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

Oh! me too, but that wont be long coming now, this is the start of a busy two weeks!

Beastie - read the RNS from today again, especially this part

"The work programme involves integrating geological data from Jordan and adjacent regions"

Wonder where those adjacent regions could be?

Tokyo

block 6 ere!

As this is so connected, block 6 and 'adjacent' in the rns, surely an Rns is imminent, im sure that Pet did not release todays Rns before speaking with MOO and firming up further agreements etc!!!!!!

gra1969 - I did mention last week that I thought the Jordanian leak had caused a panic in Iraq, Jordan & Ireland, lets hope my thoughts are proven to be true, by a couple more RNS announcements, but does seem strange, that we have a report that the MOO have chosen the companies to be awarded the contracts, and then PET are able to release the same RNS that Sonoran were free to release last week

Tokyo

Ture, Sonoran are not researching Pets area, of course, and that lies 'adjacent' to Block 6. Sonoran had no need to check with MOO, Pet did! this bodes well for us all!

I think a lot of people are jumping ship as they believed this would jump the sp higher than it has, a little fickle me thinks!

I thought the best chance of news for Iraq was tomorrow?

Nice to see this bit today though.

Tokyo, I took a leaf out of your book yest and had a top-up!

Back to that 98-102 ish range again. An Iraqi contract RNS followed by a further Jordan RNS are most certainly needed!

gra1969 - agreed, although the RNS's have been needed for sometime now!!
that huge sell this morning, gave the MM's plenty of stock to play around with, hence they can still try their little tree shakes until the Iraqi tender results are known.

beasties - Lets hope our little top ups pay off, otherwise it will be KFC for Xmas, instead of turkey!!! (makes me laugh that over here in Japan, people actually go to KFC for a Christmas dinner!, have they started that back in the UK?)

Tokyo, i think we all know on 'contract' RNS news there will be no holding this back, hence we have all held and topped up along the way!

In Japan 2002 world cup! i have never seen a nation take so warmly and enthusiastically to two Englishmen (myself and a good friend) popping 'fizzy wine' and spraying it all over them! Long live RAPONGI District! They are so rebellious over there they just need a nudge!

dexter

I'm not sure why you posted the Heritage press release 6 times but it made interesting reading. Are you linking this to the the possibility that Heritage, with their Iraqi partners, have landed the Khurmala Dome; would make sense. It is clear that they are awarding the two contacts to different companies so, if PET land Hemrin, the IOM will have two partners they are comfortable with.

Its also interesting that the Jordanian RNS has taken the best part of a week to surface after the cabinet minster clearly jumped the gun. It appears to be beyond reasonable doubt that this is because of the linkage to the Iraqi Block 6 and that the statement has had to be cleared in Baghdad. If PET get the Block 6 agreement, what do we see the effect of that on the cap. and sp, ie. without Hamrin? However, my own intuition says that they will get Hamrin and Block 6. If it was only Block 6: (a) there is not the same pressure for an announcement; (b) there is not the need for such a great level of secrecy. I think that they will want to get on with the Kirkuk and Hamrun projects and that we will hear by Christmas.

Remember Jeremy Lacey's evocative comment re the next Cairn Energy; its a pretty good hand of cards!

Eric

Eric,
Sorry about the multiple posts, must be the pc( that`s my excuse!). I was`nt linking Heritage to any of PET`s contracts, it`s just that the IOM seem to have started to approve JV`s, which could bode well for PET in the future.
Dexter

Looks like Petrel is ready for takeoff!

If they continue to perform this badly on good news and respectable volume, I'm taking my bat and ball home! I want my promised riches and I want it NOW!!!!! ;-)

The MM's are certainly taking the P*ss with the SP at the moment, but there still seem to be enough people that get scared off by any drop in the daily SP to sell, we saw huge blocks being sold off yesterday, only for the SP to open up this morning on the good news, imagine what it will open up at, if 6 when PET are awarded the tenders, or when the announce that a PSA has been signed with Jordan. I've always been optimistic about this share even when it was 31 pence, the information that I've collected since then has given my no reason to change my mind.

We've got an up-date from the Jordanian deal to come (Sonoran released theirs today)

Submission on the 3rd tender tomorrow

A decision on tenders 1 & 2 to come very soon IMHO


and yet people are still selling, perhaps I am a little more of a gambler, than those people who sold this week, but with the Jordanian deal giving us a new support level (again IMHO) I really don't see PET being as big a gamble than it was say last month.

There are so many people in this share and willing to share their research with you all, can we all be wrong? I say "NO"


Tokyo

I for one am not unduly surprised by the lack of upward movement, because the rns was`nt news to most of us and the sellers could be top slicing or taking profits of anything up to 300%, not bad!. I do think that some people are saying " 300% profit,definite is better than 1000% maybe", because this has dragged on so much longer than most thought.
I would`nt mind betting that people have sold some for profit and letting the rest roll, because you would need sectioning if you sold all your holding IMO, unless we all need sectioning for keeping ours!!

just my thoughts,
Dexter

Another 100,000 T buy, is it the same buyer as yestaday? and friday.

Agree that the RNS today was not "news" as such. There was more of a movement last week when the Jordanian cabinet minister let the cat out of the bag. So this just confirmed what we already knew. Interesting that it took so long to come out - the obvious reason is that there was a check-out with the IOM. Quite a new boy here compared with the old stagers so am still sitting on a loss. However, feel I've benefitted from a lot of relevant research. You get a gut feel, or insight (or heart-felt emotion), depending whether you are a gut, head or heart type: I'm a head man so it is insight. The most significant thing to me is that Teeling and Horgan are playing it very close to the chest and are doing everything that the IOM would want them to do. They do not come across as losers in any way. They have put the gorund-work in, built the relationships, handled the contract negotiations. They are with friends and when they shake their hands and look into the whites of their eyes (unless bleary from too much booze) they know that there is trust there. That's how I believe it is. Its not that they will get everything that they want but it will be enough to give them a very profitable future in Iraq - both for the benefit of Iraq and for their own and that of their shareholders. Do you empathise? I am not making a logical argument (which is what I probably do normally); its what I understand deep down. Sometimes you just "know"!

Eric

eric, Looking at the head heart thing, Tokyo is the head feeder alright, anything out there to find and its on the BB. Then there have been posts from others about the heart concept, (the one about the Irish struggle) the building of the relationships and now with a short wait to go before the tender news and block 6, if you where a collector of shares with a view to selling them profitably in the 'near' future you could get a job as an MM. The T trade at the end of the day (again) helps put my heart/head/bank balance in the same place, waiting not moving, just waiting

watcher