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

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

yeah, found so loose change behind the sofa!!!!!!!!!!!!!

i`ve got a big sofa!!!!!!!!!!

dexter

Fancy robbing your grannies piggy bank again! Back to that eerie silence! What I find surprising is that there has not been a follow through from the Jordanian leak (semi-announcement) yesterday. Is it because its related in people's mind to Block 6 rather than the two northern fields? Perhaps a possibility that it is a consolation prize for PET - if that were the case what would the value be? Enough to support the present share price? However, the only real reason for delaying the announcement, given the leak, is that it is felt important to make the announcement of Block 6 and the Khurmala Dome and Hamrin contracts together and they are not ready to do that, probably because the AWARD has been made but the contracts have not been signed. This reading is supported by the lack of a 'partial' RNS today. I read the Block 6 Jordanian 'announcement' as very positive and an indication that PET have renegotiated the drilling rights on a cross-border basis and have won the other two contracts. Its in the bag, folk! Final, final top-up-time!

Eric

IF thurs and Fri are the equivalent of our weekend over there, would it not be sensible to assume that should an RNS be imminent, it will be released after that time and therefore Monday, after our weekend, of course. THis is asuming there is to be one this side of the 15th, of course.

gra

Significance of 15th? Not another holy day?

dexter

Just polled back through recent posts. I see a Memorandum of Understanding (term used by Jordanian minister) as being an agreement to negotiate a contract. It gives comfort and justifies the effort is setting up a contract. I think its the same as a Heads of Agreement. You couldn't sue if the propostion fell through. Not a lawyer though.

Eric

I read an interview recently posted on fillyaboots from a newspaper article with JT who said that an agreement was signed re the southern oil fields on 15th December 02, so maybe the 15th December 04 is the day?? Here's hoping!

Good Morning Pet Lovers!

So no news Good news! Why the delay?

Because the Iraqis and the Jordanians are still 'marinating' our 'Pet' ready for Christmas Dinner Party! So DH is still wondering whether to add the Iraqis 'stuffing' first or the Jordanians one! He doesn't want to mix the two. It spoils the natural culinary taste of each country! Either country 'oily nouvelle' cuisine taste better in its own right! So in my view DH will 'deliver' our rns stuffed pet with the Jordanian flavour today or Monday and the rns stuffed pet with the Iraqi flavour next Wednesday. We too don't want to 'have' both of them at the same time. It will be too much to 'digest'!

What say you?

sorry for delay Dexter, the 15th is the deadline for the tenders for the two further field contracts in Iraq. I am of the opinion that there may well be some news bfore or on that day, with a natural progression for Pet to be involved/secure contracts on the further two! Wishful thinking, indeed, but there does appear to be a head of steam building with the Jordan news linked to Iraq contracts and Block 6 being the key issue with boundaries spanning borders. There is a lot more to this than meets our eyes and a bigger result than we could have imagined awaits!