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

Just released:

CORRECTED - UPDATE 1-Iraq awards first postwar oilfield contracts
Thu Dec 16, 2004 05:57 AM ET
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In Baghdad story "UPDATE 1-Iraq awards first postwar oilfield contracts" please read in fifth paragraph Ahmed Chamma,... instead of Nasser Chamma... (correcting first name).
A corrected repetition follows:


(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 (IOG.V: Quote, Profile, Research) 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.

Ahmed 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.

Dexter I'm back with you, have jumped back in with a tiny 30,000 @ 44 pence. Lets hope the news is not bloody official, how many pissed off PET holders would there be if the news from Reuters proved to be wrong!!!
Although in all honesty I do not think it is, PET was a gamble and I lost it is as simple as that, the info pointed one way, the result was the other!!! I'm back in as Sudan info will be released next month, there is still the 3rd tender, block 6 and Jordan, a 60% drop is a huge over reaction by the market

Tokyo

Been a stable last 15mins,looks like the fun is over !!

By no means...................

From another bb.

PET have been contacted and say that they have not been contacted by MOO and they normally would be.

Could be an almighty hoax....................

tokyo,
did it take ages to confirm your by?, and did you lose out over all?,

from advfn

Looks like bad news,

It has been confirmed on reuters,

By Khaled Yacoub Oweis

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

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

If approved by the cabinet, the agreements will be the first oil deals with foreign firms Iraq has struck since the end of Saddam Hussein's rule.

The news knocked over half the value off shares in Petrel Resources, a small Irish exploration company, which said on its Web Site it had been hoping to develop Khurmala.

The projects aim to realize Khurmala's potential to produce 100,000 barrels per day (bpd) and raise output at the Himrin field. The ministry is still studying offers for another contract to raise the output of the Suba-Luhais field from 50,000 to 180,000 bpd.

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.

Unlike production sharing contracts Iraq could negotiate with oil majors after elections due in January, the contracts do not involve contractors after construction or as operators.

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

The cost of the three projects combined has been estimated at $500 million. Their small size and scope has failed to attract the interest of major international oil companies.

Awarding the projects has been repeatedly delayed, along with other tenders to study the recovery potential of the Kirkuk and Rumaila fields, which account for most of the country's exports.

Engineer Hazem Sultan, who is in charge of reservoir studies, said no decision has been yet made on whom the projects will go to.

It remains to be seen whether the international projects, which were designed before the Iraq War last year, could be executed on time given the lack security in the country.

Iraq has yet to restore production capacity lost from bombing during the 1980-1988 war with Iran war and later wars, as well as crushing economic sanctions.

Oil officials hope to double Iraq's 2.6 million bpd output by the end of the decade

The drop was that fast today that I couldn't sell online for a 20p drop due to volume.

I do find it strange that the canadian companies shares havn't moved!!!

http://www.reuters.co.uk/newsArticle.jhtml?type=topNews&storyID=7112952

TSX hasn't opened yet.

I don't quite know why its taking PET so long to clarify the news.. surely its not hard for them to find out whats going on & I must say that its hard to believe that their contacts on the ground didn't get a whiff of the news if it is true considering its importance.

If the Canadian Market hasn't opened yet, It must be worth buying straight in for Ironhorse shares

Wheres the regualars gone, has quiet as a pet rns. Ah well its only money. I fell for it too the biggest stitch up since the last biggest stich up.

The last stich up was PRE

The Reuters release says "If approved by the cabinet, the agreements will be the first oil deals with foreign firms Iraq has struck since the end of Saddam Hussein's rule." That is Pet's problem. It cannot confirm that it has lost the contracts until they have been approved by the Council of Ministers and it has been officially notified itself. That might take days.

well, not a regular but as a posted earlier on advfn, its like christmas on the somme, the wporst of human nature in terms of gloating over the loss and shorters making money at the expense of me and my kids summer holiday in Disney...ah wel, I go down fighting, and hoping..more rns to come surely to God

(Livvy Back in the fight)

LivvyTyler - good luck to you.

No gloating here, (yet) that I have seen.

seawallwalker - The same pair of WANKERS run PRE n PET full of BULL SHIT the PAIR... imho!

chartist2004,

I'm confused... if you feel that way about PET and PRE why start this thread? Or did you come to the conclusion in hindsight.

skids

chartist2004 - I know, and I agree.