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

OK you guys have convinced me...this is just too good an opportuity to miss out on. I'm in for 4K. Modest I know but i'm a poor pensioner and can't afford to lose more.
Good luck to all.
Ruthie

guys a 150k T trade at 100.00, ideas please?, thanks!!!!

I think its a buy.....

The 150K T trade was a BUY! Must be you again Dexter!! John

anybody know the epic for Northern Petroleum? Cheers, and good luck to all
Steve

found it, NOP, for anyone interested in a look,
Steve

steve, it`s NOP.

john, yep, i`m up to 3% holding now......... i f*****g wish!!!!!!

Dexter01: Well that's interesting ...if you had 150K cash in your account would you place it all on PET stock??? John

Cheers, dexter01, might reroute some of my pet profits into this one, when it finally happens....

John: Would you do a cfd? Did you do a cfd? Should all God's children do a cfd?

Eric

well the fun and games are beginning here, but it is my bedtime. Night all and have a good weekend, see you bright and early on Monday, although I'll probably pop in to see what the weekend press holds, perhaps we'll see some speculation on the Jordanian deal.

Tokyo

Eric: I have not yet taken a CFD on PET. As you know I like a mix of fundamentals and use the technicals to time buys and sells. However PET is a special case and I am looking at the binary bet option! It is not for me to advise anybody on an investment decision as it is their money and responsibility, but if PET is awarded a contract then I think that would be the time for me to reviw my position. I say that because I think there will be lots of volatility in the SP once we have the news, and indeed that volatility could continue for some time. Someone, somewhere, once said that dreaming about rising SP's particularly in one's own portfolio is always pleasureable but it's mistress has a sharp and cruel temper.

Trust that gives you food for thought?

John

John: Didn't know you had met my Missus. Particularly violent when I'm dreaming about rising SPs; even more with violently oscillating ones! I see the binary bet point - the safest bet is that PET will be way up or way down; would only be at the same level in a month's time if passing through at a rate of knots! On second thoughts, I'll probably just put them under the mattress as suggested by our Jeremy.

Eric

Eric: I plan to use the Binary Bet to hedge my cash position! John

Morning Campers, looks like the wait is over, could this be the reason why PET were staying quiet about the Jordanian MOU last week?

Iraq Selects Firms For 2 Oil Devt Deals - Official

BAGHDAD -(Dow Jones)- Iraq has selected the international companies that it will sign contracts with to develop two large oil fields in north and middle of the country, an Iraq official said Saturday.

Ahmed al-Shammaa, Iraq's oil undersecretary, said that the oil ministry had recommended names of the international firms for two upstream contracts for the development of the Khormala Dome, in northern Iraq near Kirkuk, and Hemrin, northeast of Baghdad.

"We have submitted our recommendation to the government to approve it before we sign the two contracts," al-Shammaa told Dow Jones Newswires.

He said that each one of the two contracts worth between $150 million and $200 million.

Al-Shammaa who has been negotiating the two contracts, declined to name the companies that would win the two contracts.

"We will sign the contracts when we get the approval of the government," he said.

Production from these two oil fields is expected to reach around 200,000-250, 000 barrels a day.

-By Hassan Hafidh; Dow Jones Newswires; + 88 216 2115 7191; hafidh8@ hotmail.com

So you guys think Petrel is definetly one of the two companies Iraq has selected??

tokyo,
great post, you been doing a bit of overtime then!!!!!

Hi all - I use other parts of the MoneyAM site a lot, and I enjoy reading all the info on these boards, but haven't posted much so far. But these new PET developments are potentially too exciting to keep quiet about! Tokyo has beaten me to it with the first bit of news, here's another!

This is from the PET website.

"SUDAN

While the focus of our efforts is Iraq our application to obtain a concession in Sudan is on the cabinet table in Khartoum. In recent years Sudan has had a terrible press due to an ongoing civil war in the South. What has been largely ignored is the emergence of Sudan as a significant oil producer with production at 450,000 barrels a day and rising. The potential has attracted many of the world's most powerful oil companies, but none of the Seven Sisters. Petrel was invited three years ago to apply for a licence. Having reviewed the terms and the potential we applied for Block 15 in the shallow waters offshore Port Sudan. This block was surveyed and drilled in the 1970s by one of the majors but the discoveries were not large enough. We negotiated a joint venture with Sudapet the Sudanese State Oil Company and submitted a proposal. Negotiations have taken a great deal of time but we believe that a decision is imminent. Should we be successful we would expect to drill within 12 months".



This is from todays Sudan Tribune:- http://www.sudantribune.com/article.php3?id_article=6964

Sudan sees new oil refinery contract award soon
Sunday December 12th, 2004 00:43.


Awad Al Jaz
CAIRO, Dec 11 (Reuters) - Sudan's oil minister said on Saturday he hoped to award a contract for a new 100,000 barrel-per-day (bpd) refinery at the country's main port in two months.

Awad Ahmed al-Jaz also told reporters in Cairo that new exploration could help boost oil output beyond the 500,000 bpd expected to be hit in August. Current oil production stands at about 300,000 bpd.

"We are going on with exploration in new blocks, like block 9, 8 and C ... and we just signed an agreement on block 11," he said, adding that an award for block 15 was expected by the start of January.

Jaz said he hoped output could hit about 1 million by the end of 2006. "That's my hope ... We hope we can hit that or more than that," he said.

Analysts have been more conservative than Sudan about the prospects for swift output growth, though they have predicted significant production increases over the coming years. Sudan is also seeking to expand its refining capacity. Jaz said a Chinese firm was expanding the capacity of a refinery in Khartoum to 100,000 bpd, from the current capacity of 70,000 bpd. Sudan also has a 20,000 bpd refinery in Port Sudan.

"Now we are negotiating on building a new refinery in Port Sudan with capacity of 100,000 bpd. We have a number of companies who are negotiating with us," he said, adding that the list included Indian, Malaysian and European firms.

Asked when he expected an award, he said: "Hopefully in two month's time we will conclude that."

He said the project was worth "$700 million plus", adding that some bidders were offering finance.

Jaz said he was not worried that plans to expand the country's oil industry would be disrupted because of threatened sanctions over Sudan's Darfur conflict. The Sudanese government felt that international pressure was diminishing, he added.

Charliedan

I have looked at PET's website and cannot find the page with the text you have copied/quoted above.

Could you please give me the page address so that I can read it on their site for myself.

Thanks

Oilywag

Oilywag:
Try Chairman's statement July 25 2003. Here's the link:

http://www.petrelresources.com/_latestNews/25_07_2003.shtml