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

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 )

Hope to get shut of them today 45 ish.

I think if this one pans out with no contracts you are looking at 10p.

I know they have other assests but it will take some time to recover from this.

PET will know the answer by now, so why no RNS?

Its one hell of a ride..

45 p is respectable so good luck. I watch with interest and good feelings for you!

Hey, you may just do it.................

On the way back up!

Yes,just having my lunch and the mobile goes,there`s action about.

I would not have the bottle for this, but things look likethey will just get thereabouts.

Chartist2004,28 you say bloody hell.

dave , if you can see the traders thread , Kyoto has just given an explanation of whats happening

Just shows, shit happens when you have a busy morning!!

Skids, you are the master of understatement!!!
Whatever the sp does today, you can guarantee it'll go lower tomorrow when those not siiting at a computer catch up on the news. On that basis alone, to day is NOT the time to buy.

Oh well, it's time to sell my body.......

Don't worry, this was predicted, hold on if you can.
My gut reaction is positive RNS is about to come.



Heritage Oil Corporation has announced that it has formed a strategic alliance by way of a joint venture with Eagle Group of Iraq, an economic and industrial entity within the Autonomous Region of Iraqi Kurdistan.

Heritage and Eagle Group have incorporated a jointly owned company, Heritage Erbil Oil Limited (Heritage Erbil) with an authorized share capital of $25 million. Heritage Erbil in turn has incorporated K Petroleum Company (KPC), a wholly owned subsidiary of Heritage Erbil, in Iraq and registered KPC in both Baghdad and Erbil (in the Autonomous Region of Kurdistan).

Heritage and Eagle Group will each hold a 42.5 percent share interest in KPC, while Turkish investors will hold the remaining 15 percent.

Micael Gulbenkian, Chairman and CEO of Heritage Oil Corporation, said: "Because of my family's centuries-old links to Iraq and the region, I have been able to visit Iraq regularly during the last two years. My great grandfather and great uncle were closely associated with the development of the Middle East oil industry. In fact, the Gulbenkian family was fundamentally involved with the establishment of Iraq Petroleum Company in the 1920s and the drilling of the first well in Kirkuk in 1927. My father for decades since the 1950s was associated with the development of the Iraqi Oil industry and, by investing in numerous social and development programs played a very important role in the fields of education, health, arts and science for the benefit of the Iraqi people. I have been touched with the warm reception I have enjoyed within Iraq in general and the Autonomous Region of Kurdistan in particular. As a result of my family's historical connections in the area, this joint venture could have the ability to transform Heritage Oil Corp. in the short to medium term."

Nechirvan Barzani, the Prime Minister of the Regional
Government of Kurdistan, stated: "We are delighted that Eagle Group has entered into this joint venture with Heritage. We believe both parties are genuinely committed to the development of oil and gas in the Region within a framework of a close working relation with our Regional Government and the Ministry of Oil in Baghdad, utilizing available local resources. The Company should be in a position to commence its activities immediately in view of the stability prevailing in the Region, which is far more stable than other parts of Iraq. KPC in view of its regional local strategy is ideally placed to obtain licences, with the support of the central government and ourselves, to operate fields in the North."

Heritage is responsible for the overall operation and management of Heritage Erbil and KPC. Heritage is actively recruiting local technical staff to commence a detailed investigation of the development potential of the Kurdistan Region.

KPC will be working in close collaboration with the Ministry of Oil of Iraq. The company has been incorporated with the knowledge and support of the Ministry. Discussions have already commenced about awarding a license to KPC containing proven reserves with the possibility of early production.

The company anticipates that during this interim period when there is an absence of hydrocarbon legislation in country the license might initially be a service agreement, with a view to converting this into a production sharing contract. KPC, however, has a two-phase strategy: to target projects with significant proven reserves with a plan to produce over 50,000 barrels per day while assessing further known potential reserves in the Region; and to carry out initial technical and exploration work over parts of Northern Iraq which have yet to be explored.

According to Heritage, the oil potential of Iraq is huge, with estimated proven reserves of more than 112 billion barrels of oil and 100 trillion cubic feet of natural gas. It is reported that fields in Northern Iraq contain estimated reserves of 36 billion barrels, and less than 10 percent of the Region has been explored.

Barzani and Gulbenkian both stated during a meeting in October this year: "We view KPC as an important element in the oil and gas exploration and development in the Northern Regions of Iraq."

Heritage is an international oil and gas corporation, with principal properties situated in the Republic of Congo, Oman and Uganda. Heritage's registered office is located in Calgary, Alberta.

The Company's Common Shares trade on the Toronto Stock Exchange under the symbol HOC.

Out at 42,back to the sandwich.

Have just found this on FYB-
have spoken to Reuters in N york, London and to a bloke in thier Baghdad office just a minute ago.

He asked me if I was from PET !?! but the story is that he got the info from a source at the MOO who he thinks is good for info... however, this is not, I repeat not, official news (although it could be correct). An updated posting is going onto the Reuters site in about half an hour he suggested ... so watch this space with anticipation.....

felix