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

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.

Hope the following (if true) from another bb satisfies the Pet lovers.
Tokyo and dexter in particular!!.

I pointed out in an earlier post on one of the bbs that this was the company Teeling was referring to when he made his statement re the reuter`s report on Thursday but was ignored as usual.

OGIhttp://www.ogi-sa.com/, is in fact a Saudi company, not a Canadian company although it has an office in Calgary.
It now would appear that the initial contracts will be granted to companies from muslim countries. This makes sense because it could cause friction before elections if non-muslim western countries were getting first refusal on the contracts involving oil.


from metronews (Canada),

Canada's OGI Says Won Iraqi Oil Field Deal

Saturday, December 18, 2004 9:46:02 PM ET

By Khaled Yacoub Oweis

BAGHDAD (Reuters) - Canadian company OGI Group said on Saturday it has won an Iraqi oil ministry contract to develop the Himrin field, but the deal needed approval from the cabinet.

"Oil officials have told us that we won. We do not consider the deal done until we receive official acknowledgement and council of ministers approval," said an OGI representative in Baghdad.

The oil field services and supply company has offices in Calgary, Houston, Sanaa and Baghdad. The company's Web site said it had experience in the Iraqi oil sector.

If approved by the government, the agreement, along with another deal to develop the Khurmala Dome field, will be the first oil deals with foreign firms Iraq has struck in the postwar era.

An Iraqi oil official said on Friday a Canadian company named IOG had won the Himrin deal. Canada's Ironhorse Oil and Gas Inc said it had nothing to do with the tenders. The official later said there was a mixup in spelling the name and that OGI was awarded the contract.

Turkey's Everasia, which has Iraqi partners, won the contract to develop Khurmala Dome, the official added.

Ahmed Chamma, the head of projects at the oil ministry, declined again on Saturday to confirm the two winning companies and said the council of ministers has not yet approved the names.

The projects aim to realise Khurmala's potential to produce 100,000 barrels per day (bpd). Himrin's potential is estimated at 80,000 bpd. Both fields are in northern Iraq.

The ministry is still studying offers for another contract to raise the output of the Suba-Luhais field from 50,000 to 180,000 bpd.

The projects comprise new flow lines, gas separation stations and measures to stop water emerging from wells. The ministry's crews will drill new wells.

Unlike production-sharing contracts Iraq could negotiate with oil majors after next month's elections, the deals do not involve contractors after construction or as operators.

The cost of the three projects combined has been estimated at $500 million. Their small size and scope has failed to attract the interest of major international oil companies.

Iraq produces 2.6 million bpd. The country has yet to restore production capacity lost in bombing during the 1980-1988 war with Iran and later conflicts, as well as crushing economic sanctions.

Bad news...lets hope for the bigger third contract and block 6.

kellman well found, a good post.