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

125k trade! any ideas guys, eould like to think thats a buy, anybody able to clarify?

Look at the time - it was a sell.

iturama, many thanks, did look and notice that, getting a little carried away!

Twas a buy imho, my buy of 5500 @ 95.5 yesterday was shown as ? !

7.30am and no one as posted yet.

Morning Aldwick, just been on advfn, what a load of inane babble! a few posters offer sensible opinions and research, but thats approx 10% of all posts. Jordan are having a conference etc with a variety of energy sector delegates and officials over the 8th and 9th of december. There is an opinion that the news of yesterday was somewhat prematurely leaked/posted. However there is an underlying confidence that PET have secured both Iraqi and Jordanian contracts as Block 6 does cross country borders. We'll have to wait and see! an interesting day ahead!

morning all,
please excuse my ignorance, but with this article in the jordanian newspaper yesterday, could someone tell me what exactly a memorandum of understanding is ?,
many thanks,
dexter

just come across this on thisismoney, they`ve updated their site and it seems a bit confusing!, this mention is from geoff foster, the one who said a few weeks back that PET had the contracts in the bag!.

Reports that the Government of Jordan has approved Petrel Resources to start exploring for oil and gas helped the Alternative Investment Market-quoted stock gush to 107p before closing 7p better at 101p

City Diary
By Martin Waller

Stormy Petrel

SOMEONE is doing a creditable job of manipulating the share price of Petrel Resources, an AIM-quoted oil explorer that has, how shall we put it, attracted speculative investment in the past. E-mails going around the City contained links to reports in the Jordanian press that Petrel had won a contract to assess reserves in the east of that country.

The shares have been rising on hopes that it will be allowed to drill in western Iraq, and John Teeling, the chairman, says the Jordanian contract is linked to this. He was out of contact with his man on the ground there and was last night talking to the AIM authorities about whether a formal announcement was necessary.

A bit late the share price was 10 per cent ahead yesterday. Its horrendous, says Teeling. They are trying to hype the Petrel share price. His Dublin HQ had received almost 100 queries about the e-mails.

The Financial Services Authority says it is a matter for the Stock Exchange. The Exchange says, rightly, it is up to the FSA. The FSA wont comment and shows no interest in seeing the offending e-mail.

And you wonder how people get away with it?

"buy Pet -news have leak in Jordanian newspaper, contrcats signed yesterday "
This was posted on the JKX thread on the other side.

No smoke without fire, they say! Yet the price has come back below 100p with relatively small spate of selling in last 10 mins. I am going for the rocket theory (though up to my limit in holding). 50% odds - last Buy opportunity!

Eric

All, no deramp intended above, just balanced reporting on my part. I am following with interest,albeit no cash in these stocks.

I would like to see it come off and you all fantastically rich.

seawallwalker

No offence taken - valid and valuable post. Suggest you bag a few before its too late, though!

Eric

Something from tne other side:


The Gulf Today

December 9th 2004

Sonoran, Petrel to explore oil in Jordan

AMMAN:The US firm Sonoran Energy and Ireland's Petrel Resource have signed agreements under which they will explore for oil and gas in Jordan.

Sonaran will explore for oil and gas in the Al Azraq area, while Petrel Resources will explore in the eastern part of the kingdom. The government has ratified the agreements.

There are currently two companies exploring potential oil and gas reserves in Jordan: The US Trans-Global Petroleum Jordan Ltd. Company operating in the DeadSea and Wadi Araba regions, and the National Petroleum Company, which has a concession agreement since 1996 to explore for and produce gas in the Al Risheh area near the Jordanian-Iraqi border.

Jordan offers what the government describes as competitive, flexible, substantial, financial and contractual privileges for international companies interested in exploring natural resources in the country.

Jordan's neighbours -- Saudi Arabia, Iraq and Syria -- are all oil producers, and officials say it is only a matter of time before exploration unveils large oil and gas deposits in the kingdom.

Saw the piece in the Times City Index which appears to be critical of PET over the information leak and thus yesterday's run on the share price. Seems typically unfair comment as the information was clearly leaked by a Jordanian minsiter after a weekly cabinet meeting. As suggested above, these fields are presumably linked to Block 6, expected to be part of an Iraqi announcement. PET can't say anything until the Iraqi Oil Ministry give them the go ahead, even if the contracts are already signed. So Jordan are jumping the gun. The smoke is, however, now reaching the proportions normally reserved for a new Pope. The fire is about to ignite the rocket! All aboard?

Eric

Still holding and topped up! im now all in and awaiting a very very nice christmas pressie from PET!

i`m praying something will happen, the wife and her mate are in peterbough crimbo shopping !!, did mine yesterday and when i got home it was a bit brain numbing trying to work out what had happened with PET.

some while back i got an e-mail from PET saying that they were involved in a jv with jordan and that they were taking samples etc from the jordanian side of the border because of personal safety, if i remember correctly the geology was similar. i also think it said that the samples were to be studied in ireland.
sorry if it`s vague, but i have`nt still got the e-mail, my hard disk went a while back and i lost the info.

i do think that PET should issue an rns of some kind because whether or not, as some have said this is old news it is still price sensitive and jt`s other companies have put out rns`s on press speculation , remember AFD !

dexter

Eric: As usual a badly written article in published media, in this case from 'The Times' re PET. If a good journalist gets an inside lead and publishes it as good copy for his paper in the Middle East, why should he worry about the impact on a quoted company elsewhere, in this case London and Ireland? The person concerned probably does not even now about Exchange regulations etc., or that his newspaper article would be picked up by the Internet bloodhounds so quickly. For holders of PET it suggests (I like you await confirmation) that they have been awarded a Jordian exploration deal of some sort, and it would seem that as it coincides with the Iraqi field they are bidding for, hope springs eternal that they have both sides of the border. Stepping back from all this excitement for a moment, I do recall an earlier post from Tokyo who said that PET were in fact carrying out geological surveys on the Jordian side of the field, and this would of course increase the chances of finding Oil more quickly, expecially by having one operator covering the overall field. So we might presume some co-operation between the Jordian Oil Ministry and the equivalent Iraqi might we not! Bottom line with 'The Times' is that they are probably miffed at not getting the source first, and so therefore best to blame the PET management, still I may be wrong who knows, but like you I think this bodes well for PET holders! John

what an anti-climax! today has been,then 2 20k trades are time.

dexter01: Was that your 100K T Trade earlier? John