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

I think everybody has expressed their opinion now, and any further personal attacks will not be tolerated - please stick to the discussion in hand, be it positive or negative.

Ian
MoneyAM

an e-mail has been sent to moneyam concerning kellman, in the meantime please do not respond to him, as that is how he ruined the advfn thread as Simonself, we run the risk of this turning this thread into an arguement instead of a discussion.

Lets keep the discussion on Petrel resources

Kellman,
Could you please point to the actual statement by the Pet directors which you refer to?
It seems to me that DH, in particular, is getting a bad rap here. I've heard of statements that he is supposed to have made, but can find none that have gone out under his name. The press is notoriously innaccurate in reporting off the record conversations.
That goes for PRE as well as PET. It seem to me that some calm is required here. You can be sure that PET will release a statement as soon as it has any sound, reliable information. To do otherwise would be doing exactly what it is accused of now.

Kellman
Yes of course we believe in company and yes maybe petrel will some day take off and reach dizzy heights, i also believe that too.
However at no time could this stock be considered a xmas sell as a tenbagger, being a long term holding we can expect the price to rise steady over the coming months and years.
As for the rampng or otherwise, Do your own research and evaluate the true potential of Petrel should it be truly in favour as I believe it to be in the Middle east, In your research you will soon come accross the, Petrel food lifts to the Iraqi people, Statements of support on the World stage and the value and potential of untapped resources.
Of course they may not get the contracts and then they will not rise as quickly, but their future is certainly in the middle east but remain a speculative buy!
Did you speculate this morning???
I did and increased my holding by 15%!!!!!!
yes that is why I trade shares, promise.
AF

Tokyo, thanks for that, through to form you and your friends try to stifle open debate and direct the flow in one direction.
I picked the following extract from yesterday`s reuters news re the contracts and it proves what I have always said that the oil lifting contracts could not and would not be given out by an interim government. So all forecasts for PET share price IF they got a contract were severely flawed because most posters mistakenly believed that the contracts also included oil production rights which as you can see from the following isn`t true.

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.

http://www.gasandoil.com/goc/company/cnm42926.htm


Everasia does not exist? then what is this item all about?


volume 9, issue #14 - Wednesday, July 21, 2004


sponsored by:


Shell turns down chance for first Iraqi oil deal
09-07-04 European oil giant Shell has turned down the chance to win the first foreign upstream oil production contract in post-war Iraq, saying the terms on offer from Baghdad's new interim government were not good enough. Despite security concerns, Shell told it considered bidding for production work on the billion-barrel Khurmala Dome field in northern Iraq.
"We obtained a copy of the tender but the scope and contract format are not compatible with our aspirations for long-term risk-reward contracts," a Shell spokesman said.

Typically oil majors like to secure a 15-20 % return on 25-30 year contracts. Since the war ended last May work by foreign contractors in Iraq's vast oilfields, the world's second largest, has been limited mostly to short-term infrastructure repair contracts led by companies like US Halliburton.
Security worries have severely limited the number of foreign bids for rehabilitation projects now on offer for three Iraqi oilfields. Shell's leading competitors BP and the US oil majors show no sign yet of contemplating entry into Iraq.

Baghdad is hoping to award contracts by the end of August after extending the deadline for bids five times, industry insiders familiar with the tenders said. They said the tender for Khurmala Dome that took Shell's interest is worth $ 100 mm ($ 154 mm) worth of investment, small by Shell standards. Shell was the only big name oil company that took interest in the tenders, they said. Small UAE, Irish and Turkish companies also bid for the projects -- part of a plan to help raise output by 20 % by the end of this year.
"Interest was limited. Oil officials are confident that the projects will be finally awarded," said one Arab oil executive involved in the tenders.

The other fields up for rehabilitation are the 2.2 bn barrel southern Suba-Luhais at $ 150 mm and the smaller northern Hamrin field at a cost of $ 80 mm. Ireland's Petrel is bidding for all three, managing director David Morgan told. Dome, a UAE company, and EverAsia from Turkey also have bid, Iraqi sources said.
Iraq wants to restore production capacity to pre-war volumes of about 3 mm bpd from some 2.5 mm bpd now. Funding shortages and security problems have delayed 150 oil ministry projects. These are separate from $ 1.8 bn of US-funded projects that have also run into delay.

