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 suppose if the report is wrong, its wrong period. But if its correct, except for the names, how can PET's valuation at a 1 or more be justified? These are not big construction contracts by any stretch of the imagination. The Dome cost more than the two contracts put together. The upside can only come from a production sharing agreement.

just got this reply from DH,



It is the weekend in Baghdad (begins 12.00 local time on Thursday).
The head of SCOP is in Syria.
We were sworn to secrecy until the tenders were announced. A Ministry
official was shot in September allegedly for 'being too close to the
Americans'. They are sensitive - and understandably so. I am only
responding to you in the light of the Reuters report.


There has been no notification of any decision, either way.

The third of the tenders (the largest project: Subba & Luhais) was
submitted only on Wednesday 15th Dec.

We cannot influence what Reuters - or any other media group say. I did
notice that a later report quoted the Deputy Minister of Oil denied
that an award had been made. Also, the Canadian group mentioned denied
any involvement.

We push on with our work: we bid a technically excellent package - but
fully costed and with a margin that if successful will be attractive to
shareholder. Why take a service contract on any other basis.



In the meantime we push on with our exploration work.



Markets over-react to recent events - good or bad. We have made
considerable progress this past year and are now an accepted player in Iraqi
oil developments.



We will push on as vigorously as possible constrained only by the
discipline of an attractive risk-adjusted return. You shouldn't expect
anything else!



David Horgan

MD

I still can`t believe what I am reading on here, if there was any doubt about the story, dealing in PET shares would have been suspended straight away until the situation is clarified imho.

Check out OASIS, The other side believe that these could be in the running, confused with Ironhorse!

gra1969,
oasis website please,
dexter

Has anyone contacted OIG to see if they have tendered for 'our' contracts?

Dexter www.ogigroup.com

Sandrew, just e-mailed them. Dunno when they open in the mornin tho.

If you honestly believe a Reuters retraction the pressure has got to you.

They have offices in Canada, Iraq, Jordan, Yemen! Cnat get anything else yet.

Thanks Beasties...I think Calgary might be 8hrs behind us.

Sorry to keep getting back to reality, but the other important question to ask DH is whether there is any error in the scope of work of the contracts, as reported. If there is not, then Pet maybe fairly priced now, even if it gets all three contracts. The new Wembley Stadium is costing 3 times more.

Maybe all you have to do is email this guy and ask him the question. Mohamed.Messaoudi@ogigroup.com

i`ve already sent them an e-mail to their calgary office, which is open at this time.
i`ll post if i get a reply.
dexter

Posted on other side guys, take it for what it is



Hi Folks .. HOT OFF THE PRESS!!!

Response from hafidh hassan

Hi

I spoke with the iraqi oil ministry thursday who told me that the cabinet
hadn't yet approve the two contracts. He and other senior iraqi oil
officials don't want to name the companies at this stage. I will report the
2 contracts as soon as I get solid information from officials. Usually I
don't depend on one source. I have to confirm my news from reliable sources.
I cannot say the Reuters report is true or not.

regards

hassan


>From: >
>To:
>Date: Fri, 17 Dec 2004 09:59:26 -0000
>
>
>
>Hiya Hafidh
>
>Forgive me for troubling you but I believe you are the only reliable
>reporter I know who is up to date on the oil contracts awards in Iraq.
>Yesterday, Reuters released a report stating that two contracts had been
>awarded to a Turkish company 'Everasia' and a Canadian Company who have
>denied tendering for the contracts.
>
>
>
>You have always been the first to report on Iraqi oil contracts news and
>have always been accurate. Therefore you are the only source I can
>trust. Would you be so kind as to comment on the current circumstances?
>
>Regards

Another poster on the other side has similar responce!

Reuters can't be wrong....no way!

Despite the fact that PET officials have pleaded with you lot not to make direct contact with Iraq concerning the contracts it has fallen on deaf ears once again. Add to that the fact that 20% of ALL posts posted on the bbs of the three large financial web sites are about PET posted by PET shareholders and the mind boggles, especially as there are so few PET shares in issue.

Some advantage being in Canada sleeping through the day's activities and reading on a once per day basis. The thing I liked best today was Horgan's response to Dexter:

"...Wepush on with our work. We bid a technically excellent package - but fully costed and with a margin that if successful will be attractive to shareholders. Why take a service contract on any other basis. In the meantime we push on with our exploration work.
...We have nade considerable progress this past year and are now an accepted player in Iraq oil sevelopments"

If PET had bid this as a loss-leader,as their competitors may have done, this would have been a step back for the company and not in shareholders interest. I repeat ny point made last night that the shares and the share price are not the company. Don't confuse the company with markets. It concerns me the amount of badgering of company executives that appears to take place - not a criticism of selective contacts from this bb. They have had a year of progress and I accept that they are establisherd in Iraq (plus Jordan, which is presumably linked). If I buy shares because PET have been over-hyped in the market, that is my look-out. I suspect the present price is more realistic on fundamentals. If you look at the chart, including volume and momentum, then we are back to the trend line excluding the last quarter.

Whilst I am standing with a fairly significant, but acceptable loss, I would add two things: (i) I am appreciative of the efforts of Tokyo, dexter and others in researching this share and the Iraq market; (ii) I will remain a follower of PET whether from inside or outside as a shareholder - that will depend on a judgement of the charts and a prediction of buy/sell patterns.

Marvellous place Vancouver - apartment looks out over English Bay - the weather is super. All will be well! (to quote Julian of Norwich!) Eric

Dexter, another sensible post. Never hurts to remember that a company and its shares are not the same thing.
I've not had a reply back yet from OGI.