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

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.

sea - I was just passing on info from fleet street letter.

just keep holding and don`t panic, there is still a lot on offer, the sp will rise in anticipation, like it has done for the last several months.
remember the 50% rise on feb 19th and then a drop of the same, we`ve seen it all before.
dexter

funny old world....Share price down 58% and buys outnumber sells!I know there is more to the story. Just shows you can not take numbers on face value

HI ALL THIS IS THE FIRST TIME I HAVE POSTED I HAVE BEEN WITH PETREL SINCE APR THIS YEAR BOUGHT IN AT 38P.I HAVE EMAILED DAVID HORGAN NUMEROUS TIMES AND ALWAYS HAD A REPLY.I HAVE JSUT SPOKE TO MR HORGAN PERSONALLY TODAY.HE STATES HE IS AS MUCH IN THE DARK AS US.THEY SAW THE REPORT ON REUTERS AND RELEASED THE RNS. AS FAR AS THEY ARE CONCERNED THEY HAVE HEARD NOTHING.HE THEN EMAILED ME WITH THE FOLLOWING.


" As we noted in the RNS, there Reuters report (just as the Muslim weekend
began) that the Ministry of Oil had awarded the 1st two of tenders to a
Turkish and Canadian group respectively. We have received no notication
or denial that this is the case - or response as yet to our query.

We submitted the final offer on the third oil field development tender
(Subba & Luhais) just yesterday on Wednesday 15th Dec. at 12.00. At
that time there was no update on the first two. Just last Thursday,
they asked us for our bank details in case they needed to open a Letter
of Credit on the first two tenders. We took this as a positive but have
received no notification either way.

For the last year, the Ministry had stressed that they wanted the best
technology that would operate in a challenging environment. We
accordingly pulled together the best suppliers (GE, Hanover,
Weatherford, etc.) and solution. Of course, there will always be a low
bidder from the developing world - so you can never be sure in any
competitive tender.

Anything is possible. There are many rumours. As soon as we receive
notification we will inform you.

We are confident that we will not be beaten technically. But it is in a
war zone and we have included a contingency and a risk-adjusted return.
The Ministry engineers seemed impressed at our submissions. There will
be more projects, and particularly the largest of the three oil field
developments (Subba & Luhais).

In the meantime we push on with our western desert exploration work.

Regards,

I HOPE THIS INFORMATION IS USEFUL.
CHEERS
KOPKING

I don't hold these but I feel really sorry for those who do. I'll keep my fingers crossed for you and hope you'll recover. There is a drink at my place for you if it helps.

LOL

MS

Willfagg, multiply buys x price and sells x price and that tells a different story.
Dexter, too many got fingers burnt on this one and they won't be back for more of the same. I'm in the JT and DH are wankers camp myself. Lost small on PET, rather more singed on PRE. Twats.

Signed "Disgruntled Shareholder"
(former shareholder)

thanks for note kopking

http://www.sibirenergy.com/

Get ready to place some money into Sibir on the 21 ST Dec when shares come out of suspension.

Been suspended for 9 Months, Lots of Positive things happened since including 1 year early production from its $1 Billion Saylym Fields.

This company has REAL potential and backing.

Shares Suspended at 28p, compare this to PET and do the research .

thanks for the e-mail kopking, strange that they would ask for bank details, and then award the contracts to someone else. Ah well the gamble didn't pay off, but I'm not going to start slagging off DH & JT, they have worked tirelessly to push these tenders through, and in the end it looks as if the 1st 2 didn't come off for them, I've got 30k left in PET and it is staying there, as I still have faith in DH, 40 pence seems to be holding as a support level, you'll see alot of shorters now closing their positions if they haven't already. I'm absolutely gutted, as researching PET has taken up alot of my time, but I'm not about to start crying about the management, as something that was out of their control has happened.

tokyo

Dear Beastie,
Agree re Twats
Unfortunately "still a shareholder"

Landsdownboy, has it really been 9 months?
Got some of these. Due some good news!!

Tokyo, I'm amazed at your reaction. Wish I was as calm. I've not really lost as I got in months ago, but I'm blazing!!!

this was posted on advfn yesterday afternoon

A2584728 - 15 Dec'04 - 17:05 - 10986 of 10986


Gents here it comes ....what i have just been told.

The first of three deals will be announced to the market after tomorrows update, which I hasten to add will not be announcing the signing of agreements.

The pprice will fall as the market is expecting more, however load up and average down as the news from Friday onwards will be thick and fast 3 positive RNS before Xmas.

DYOR

good hunting

someone knew something

patsy

why be so upset? we all had a bet and we all lost. nobody makes you bet and nobody makes you hold. grow up and stop blaming everybody else when there is no-one to blame but ourselves. put your money in the bank in future

It was Merrill Lynch that has been pushig this sp down and now funnily enough there trying to push it back up again. This is typical of the m.m's trying to square there books off for the end of the year!

Tokyo
Any idea of the value in the outstanding tenders, both to the company and sp? Can't see why the loss of the 1st two means the whole company is a write off. Major blow ...but the end?!?

