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

Tokyo says he will be back in after he does more research. Hope he gets it right next time then!
Tokyo,I am not `Simple Simon` from the `other` bb. You really must accept that there are a lot more Simon Self sympathisers around then you may feel comfortable with. Self never wavered in his belief that PET was a waste of time and recent events have proved him only too right. Myself and many others have been of the same belief but were not as handy with the words as SS is and therefore kept silent in case we had our heads bitten off by the rampers.

Human nature dictates that people will believe what they want to believe, and that includes little old me.

I also have been less than kind when posters ramp and then deramp a stock that I hold. (Not this one though which I held for only a short time till the day before this debacle, never have I sold at a more opportune time).

kellman you have made some very valid observations since the recent collapse in price as did simple simon on advfn before hand. (albeit his way of relaying his point of view was to insult people on that bb. and mix that with what he knew or deduced, therefore alienating himself!)

As you can see, holders grasp at any straw when they are drowning, it is not pleasant at any time to lose money.

Time probably now to leave this alone until the next bit of news.

davesdazzlers, I really do think you play with fire having any position on this stock, even it is not for much outlay. Anything can yet and probably will happen and I would hate to see you a victim of this stock unnecessarily. Take your win, add to the other two and call yourself lucky.

Anyone else, no advice given, make your own decisions based on facts!

You know it makes sense!

looking into the news from SWW can you explain why no update on rueters as they were hyper on the Bad news for PET, just prying for the change in fortune

watcher

PET closed at 33.5p...drastic drop of 9p in a day...if PET gets any contract..pigs might fly!

well just done the obvious site visit and no breaking news on PET or rueters for that matter. No one in PET seen doing cartwheels and certainly no-one infront of my PC doing said cartwheels.

watcher

agree, if these are the first contracts to be given out surely all the major networks would be running stories on the reuters reports, is this not ground breaking news??

well, I'm out and watching - just for now!

Best place to be - watching!

Watching with intent!

A poster on ADVFN said they had a contact in Rueters, and would update, but that was a few days back.

She has asked a couple of times for said update, but it has been ignored as far as I can see.

More bullsh*t!

BB.'s are a minefield of bulllsh*tters.

The odd exception accepted!

Simple Simon/kellman - Once again, this thread is for PET related discussion, not personal attacks, whatever your fascination is with me I suggest you get over it, and go somewhere else for your kicks.
What I research & Where I put my money again is my business and certainly not yours!!!

I am out of PET at the moment, not because I have lost faith in the company, but because I have seen how the market reacts or over- reacts to bad news, I have accepted the fact that PET have probably lost the 1st 2 tenders, and when that news is released I expect to see another drop, in the meantime, the not knowing either way,as there has been no RNS is equally as damaging to the currect SP. I'll get back in when I think it has hit the bottom, that is just common sense as an investor. Saying all that I'd be equally as glad to find out this was a hoax and see the SP jump back to over a pound

Just because I am out it doesn't mean I have to de-ramp (as have some posters)as I still believe that PET will have plently of opportunities next year with Sudan, Jordan Block 6 and other tenders in Iraq.

This is definetly not a company to take off your watchlist, but for the moment I'm on the side lines!!

Tokyo

I will watch on the side lines until there is an rns! im not jumping in a posts that hold no strength! i have been burnt and its not nice, but thats my fault!

Tokyo, despite the fact that I have told you on more than one occasion that I am not Simon Self you still keep accusing me of lieing about it.
If you continue to do this I shall refer the matter to MoneyAM and let them deal with you. You and your friends may have been able to dictate who posted on the PET bb on advfn but that is not the case on here.

I have issued a warning on this thread before - stick to the stock and not your fellow posters - this applies to all sides of the argument.

Please treat this as a final warning for all concerned.

Ian

IanT (MoneyAM):
FANTASTIC! Have recently migrated here from ADVFN. Delighted to see some proper monitoring. What an improvement! Thanx

This is hitting Rocks.

Get Sibir Energy SBE shares now , going cheap at 197p.

Look at report on website www.sibirenergy.com, brokers target price 271p,

angelse I know we can be free here, but it's worth the subscription fee I think.

Much more interest from the staff and some darned good posters usually.

(Do I get commission Ian?)

I agree angelse, I always like to see both sides of the coin when investing. Holding PET now is a pure gamble. If they get the third contract this will rocket back up to double what it is now, but all the signs seem to indicate they`ve got nothing. I noticed in a copy of an email reputed to have been sent by Mr Horgan to one of the posters, says to the effect that Horgan said the tenders were `very competitive`! Well that`s news to me!
For months we have been lead to believe that PET could very well be the only company tendering and that at least two of the contracts were virtually in the bag. I`m sure if investors had known that there was a lot of competition for the three contracts they would have taken a different view and at least top sliced if not sold out altogether while they were still showing massive profits. It was the thought that the contracts were `in the bag` that fooled them though, and it has to be said, neither Horgan or Teeling took any measures to dampen their enthusiasm but allowed them to go on dreaming of untold riches when PET got the contracts.

I thing the FSA should have investigated these same as they did with Cairn.

The below 'copied' e-mail, claims to be from Petrel. I have posted 'it' again to prvent misquotes. Although whether it is from Petrel or not make your own decision.

"Many thanks for your kind comments.

There has been much market speculation and even some garbled media reports.

The truth is that the three oil field development tenders are at different stages of evaluation and decision.

They have not yet been awarded. When they are the bidders will be notified in accordance with normal practice. We will immediately notify the shareholders of the outcome.

Petrel is 100% confident in the professionalism and integrity of the Ministry of Oil officials; they will decide on technical and commercial grounds and normal approval procedures.

No one company or nationality will get all three or even two of these initial contracts. We bid on all three and have been working on Subba & Luhais since 1999. The third of the projects is by far the biggest, and nearly as large as the first two combined. It is also close to Basra port, is in a quieter area of the country and is logistically less risky.

These are competitive tenders. Competition is healthy - we wish competitors well. We bid on the basis of realistic costs and contingencies. If we do not succeed on these contracts we will be disappointed, but this will in no way diminish our commitment to Iraq.

Petrel will be a player in the development of Iraqi oil."