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

they did say that there would be small placings,so not to dilute price.if the placing are put up on 16th august, it may well mean something is about to happen or it could be for a beano to baghdad!!.
there do seem to be regular mentions from different quarters,and forgetting press hypeusually there`s no smoke without fire.
the 3 contracts would need total funding of 411m(can`t rememberwhether$or),iwonder if PET could finance that.i think 2 contracts,just my gut feeling.
dexter

They have already mentioned that they have promisary notes from Japanese banks for the finance required for the projects. (All 3 if neccessary)
I feel that they will only get one, but am of course hoping for 2, even 3!!!!!!!!!

If 4 pounds has been thrown out there for just 1 contract, perhaps it is not crazy to imagine a share price of 6-7 pounds for 2 contracts. (although won't be ordering that new car, just yet!!!)

climbing steadily back to the begining of the week high,lets hope we stay there

With the bidding on the other contracts to take place this weekend, I'm sure many people are hoping Petrel come back from Iraq with alot of good news about their tenders, and possibily something from the biddings

tokyo,
the bidding that is going on over the weekend,am i right in thinking,has nothing to do the tenders.
do you know if petrel are in baghdad this week?,and are they bidding for other contracts?.
cheers,
dexter

I read the article before and these are indeed different from the 3 main tenders, although wouldn't hurt to get one of these as well. I assume the bidding is in Iraqi, so yes they should be there. Hopefully soem good news on Monday, I shall be glued to the screen

Good luck all

Tokyo

Hi guys!! Any news regarding the tenders, shall I order my new car now or do you think i'm being just a little tooo hasty!!!!

No - get a big red one!!!!!!!!!1

Another Newspaper comment below - This share still remains as big a gamble as it ever was, as no contract has been confirmed just alot of hype. If they sign one prepare to see you money go up by around 800%, but if they do not get one of the contracts (and lets not kid ourselves it is a real possibility) then prepare to lose around 90% of your investment. I for one feel that they will get one of the contracts, hopefully this week will confirm my gut feeling, but NO ONE should buy this and expect to definitely get rich quick, only money you can afford to lose should be used. The cars, boats and houses should wait!!! for a while at least!!!!


This was in the daily mail on saturday

"Petrel Resources, the only quoted company drilling in Iraq, gushed 5 and a 1/2 Pence to 56P. Buyers responded to whispers it has won a major oil and gas contract in the region"

Anyone heard any whispers? Or seen any other newspaper comments?



Still have my fingers and everything else crossed for a positive announcement this week


Good luck all

Tokyo

Hi all. Found this onthe internet. It may be old news and you already know it but I diddnt. Its the last bit of the article.



You may be interested to know Petrel has also set up the Ireland-Iraqi Trading Company to exploit trade between the EU and Iraq in dairy and beef products, pharmaceuticals and certain types of machinery and supplies in return for oil uplifts under the UN Memorandum of Understanding. The Company also has operations in Sudan and Syria.

But that these operations are not so easy to pin down.

other links-
www.oilbarrel.com - oilbarrel.com is an editorially-led website for those interested in the oil industry.

www.rigzone.com - Your gateway to the Oil and Gas Industry

last link is to Petrel's 2003 report.

www.petro21.com - the global petroleum and energy portal strategy, knowledge, networks

www.energy365.com - an internet-based oil and gas industry consultancy

www.uk-analyst.com - provides free market rounds up and stock tips from industry experts.

www.advfn.com - Share prices, company and market news, charts and a custom monitoring service.

www.uk-wire.com - Ulitmate Company Announcement Service

They seem to have their finger in quite e few pies and want a big slice of one of them if not the whole pie.

Fingers crossed.
Good luck all.

Wilbs

quite a few sells this morning, I sold half my holdings, to lock in some profit (also RTD looked too good to pass up, needed some capital), now if PET goes down I don't lose my shirt, and if it goes up it is still a tidy little profit, but all the selling so close could mean bad news, or just people like myself getting a little nervous, anyone getting nervous?? (I hope I've done the wrong thing by selling half, but at least this way I not dreading the announcement so much and am still in the game)

Good luck to all PET holders

when is the announcement, does anyone know????

PET said end of August, other oil announcement sites are hinting at September

don't fear - it's coming and it's good news - board are "very confident" they will get the green light on at least one site and two would not be out of the question. If this happens they will undoubtedly need to raise funds through additional offerings but some dilution is already being factored in. This is a high risk stock and be prepared to lose your shirt if they hit at snake at 99 but if you like a bit of adventure then put your seatbelts on and enjoy the ride. There will be no sweetheart deals in the post Saddam Iraq - this is what Petrel are banking on - and in this environment Petrel still have all their old contacts (and Irish neutrality in their favour)- it's all about relationships over there right now - I expect the announcement to slip over in September but I believe they had people in Iraq just this week-end. Today's trades might give some indication on progress.

joehargan
how do you know this?

Hi Tokyo - all pretty much in the public domain including this week-end's trip I think.

Just sit back and wait. Either in or out! I`m in!

Lots of buys today, hopefully the price should go up tomorrow!!! by the way I'm also in!!!

All of us still playing the waiting game - only 9 more trading days left in this month, lets hope one of them holds the suprise we have all been waiting for.

On another BB someone suggested that PET were asked to submit more techinical data on the 15th of this month, I haven't found any info to support this on the net, can anyone confirm that this actually happened, if so would look stronger for PET to win the contract.


Tokyo