Beastie - What else could they have done? they put together a strong tender, perhaps their risk/reward ratio was too high for the Iraqis will shall never know, but I still feel the drop was an over reaction and we shall see it bounce back another 10-20 pence, as other contracts are announced.

You've also got NBR the same as me, and I'm pretty sure we shall see an RNS from them next week, so it is keeping me calm, but I certainly took a battering on the paper profit today!!!!

tokyo

Sandrew 3rd tender is the biggest see e-mail above, but losing the chance of the 1st 2 is a major blow to the PET SP no doubt about it, but PET are certainly not down and out.

Sibir Energy replated info from Yesterday via Internal Partner Email

Current | Archive

Production at West Salym starts a year ahead of schedule
15-Dec-2004
An important milestone in the development of the Salym Group of oil fields in Western Siberia

--------------------------------------------------------------------------------




Salym Petroleum Development N.V. (SPD) has reached an important milestone in the development of the Salym Group of oil fields in Western Siberia. One year ahead of the schedule stipulated by the License Agreement, SPD commenced oil production from wells in West Salym, the largest of the Salym fields. Putting producing wells into operation early will ensure SPD not only achieves the production levels stipulated by the Technological Schema (Field Development Plan) but also acquires new data on the pay zone characteristics, well rates and other key parameters and thereby be best prepared for full-scale commercial development of West Salym.

The oil produced from the initial wells will be exported by road tankers from West Salym to Upper Salym for further shipment to customers. This oil evacuation pattern will be continued until the Central Processing Facility (CPF) in West Salym and the oil export pipeline have been commissioned. This pipeline will transport the oil from the CPF to a tie-in into the Transneft main trunk pipeline system at Yuzhny Balyk Booster Station.

The construction of these essential field infrastructure facilities is now under way. Simultaneously, drilling operations are continuing on West Salym well pad 20, and another two drilling rigs are on schedule to be mobilized early next year to increase the drilling scope. As a result, new well pads are being built as well as infield roads and other facilities.

"The start of oil production from West Salym is a major achievement that we can be proud of", commented SPD's CEO Dale Rollins. - "This is the result of combined efforts of SPD and our Russian contractors. Within a relatively short timeframe, just over 1 year, a huge work scope has been carried out to put West Salym surface facilities in place. We will continue to increase the development pace, ensuring in the process compliance with the Russian environmental protection regulations, SPD Health, Safety and Environment standards, and with due regards to the needs of the indigenous people. Our next important milestone is the completion and commissioning of the CPF and oil export pipeline, which will enable us to sharply increase oil production and respectively commercial revenues from the Salym Project".

Salym Petroleum Development NV is a company established on a 50:50 basis by Shell Salym Development B.V. and OAO NK Evikhon controlled by Sibir Energy. SPD holds production licenses for all three of the Salym fields, which are located in the Khanty-Mansiysk Autonomous Okrug in Western Siberia, 190 kilometres from the town of Nefteyugansk. It includes West Salym, Upper Salym and Vadelyp.

Development and production from Upper Salym has already begun, and Vadelyp production is due to start in 2006. The production from West Salym, the biggest in the Salym group of fields, is expected to peak with at least 120,000 barrels per day by 2009.

SPD began intensive field development work in the autumn of 2003 after SPD shareholders had taken the decision to proceed with the Salym fields under the tax/royalty regime and approved the budget in excess of US$ 1 billion. Since then both SPD and the Salym Project have progressed at a rapid pace. From an organization with 15 staff in early 2003, SPD has grown to a large company with offices in Moscow, Tyumen, Nefteyugansk and Khanty Mansiysk. Currently, some 500 Russian and foreign specialists work in SPD.

An all-season 50-kilometer road, energy supply facilities, storage tanks, field camps, a helipad and other major field infrastructure facilities were put in place in West Salym. Drilling operations are ongoing as well as construction of new well pads, infield roads and the Central Processing Facility (CPF). The CPF is designed to handle West Salym's planned production of 6 million tonnes of crude oil per year with an option for expansion to 9 million tonnes per year after Upper Salym and Vadelyp fields have been tied-in. The construction of a 90 kilometres long oil export pipeline is under way. The pipeline will transport the oil from the CPF to the Yuzhny Balyk Booster Station, the point of a tie-in into the Transneft main trunk pipeline system.

Investments in the Salym Project will total US$330 million in 2003-2004. The majority of the funds are used for payments for the goods and services of Russian contractors and subcontractors of SPD. Some 800 large and small Russian companies, firms and research and development institutes, mainly from Western Siberia and the Urals as well as from Moscow, Saint Petersburg and other cities, are now working on the project. Federal and regional budgets have already been receiving tens of millions of dollars in taxes and fees paid by SPD contractors. The region's community development also benefits from SPD's activities. SPD has committed US$2.5 million for community development purpose in 2003-2005.

US$278 million will be allocated for the operations and continued development of the Salym Group of oil fields in 2005.