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

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.

ARGGHHHHHHH - I can not believe this, my computer went down this morning, and luckily a friend called me to tell me the bad news, managed to get out at 75, but will look to buy back in when it hits the bottom, as Sudan & Jordan should hopefully help it bounce, but then this really sucks!!!!

Tokyo

tokyo,
got back in at 45p, price was 30p wheni picked up the phone!, had to be done manually.
dexter

How foolish, dexter. Selling has barely begun!

Just bought 5000 at 37p,,is it a risk,,more than likely.

dave you are bonkers or very clever.........................

I hope its the latter....

Dave U missed them @ 28.5 then? ( Back to April's price )