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

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...

If it is the ones and I read that only block 6 remains from other bb.'s then PET are stuffed.

If this falls through then they have their last RNS where they threw their hands in the air in horror at the speculation and price increase.

That will make them almost but not quite criminally irresponsible.

PRE then PET.

As I said please DYOR..............

I can Confirm these are the contracts they were after .I have sold up.

Further to its announcement of 27 September 2004, the Company confirms that it
has finalised all outstanding matters on the tenders for the Hamrin and Khurmala
projects in Iraq and awaits a decision. The deadline for submission of the final
commercial offer on the Subba and Luhais project is December 15th.

I am not saying this isnt bad news but a lot of people seem to think its a great buying opportunity as there are as many buyers as sellers! This does not make sense!Did the MM's start the panic by dropping the price and now after the knee jerk reaction people are analysing it in a little more detail. I am not trying to be over optomistic , just observing what is happenning

RNS

Petrel Resources PLC
16 December 2004



The board of Petrel is aware of a Reuters report which states that the Khurmala
oilfield development contract has been awarded to a Turkish company and the
Hamrin oilfield development contract has been awarded to a Canadian company.
Petrel has received no notification or communication from any source in Iraq
confirming or denying this report. We are seeking immediate clarification from
the Oil Ministry in Iraq.


That looks like it people.

There will be another RNS either confirming or denying this , but it looks like Iraq is over...........

bloody hell!,
tokyo where are you?, did you get out ?,i got out at 75.2p after my buy average was 40p, i hope you all salvaged something.
dexter

No bounce here - 33p mid by close, imho. No position myself.

Ouch!

No position here either.

I did have but the PRE rat smelt too much to hold.

Unbelieveable!

Sorry guys but here it was on the 9th December


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?

Im with you skids OUCH!

Sorry chaps - too little sell vol yet - revised forecast @ close 26p mid.

willfagg,

I hate to say it (and I feel very sorry for anyone who has made a loss here), but PET have always looked a very risky bet to me.

skids

Now it's flying up again.