The hcl looks likely to come into operation over the next few months, will this improve the share price or will we have to wait for an actual PSA before any increase takes place? It looks like the UK and the US will wait until the HCL is in place first before they decide to start the pull out. I have also heard news that the contracts signed during the Saddam regime are now definitely going to be honoured. I`m not sure if this includes PET as there seems to be some doubt as to whether they qualify as their agreement wasn`t signed off by Saddam. A Swiss company has announced that they expect to be producing 200,000 barrels/pd by 2009 from their PSA with the Kurds. They have struck oil first time and have five more drills left to complete their programme. Nice if PET were in that position! Our time will come though, just a matter of hanging on in there!!

11% rise and very quiet here.
2517

A good days work. Do we have news soon? It could be HCL nearing agreement. When it does its going to blow big time.

Yippee!
2517

Does anyone know why this has moved today? Hope this isn't a false dawn I could do with some good news!

Heavy buying on German Stock Exchange two consequetive mondays & and of course here in the UK.

doing the obvious and watching for some time now having brought above 100p and again at 62p..any calculated opinions that things will turn out positive this time with PET

watcher

Just a matter of time watcher

I never thought it would happen, but it looks like it will.

I wont come in, but I wish holders well.

The Kurds are issuing thier own 'Oil Laws' in their parliament today and the sp moving fast on this news, breakout at last for PET holders.

Huge potential here which some have yet to pick up on.PET well placed immediately benefit following approval of HCL

for would-be investors, there will be plenty of time to get in ...... sp is surely rushing upwards on the hype of the news laws being enacted rather than on any discovery ...... furthermore, if the markets remain unsettled for the next month or two as is a racing certainty or even fall quite substantially (my feeling) then sp will retrace sharply (along with many many others)

cynic, links for research purposes for from your post it would appear that you have not done so,yet? More substance to PET than just short term sp prediciting.Long term hold for me.PET worthy of full in depth DYOR and then you will "know."

PET websited just updated.

http://www.petrelresources.com/

PET presentation also referred to as MAY 2007

http://www.petrelresources.com/investor/files/Petrel_presentation_April_2007.pdf

cynic, links for research purposes.Video link. IRAQI OIL the world needs and IRAQ needs as oil forms 93% of their income.

The War for Oil 58 min - 1 Aug 2007
video.google.com

A brilliant documentary broadast by the BBC about a week after the US and UK invaded Iraq in 2003, explaining why it was all about peak oil.

http://video.google.com/videoplay?docid=8162244809649380953

cynic, links for research purposes.Video link.

4th Hearing: 8 June 2007
Part 4 David Horgan


http://www.channel4.com/news/microsites/I/the_iraq_commission/video.html

Cynic,First mentioned PET here on money am 7/7/2007 sp @ 66p closed friday 84p-87p. Factual information in subsequent posts (i.e post7 onwards) may also be used for researched purposes.

lex1000 - 07 Jul 2007 15:29 - 8 of 27
Petrel Resources says Iraq oil projects on track despite turmoil UPDATE
Date : 28/06/2007 @ 14:18
Source : TFN
Stock : Petrel Resources (PET)
Quote : 66.0 3.0 (4.76%) @ 13:19

Take the view would rather be in than risk being out.Added more on recent dips @ 60.5p.

PET has been working in Iraq ten years.Working on the ground,working on contracts,close working relationships with Ministry of Oil from SH and five successive governments.See presentation.Huge potential here and there's 100% guarantee billions barrels oil in Iraq cheap to produce.Massive reserves of oil.As soon as HCL approved;PET awarded PSA (Block 6 awarded under SH)and possible includes giant oilfield then sp rises along the lines of CNE et seq is a real possibility.PET also have PSA in Jordan which imo supports sp higher thena we are today.

All is in public domain clear for all to see.

Video link reposted below provides excellent background to Petrel Resources and why company busy working in Iraq.

"A brilliant documentary broadast by the BBC about a week after the US and UK invaded Iraq in 2003, explaining why it was all about peak oil.

http://video.google.com/videoplay?docid=8162244809649380953"

"Twighlight in the desert" and "Peak Oil." Without Iraqi Oil, predicted World cannot keep pace with demand by 2010-2017 ish permanent global oil decline without Iraqs oil.

Pays your money and makes your choices.

You say peeps will have plenty of time to get in but @ what price?

Hatto - 4 Aug'07 - 11:03 - 88478 of 88480


Morning Hatto

Received Wednesday 1 August 2007 pre market.

PET SP was 78p v 82p at the time.

The sun is out here and it is a glorious morning,a new month as well and hopefully without all the rain.

Well what do we expect to happen here and now with the PET share price.At last we have seen some progress and most are feeling a lot better.

It must be tempting now for some to sell or scalp to ensure profits,we should after all logically be drifting after the news that the Iraqi parliament is going into recess for a month.

Some others may possibly say,well I will sell some now and buy back cheaper when they have drifted to say 70p.Well I suppose that this could happen and good luck to all those that try to time it to that effect.

