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

Hi guys

Forgive me if I am wrong, but I have a sneaking suspicion that "The French Connection" is the "Oilman" on another BB that many of you frequent and contribute to.

I notice that both the posts from these two characters appeared at roughly the same time this morning at around 9.40ish. Too much of a coincidence? Nah.

Any thoughts from the more intelligent and rational amongst you? Well on this board it covers most of you.

Oilywag

I am hopeful on 1 contract poss2, but I grow less positive day by day that this will reflect in a 3 X current SP, given that mms manipulate continually, e.g., this afternoon AGAIN.
Hopefully the announcement of 2 contracts will prove me wrong and Ill be more than happy.

I'm neither particularly intelligent or rational but I can't see any possible relationship between the Pet deal and Iraqi ministers visiting Norway. I'm sure, being at Ministerial level, they have much more important matters to discuss.
However, the Frenchconnection has a point about track record. We don't know the details about the strength of the Pet bid but financial soundness and the ability to complete the works is an important part of a bid adjudication.
That is offset by the fact that these are brown field sites and the risk is solely with Pet. Nor do we know how good the other contenders are, if any.
You pays your money and takes your choice but, except in the case of a sole bidder situation, I'd be surprised if Pet gets both contracts. One yes.
Has anyone asked DH to confirm or not whether he is the sole bidder?

Evening everyone, and thanks again for very objective assessment and research. I go back to DH's statement a few months ago now, that PET was "sworn to secrecy" and that "it will be in ALL our best interests", or words to that effect. There hasn't been anything to dissuade me from accepting DH's position, when you distill events down since then:

- Tenders, completed and finalised, confirmed as submitted for the first two
- Final submission date confirmed for third tender as today (when any announcement is made on the first two, it will give an indication of lead time for decision on three)
- Jordanian memo of understanding leaked; Sonoran confirm, Pet delays, no doubt to clear it with MOO
- Sonoran release news on PSA with Jordan; PET news not forthcoming, but expected similarly
- Recommendations from MOO submitted to government for approval
- Decision still awaited on first two tenders, along with any news on Block 6.
- Opportunities emerge for Pet in Sudan...

If Pet didn't think they could handle all three, or more, they wouldn't pitch for all three, or more, it would not be good commercial judgement to risk the delivery and quality of any one succesfful contract purely to gain others. It's frustrating playing the waiting game, but it looks very promising across a number of fronts, there is a lot of protocol to go through, but the end game and value of the prize both reflects this and will no doubt be worth it.

Just a final point on valuation, the current share price has an expectation of success factored in, given the gap between market cap and assets, any views on how this might affect the initial share price once success is announced?
Best of luck to all,
Steve

OILYWAG.
What thread was he posting on?

Aldwickk

No apparent thread, just a bald statement of his thoughts.

Oilywag

Good morning one and all! If there is no news today i do expect a retracement of some sort, in and around the 90 mark. But again, as posted so many many times, a day or week retracement is a small blip! Always keep on top of investments and never invest what you can not afford to lose, of course! However, i have absolutely no doubt that this will come good soon enough.

A 2 starting sp will be nice with a bumpy ride up to 3, take a little profit there and watch intently as the rest of the holding creeps up to the 5 mark.

Oh heavenly joy!

gra1969: my intentions exactly!

Realistically, though, I'll be pursuing that strategy in January, not December as hoped.

Why is the price dropping so quick?

Looks like another Teeling "sucess"!

Down 20% and falling, good luck you lot, looks like you need it!

Dunno what has happened to PET but the drop looks ominous......dyor of course.

Any ideas as to why the price drop? Does someone know something we don't.. I am pretty tempted to increase my holding.

Thanks

Chris

We have seen this before. Jitters.

What has happened?

Where is the RNS for this drop?

That is aa big jitter......... I am trying to find out for you, but there seems nothing around.

looks like time to bail out..in free-fall

****This is not to do with block 6****

It may have no bearing on PETS interests.


http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=7111582

REUTERS UPDATE 1-Iraq awards first postwar oilfield contracts [DSXJLLW]



(Adds details)

BAGHDAD, Dec 16 (Reuters) - Iraq's oil ministry has awarded
the country's first postwar oilfield development contracts to
Turkish and Canadian firms, an oil official said on Thursday.

Turkey's Everasia won the contract to rehabilitate the
Khurmala Dome field in the north and Canada's Ironhorse Oil &
Gas Inc will develop the Himrin field, said the the
official who declined to be named.

The projects aim to realise Khurmala's potential to produce
100,000 barrels per day and raise output at the Himrin field.

The contracts involve constructing new flow lines, building
gas separation stations and measures to stop water emerging from
wells. Drilling will be done by the ministry's digging division.

Nasser Chamma, another ministry official in charge of
projects, declined to confirm the companies that won the
contracts but said that their names had been presented to the
council of ministers for approval.

Chamma said the ministry was studying offers for another
contract to raise the output of the Suba-Luhais field from
50,000 to 180,000 bpd.

The cost of the three projects combined has been estimated
at $500 million.

I don't know for sure if this is the news PET holders were waiting for so please do your own research and make your own decisons.

Good luck to you whatever you do!

SWW

Good to see PET did not release RNS!!!!!

Bastards!!

Are these the same projects that PET were chasing? Either way one would expect an RNS from PET?

I'm sticking with it & hopefully PET will issue an RNS soon as its in their interests to do so. Perhaps this is the best time to buy...