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

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

Im still holding onto mine. If todays events turn out to be true then imho PET is not over.

Good luck to everyone who is staying in.

wilbs

Is Everasia listed on any exchange to check their sp?

With No Production sharing agreement being awarded as part of the deal.

Has anyone worked out what the share price would be worth if the 3rd contract comes in on the same basis?

Some decent buyers @79p around 10:45am, deals of 30k, wish them well. Hope they know something I don't as they have already been hammered. Will have to see what the market pencils in for Jordan & Sudan and whether there is anymore shit to be believed from the likely lads at Pet about Block 6. Don't think for one minute that Reuters may have got it wrong.

http://www.stockhouse.com/news/news.asp?newsid=2574586&tick=IOG

Below is an article about Ironhorse, apparently they didn't even bid on the tenders, but it seems that Reuters would have us believe they were awarded them anyway, I've never known Reuters to keep amending an article before, the information from the link above, would seem Reuters have this one wrong, lets see what tomorrow brings

Tokyo

Ironhorse Oil & Gas Inc.: Ironhorse clarifies no involvement with oil & gas development in Iraq
12/16/04
Dec 16, 2004 (M2 PRESSWIRE via COMTEX) --

Venture),

It has been erroneously reported by international news services that the Company is involved in the development of an oilfield in Iraq. The Company is not pursuing any international oil and gas deals and is dedicated solely to exploration and production acti
vities in Western Canada.

Ironhorse Oil & Gas Inc. is a Calgary-based junior oil and natural gas production company trading on the TSX Venture Exchange under the symbol "IOG".

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information. Actual future results may differ materially from those contemplated in this release.

1000, 324 - 8th Avenue SW, Calgary, Alberta T2P 2Z2 Telephone: (403) 237-9600

CONTACT: Jim Wilson, VP Finance & CFO Tel: +1 403 237 9600 Maximum News Dissemination by Filing Services Canada Inc. Tel: +1 403 717 3898 Fax: +1 403 717 3896 WWW: http://www.usetdas.com

M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com.
(C)1994-2004 M2 COMMUNICATIONS LTD

2004 Stockgroup Media Inc. | Disclaimer

I shall try be succinct and to the point.

From all the posts that I have read on Fillyaboots, Ample and MoneyAM, I agree that PET do not appear to be guilty of anything untoward. I agree with some that this smells very fishy! Living next to a fish mongers? No, I feel as though I have been thoroughly filleted by the days events. I have lost a considerable some of money and some future plans have consequently have had to be re-evaluated and substantially curtailed.

If todays Reuters reports which have been amended and corrected several times during the day were totally inaccurate as they apparently are - with regard to the awarding of the first two contracts then we should ask how on earth this report could have been so wrong. Who was this journalist and was he acting in good faith or was there some other motive behind his report or just professional incompetence. Dont forget that the timing of this report was rather crucial as it is the start of the weekend in Iraq from this afternoon.

It was also curious that Ironhorse (IOG) of Canada were chosen as they would not have been able to respond - because of the time difference - for several hours and well into the London SE trading day. By the time they did, considerable carnage had already been inflicted on the net worth of hundreds investors. Apart, that is, from the speculators who took advantage of the situation.

Another point, if the report was inaccurate, then surely the Iraqi MOO should have issued a statement to the effect that IOG were not one of the companies recommended to the Government. Their silence only served to create the belief in most PET investors minds that there probably was some substance to the Reuter journalists report. There was no need for them to actually name the (other) company(ies) but merely excluding one would have limited the damage to share price and saved some investors a small fortune.

Another point, if this was a leak, it was grossly inaccurate and the MOO should take steps to stop them. I know that, had the MOO made a statement to correct the Reuters report, it could have created a precedent, which some unscrupulous journalists could, in the future, exploit to manipulate share prices.

We all know that PET was a risky investment, but investors dont deserve to be fed duff information especially from a highly respected financial news organisation like Reuters. Reuters should make it their responsibility to investigate this report and take action to prevent re-occurrence in the future. They have, after all, their good name to protect.

Whether it was sound logic or not, my investment was based largely on the possibility that PET would get one of the three contracts they were bidding for. The possibility of the Block 6 exploration contract merely added value to support the share price.

No doubt some of you will say that situations like this come with the investment territory and we should just shrug our shoulders and take it on the chin. Absolute garbage!