However,don't you just get that very strong feeling that something concrete is happening regarding passing the HCL.Some large buys as well of late (has there been any leakage of information or is it pure speculation).

As you know leakages nearly always happen but the problem is identifying them.I remain committed for the long term.I know this is often said by many who take the first opportunity to get out and take a profit.

Who do these people think they are kidding? I like yourself see that by holding on to the shares for say a couple of years will hopefully bring many benefits.

Apart from the CGT relief which I am hoping will be of immense benefit,a couple of years should see a company that by capitalisation is classed now as a minnow turned into a major oil producer.Yes it could be as important as that,a real life changer,the stuff dreams are made of.

A long way from that scenario now ,but in reality it is not that far away.I suppose what I am trying to say is that if the share price does drift from time to time then I will remain committed to the long term view, barring any major catastrophe,guess I will still be in these in 2/3 years time.

After all it does save lots of time researching other companies,paying out lots of dealing costs plus all the spread costs of course LOL Have a nice day as they say.

Best Wishes

--------

Good morning everyone.

Here is another message from my mysterious e mailer, some enjoyed earlier ones so I thought I'd post it & my reply.....

My Reply.....

I'm guessing most (holders)are feeling even better after a further SP rise to 85p/87p as of Friday. Plus with KBC being on their own @ 87p a further quick SP rise on Monday is likely with just the odd buy.

As for selling & scalping a few pence, yes I'm sure some have been doing that but Buying has been so strong of late it has had little effect on PETs SP.

Yes logically, after the Iraqi Parliament went into recess, we should have fallen into the 50p's.

Of late I have thought that PETs SP reflected sentiment on the HCL passing soon, but now we seem to have a new ball game.

Quite what that ball game is we are yet to find out.....

Is it purely the German PET tip ?

Must be a factor surely.....But is there more to it ?

Yes I'm certainly happy to hold my "bought & paid for" for the two year duration, which should nicely tie in with Jordan drilling results, if this pans out as PET have speculated.

PET tipped again in Germany. Target share price almost identical to major and serial professional investor Douglas Wright i.e 10 a share.

For those that do not know beleive Douglas Wright bought HAWK @ 4p - HAWK trading 40p-50p.Always DYOR.


>cubano4 - 4 Aug'07 - 10:22 - 88472 of 88494
yesterday the german share-info-letter "Taipan" confirmed his 14 goal and recommended further buyings.

>cubano4 - 4 Aug'07 - 10:26 - 88473 of 88494
Petrel Resources IE0001340177
Frankfurt / London
PET.GB
Es war knapp, aber es hat funktioniert:
Unser deutlich erhtes Kauflimit f
Petrel Resources hat uns am Montag,
dem 30. Juli, den Einstieg verschafft.
Inzwischen ist das Papier weiter krtig
nach oben geklettert, wobei die
Umsze im Vergleich zur Vorwoche
doch etwas zurkgegangen sind.
Setzen Sie einen groigen Stop
bei 0,89 EUR.
30.07.07 1,07 1,290 20,56% 14,00 EUR
0,89 EUR

>Smart Move - 4 Aug'07 - 13:55 - 88483 of 88494
FAO:- mel

A major shareholder in PET namely Douglas Wright mentioned the 10* share price target for PET in an article printed in the London Financial Times.

* circa 14/15

P.S. - this is also the investor who has built up a near 3.5% in TOM.

From Far6 thread:-

>melfaraj - 4 Aug'07 - 11:46 - 4474 of 4481
lex, pet

i suspect that market makers don't want to be caught this time round knickers round ankles. accordingly they have been upping the price in little bits.

interesting to see the target of 14 euro set by this german source. you would be aware that about a year ago a tippester in the uk had set the targer for pet at the same level.


>melfaraj - 4 Aug'07 - 12:08 - 4475 of 4481
by crossing the 80p mark, pet not only had entered the 90-100p critical band (100p is the line of demarkation between the men and the boys as the stock would lose its penny share status on crossing the 100p mark) but also has cleared all the chart landscape areas that would otherwise prent numerous resistance levels and bands.

it is as if a car leaving a deeply furrowed field and enters solid grounds. it can now gain speed with ease and less turbulance.

note the rising volume
note the rising rsi and macd, the latter is simply dying to go.

i also noted during last week the ocassions when the mm's dropped speread levels to the 2+ range. this is to say that they are willing to trade in quatities.

will we see 100p crossed next week? pet can do it at the drop of a hat!

Link to posts above.Please click on link below if you wish to see charts.

http://www.advfn.com/cmn/fbb/thread.php3?id=13457053&from=4474

No doubt there is enormous potential if IRAQ settles down which it will one way or the other eventually. However can anybody predict at this stage that PET will turn a profit say by 2010?

quite right and not only that .... if the markets stay jittery or worse (i reckon the latter) then second/third/fourth tier stocks such as this will take their customary exaggerated hammering