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

I can`t remember if this has been said before, so apologies if it has.

On 9th August PET put out an rns in response to press speculation and said about the detailed technical information being exchanged, result.. sp rose from 40pish to 60p ish in a couple of weeks.
From then on it rose and fell until the rumour of DH`s death sent the sp down to the mid 40p mark.

On 27th Sept. pet put out an rns about urgent talks etc., on 30th Sept. they released their interims and reiterated the urgent talks etc, result.. sp rocketed to a peak of 1.60 ish. Since then apart from Gartmores holdings rns nothing.The way i see it is if they put out an rns saying they wre still in talks but could`nt say anything because they were sworn to secrecy the price would peak again and then drop back until an announcement of contracts( we hope!), but they would`nt be telling us loyal holders anyhing we already did`nt know. The only people to make money would be the MM`s and day traders.

I think they are right to say nothing, because there is nothing to tell, and apart from not too big a intraday movements it`s pretty steady for such a volatile stock. These movements don`t affect most of us because we are here for the longer term, and most of us regulars average a sub 70p holding.

Just my thoughts, no doubt i`ll be told if it`s b******s!!,
Dexter

We are seriously needing word. No reason for this to bounce whatsoever. Have to consider taking a hit on my holdings which will be a 50% job and a lot of money. Have to apply a little logic here instead of being stubborn. If I sell and loose half, at least what is left is safe. Will be going to Scotland next week so may not be available to scrutanize what is going on. Now would be happy to get money back instead of profit. If good news came SP would immediately be marked up 30% in my guestimation the rest would be for the herd which jumps in. So I reckon on getting back in around the 110p mark if I'm back and good news is forthcoming. In all honesty have no faith in DH as when I sent him the email recently altho' he replyed he couldn't answer my questions about block6 which is not part of the tendering process. This bubble is being deflated and the only support is good news which is not available.z

Zitblot

Understand where you are coming from. But consider the following:

1) We might need word, but it can't be given because of assurances to Iraqi oil ministry (IOM). Reasonable.
2) Any comment could be construed as being relevant by IOM. Not worth the risk.
3) View on this bb is that price would jump to more like 3 which is cap. of some 200M. Not 110p. say low of 2, high of 5. All guestimates; not an exact science.
4) Every one unto his own. View every penny left in as being disposable. If that is 50% of holding, sell half now.
5) No bubble is being deflated except that within each of own minds. That's the reason for waiting patiently in a silent bubble!

Good luck whatever you decide to do. I am waiting for the silence to break before I act!

Eric

So true Eric.....as we've said many times before, none of the circumstances have changed. What's a few more days.
..a drop or two of whisky helps to calm the nerves.

EW I have a similar position except regretably i bought at a little higher than i should have( hindsights wonderful eh)Have averaged the price down on a couple of its dips but i guess that is what gives me a slight twitch on this one, but knew it was risky.Aint waiting wonderful
Will

Morning all, I think we can look forward to a case of the Friday BLUES today, for those who maybe a little superstitious, I sent some more cash home to England this week, and was planning to top up with a few more PET shares, have just checked my comdirect account and the money is not there yet, for those who remember the last time I did this and the money was late arriving, PET jumped 21% on that Friday, lets hope history repeats itself again!!!!


Tokyo

tokyo, tokyo,tokyo,
how many more matresses have you got left intact ??!!!!!!,
dexter

Hey guys, have you seen the carnage this am goin on over at PCI?

My @rse caved in and I'm outta there.

dexter01 - Hahahaha, sent part of the December salary home, but good idea I'll just rush off check the matress and smash the piggybank!!!

Beasties - Have you seen NBR is up over 50% since I started the thread last week

Tokyo I know.
Have a few tucked away at a nice price.
Just a bit shell-shocked today. Fingers a bit sore cos I'm still in PRE, bailed out of PCI (just got back in in a small way), CUX tanked also but I'm still showing 2.5 bagger status on that one.
All in all, not a good end to the week.
Oh and TLT is sitting on the point of balance, not knowing which way to go.
Don't even get me started on PET!!
And took my Mum into hosp last night with a suspected mild stroke........

beasties,
take a deep breath and relax!!!!!!, PET is only going one way...UP UP and away!

Dexter
Fingers crossed, which hurts a bit cos I'm sitting on my hands......

Beasties sorry to hear that pal, hope next week is a much better one for you!!
Glad to hear you are also holding NBR, as my 50+ pence prediction before Xmas is getting awfully close, I was just pipped last month in the FTSE competition by Kayak, so I'm wanting this prediction to be correct.

As for PET I know your feeling, but I'm in this one for Block 6 as well as the tenders, and as PSA's will not be awarded until next year, PET is a long term hold for me, the intraday drops as frustrating as they are really don't mean much in the long term, just take a look at RTD, people bought in over there at 7 pence(I didn't get in until 9), I am a little biased when it comes to RTD as it was the 1st real share that I made some serious money on, I have no doubt that in a couple of years we shall see RTD at around 50pence prehaps even more, just another good advertisement for holding on to your winners.

Tokyo

Beasties, I'm new to the stock market (and not going as I hoped) but as for the mild stroke, make sure you get her to do plenty of dexterity and co-ordination excerises with her hands, feets and even fingers.

feet even

Cheers guys.

Crumbs.. does somebody know something we don't ... Pet have jumped up by 14% & rising..

your pestering them for an RNS worked

Petrel Resources PLC
03 December 2004



Petrel Resources plc



3 December 2004





Iraqi Update





Further to its announcement of 27 September 2004, the Company confirms that it
has finalised all outstanding matters on the tenders for the Hamrin and Khurmala
projects in Iraq and awaits a decision. The deadline for submission of the final
commercial offer on the Subba and Luhais project is December 15th.



Contacts:



John Teeling + 353 87 258 1178

Jim Finn + 353 86 258 1178

David Horgan + 353 87 292 3500



Bell Pottinger Corporate & Financial

Nick Lambert +44 (0) 7811 358 764

What did I tell you this morning, History repeating itself or What? Just off to look at what my horoscope has in store for me!!LOL

Tokyo

beasties,
it could make your eyes water trying to cross your fingers while sitting on them!!.
seriously though, hope all will be ok with your mum.

looks like this rns will knock the price up a fair bit( t worked again tokyo!).
dexter