the leader board on feb 19th, it prompted some quick research and bought my first ot on feb 20th.
dexter

It was actually a friend (who normally gives me pretty good tips) bringing it to my attention @ about 27pence, I rushed off and did some research and it looked like a gamble that could pay off, I was at first a little worried about the size of the company, but my friends tips had always been pretty good, my research took a couple of days, then I saw Chartist's thread and decided to take another look and I didn't get in until 31 pence, but that 4 pence hardly seems to matter now.

Tokyo! im in til the end! Gone too far and too long to let a few days(i hope) make me sell. Could nt live with myself if i woke up to see a substantially higher opening price on the back of an after hours RNS!

tokyo,
do you get the daily e-mail tips from uk analyst, it`s free and in the past they`ve had some good tips........and some not so good!!,but every little helps , even if to point you in a certain direction,
dexter