I strongly feel that there are forces at work here that are deliberately manipulating the market to their own ends. This STINKS and deserves to be investigated by the appropriate authorities. Collectively, we have considerable muscle to initiate an investigation.

Comments/arguments, for or against please particularly from the more rational amongst you.

Oilywag

Oilywag that was the most reasoned post I have read out of all the hundreds from the bbs I have waded through today. I still hold for 2 reasons /hopes
the reuters post is proved totally wrong
and /or there is always block 6 contract

I looked up IOG on the TSX and found the company announcement from IOG(Tokyo's post 1737). It was released at 9:44am Toronto time- which I think is 6 hours behind our time. I'm not having any luck at all finding Everasia.Can anyone help?
I agree with you Oilywag....we are being stitched up big time and it's not by PET.

If reuters have got it wrong, im going to sue, ah!

They did get it wrong, hence the several amendments to their original news story. That is tantamount to them saying "meo culpa".

This should and must be pursued.

Oilywag

Clutching at straws!. PET know their fate and are remaining silent. They were hoping to keep the Jordanian rns for when they were forced to make their failure in Iraq official so that it would take some of the sting out of it but that news got leaked too and spoiled the party. You might as well face it PET is a bomber and my advice is go into damage limitation mode and move your money out as fast as possible, there are lots of other safer homes for it elsewhere. Once a company bombs like this it takes for ever to get back. The next move will have to be a new issue of shares to finance any work they may be asked to do in Jordan and Sudan. You have to be clever, move on from here and maybe PET might be worth getting back in to in the years to come when it has some decent licences under its belt and it about to start a drilling programme.
But for now? Forget it!.

Kellman in an earlier post you made reference to Simple Simon, you are now starting to sound like him too!!!

We shall see what tomorrow brings!!

How are we clutching at straws? There is no IOG deal. That part is obviously just plain wrong, so why not all of it is wrong? Is there a possibility of cowboys in the MOO trying to completely manipulate this stock before an announcement in PET's favour? What punishment could possibly come to an Iraqi minister? He just needed a stupid enough journalist to listen to him. OK I may be clutching at straws. Roll on tomorrow

Looking back I wonder if its Indian Oil and Gas Corp. who have got it. They have a confirmed legal right to block 8.

Whatever tomorrow brings in terms of long or short trading I suggest that any profit you make go to iraq based charity as any support from oil prospecting will take some time to reach those who need it the most.

Just arrived in Vancouver after a day's travelling so haven't suffered the way most have. At least matters seem less certain. Some thoughts to attenpt a rational debate: (1) If its a Canadian company then Heritage would seem likely but I would have thought it would be the Khurmala Dome project. (2) The Horgan quote is revealing: it would appear that PET have put, quite reasonably, a significant risk weighting into the bid. (3) One IOM source suggested bids of $150M and $200M for the two fields; The Irish Independent article appeared to leak a figure of $250M for PET's bid. (4) The contracts were based on a price plus a profit margin; if PET added a risk element, the indication is that they were fixed price bids. PET were undoubtedly right to take this approach; the worst scenario is to win a bid on which a significant loss is made. (5) No doubt, the Southern bid is also of the same type and it therefore is unlikely that PET will win it. (6) PET's future in Iraq is therefore back to Block 6 for which there is probably less urgency.

I have been reading Kahn's excellent book on Technical Analysis on the way over. He nakes the excellent point that there is a real difference between a Company and its shares. We don't invest in the company, per se, but in the shares of the company. Clearly T and H hold shares and thderefore lose as we do but the company goes on. It has been laying the ground work for a long time and the company will go on, I suggest, until the breakthrough comes. Whether we hold their shares or not is irrelevant to the company.

I say that because I think it would be far better if the extreme posts were not submitted to this column. For Irishmen, I hold that T and H have played straight bats. Their time will come. Do I hold having missed any selling opportunity I might have had? - I would first like, if possible, to have answers to the following key questions.

What do Tokyo, and others who have thoroughly researched the background, see as the potential of Block 6? Cost profile; timescales; funding required; effect on cap. of company when deal finalised; any research on potential of fields. If relationships between PET and IOM are as good as we believe they are, IOM owe PET to finalise this deal. Is this a fair point? Timescales?

Finally, keep the pecker up! You win some, you lose some! Hopefully, all have lived to fight another day!

Eric