But after a reshuffle at the oil ministry, head of projects Ahmad al-Shamma is planning to move plans forward.
The ministry invited international companies to bid for a pipeline project in the centre of the country and another tender to construct a new pipeline linking the Kirkuk fields to the Beiji refinery is expected to be issued this month.



Source: New Zealand Herald



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

seawalker - I sent an e-mail to paul, the owner of that site that posted the article about the minnow oil companies being involved with the Iraqi tenders, but he knew nothing about Everasia, as he had not written the article just picked it up from another news source, his only comment was that Everasia was a strange name for an oil company, although that is not to say they don't exist, but here perhaps is the company IOG, although correctly OGI, this could have been the company DH was talking about yesterday to lemming investors.

http://www.ogigroup.com/

Oh well enough screen watching today, I'll be back on Monday, to see where we are and what is in store for PET.

Tokyo

SWW
Can you find any other info on EverAsia? The article you've posted was the only thing I could find on them. Are they listed anywhere or any contact details?

I have nothing more sorry.

I still think this is a bear raid, but do not hold anyway.


Saw this on ADVFN may be the answer to igo.

Now I go. Good luck all.


Shedjock - 17 Dec'04 - 10:01 - 11372 of 11372


IGO............ OGI ??

There may have been something lost in the translation..........

And they do have offices in Calgary and Baghdad !!

extract from an article posted on iii.
"It seems that DH and Petrel are as much in the dark as investors due to the confusing situation in Iraq. DH had this to say; Reading the latest Reuters piece it seems that the two names went forward for approval but that no award has actually been made. Also, I suspect that the Canadian group should be OGI (an ad-hoc Calgary Arab group looking for backers) rather than Ironhorse, which is a shell. 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. "

It seems like it was only last week that Teeling was talking about an email that was going around the bb's, and said that he was very angry that the share price had gone up because of it, he must be very pleased now, LOL.

Does the fact that the Canadian firm mention have now stated they have NO INTEREST in Iraq not raise concerns over the value of the Reuters statement?

if Iraq is like the rest of the arab world , then the ministries are closed today , reopen tomorrow

tokyo,
you got mail.

I really feel for you guys - was in and out of PET but ultimately only small amounts as the amount of speculation, much of it totally unsubstantiated was very extreme. Don't think we can blame PET either although to my mind at least, there was a touch of the blarney in these supposed emails that were posted here and elsewhere. But publicly PET kept very tight lipped throughout. Most of the "news" was created through (educated at times) guesswork on the BB's. To anyone thinking of buying in at these levels, be very wary, as the price is still being held up on volumes and will start to fall further I fear.

Do you hear that dave, this is not a dazzler, but I see you have profited.

Well done.

Now leave it alone.

Is this the company Horgan was talking about when he mentioned OGI in his interview yesterday?
There is a possibility it is working as an advisor and supplier to the company who got the contract. Saipem oil company of Italy is one of it`s clients as are many middle eastern oil companies as well
..............
OGI

With its head quarters based in the Eastern Province of the Kingdom of Saudi Arabia. OGI understands the complexities of working in the middle east region which frequently can be hard for foreign companies to comprehend hindering and frustrating desired progress. Working daily with major clients, operators and contractors like Saudi Aramco, understanding their requirements as well as understanding their suppliers capabilities OGI successfully bridges the gap to develop client and supplier relationships to meet the overall project objectives on time; on budget. Acting as advisors in the middle east region OGI assists their international partners growth by working alongside them bringing them up to speed with the local issues related to achieving their goals. There is no handbook for success here only experience and knowledge passed on.

Sounds like middlemen peddling influence rather than a crew prepared to get their hands dirty.

just got my reuters daily news briefing, nothing at all about PET, just CNE dropping 20%+

Would be very grateful of a resume of happenings this morning please! Any thing that does not involve slating other posters or obviuos rampers and de-rampers, just anything tangible! be much appreciated have been off line for a while.