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

Got a feeling that a certain Iraqi oil official may be left outside the green zone with only his hard hat to defend himself with!

But if Ironhorse oil and gas didn't get the contract, who did? Surely there can't be two oil prospecting companies that share the same initials?

Thnaks to those who expressed sympathy.

My kid wont have her Disney trip after all.

Which means more to me than losing on this share.


I detest the slime that is mocking the loss as they shorted on the falls.

I really wouldnt piss on them when they burn in Hell, which I trust will be soon.

,,,,err,,,,,,il a du regretter d'avoir parle ,,err,,voulez-vous boire quelche chose,,?, Despite what you may think i HATE seeing decent people loose money Needless to say we shorters have been waiting for this ,,,,,ln droves, of course and in disguise as is bourne of inevitability .Akin to a good poker player who never shows his hand ..Personally i only shorted to the 50p level. , ln my opinion this thread was NEVER based on rationale and logic; lt was no more than a series of consensus logics based on no more than pure greed and hope which served to bolster one anothers attitudes. The real money was made on the original takeoff from the 44p to 150 level and being a percentages man i sold PET at 140p having bought @ 47p ( and there were plently of SELLERS at that price ,,,bought heavy volume on retraction @ 90p and sold @ 116p ,,,Banked my money and walked away ,,,,,,,,end of story for me. But i feel PET will be rewarded in some manner for past services and hence it is not the end of the story for them yet; and therefore for thier shareholders . . .....

Livvy
The game may not be over yet. The share may be down but it is not yet out.

Can understand Livvy - sometimes I think people post
first and then think second, not realising always the
impact on others. I would hope there is no-one on this
board that would deliberately 'rub salt' - we all get
caught on a bad share at some time and often more then
once.
:>)

Livvy if you are still holding shares, don't cancel the disney trip yet!

the PET story is far from over

Livvy I agree with Tokyo.

Something is wrong here!

Hi pets a bad day for us all...trying to find something positive out of this carnage

OK looks like PET have lost the first 2 although nothing 101% confirmed yet...however if I remember correctly, isnt block 6 (the big one) the one that PET could get at, from the Jordanian side of the fence. A few days ago they confirmed an agreement with Jordan to drill close to the Iraq border...trying to be positive, this could be for Block 6..any views anyone

Tokyo, like you I am gutted at the prospect of having to hang around to get the news confirmed (by PET) and still a bit of cloak and dagger stuff with reference to the bank details. I have to admit it's been riveting over the past three months. DH and JT aren't in a position to get mullered by the crowd, they did what was asked of them by keeping things close and under control. we are all grown ups here, the gamble as yet has some twists and turns to go with block 6 and Jordan, no doubt more to follow.

watcher still on the guiness and not the krug.

The whole day has been chaotic and the idea of a iraqi oil chap hastily packing his bags has provided a lighter moment. I have no experience to speak of but does this happen very often?. In the last week of bieng a holder i did wonder wether the anarchy of Iraq would explode into my living room(excuse the pun)..I hope for pets sake that they get something out of this.
Frodo

Bought @ 159.75p and unfortuneately still in as too busy to check price today.Many K's of pounds lost but will have to see what happens from here. Have always had great doubts but held on as shares retraced immediately after buying. If you research you will see none of the companies ran by these people have done anything.Should have had more sense as I am a trader with a lot of experience and have said on this thread I'd made a mistake. Always had doubts abouts small companies that comunicate freely and issue RNs which cause speculation and spikes in SP. Why go to Iraq and danger when you can make a lot of money releasing RN's and swing the share , Go long on the way up, short the bastard on the way down. Just my thoughts. Not happy with the press release regarding Jordan either, got the impression they were trying to influence the Iraqi's on Block 6 as they had the other side. Will see.

Anyone notice the last buys for the day. After 5pm and at a price of 64.59??
Why?

Sympathies Ziblot.....that must of hurt when you switched your computer on today!!

Here it all is at the BBC.

I still think it is a doubtful report from Rueters in the first place.

If thatis bourne out then these will rocket back to where they were and then some.

If not then non stop to the basement.............

Good luck holders.

http://news.bbc.co.uk/2/hi/business/4102669.stm

Irish company hit by Iraqi report

Iraq is looking for foreign investors to develop its oilfields.
Shares in Irish oil company Petrel Resources have lost more than 50% of their value on a report that the firm has failed to win a contract in Iraq.
Reuters news agency reported that Iraq's Oil Ministry has awarded the first post-war oilfield contracts to a Canadian and a Turkish company.

By 1700 GMT, Petrel's shares fell from 97p ($1.87) to 44p ($0.85).

Petrel said that it has not received any information from Iraqi authorities to confirm or deny the report.

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.

Petrel Resources press release

First post-war contract

Iraq is seeking to award contracts for three projects, valued at $500m (258.5m).

Turkey's Everasia is reported by Reuters to have won a contract to develop the Khurmala Dome field in the north of the country.

A Canadian company, named IOG, is reported to have won the contract to run the Himrin field.

Ironhorse Oil and Gas has denied to Reuters that it is the company in question.

These two projects aim to develop Khurmala field to produce 100,000 barrels per day and raise the output of Himrin.

The winners of the contract are to build new flow lines and build gas separation stations.

The contract to develop the Suba-Luhais field has not yet been awarded as Iraq's Oil Ministry is studying the offers.

If Iraq's cabinet approves the oil ministry's choice of companies, then this will be the first deal that Iraq has signed with a foreign oil company.

Iraq is still trying to boost its production capacity to match levels last seen in the eighties, before the war with Iran.

Oil officials hope to double Iraq's output by the end of the decade.

If PET failed to get one of the two smaller contracts awarded today how on earth can they be expected to get the third contract which I believe is worth more than the other two put together?.
Why don`t all of you put today down to experience and move away from this high risk end of investing?
The secret of making money at this level is don`t go all the way. Some of you were in at around 40p-50p and should have got out long ago and banked your profits when the price was over 100p. The odds of PET getting anything from Iraq was enormous at all times, you cannot survive on goodwill alone which is all PET had. The truth is PET is a penniless company with no income and Teeling and Horgan must have known from the start they were on a wildgoose chase but strung along a collection of naive investors and fed them the dream of becoming millionaires which is hard to resist, even though your better sense tells you it can`t happen, you still keep dreaming. Even now the pair of them are playing games by keeping silent, they will hold out as long as they can before admitting there is nothing in it for PET and by then the price will have fallen further than it is now.
I`m sure the poster `Simon Self` from the ADVFN bb must be feeling pleased with himself, he had consistantly said this would happen but got slagged off left right and centre for his posts. His language was a tad too colourful at times for my liking but you could tell from his posts he knew better than most what he was talking about.

I don't ever remember you posting on this thread before, now you come on with hindsight telling has what silly investers we all are.

Thanks for that, kellman.

May you be damned and made to listen to Keane for all eternity!

TOKYO hope your ok do you have an opinion of all this