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

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

If I remember correctly I think that was mentioned in the Telegraph report on 10th Aug, when cheif exec said that the Iraqi government had been asking numerous technical questions, which David Horgan was taking as a positive

OK

Is anyone watching todays 50k buy right on mid price. There have been similar trades of this size this past few days and some just before the close of trade including T (protected) . The deals are right on mid price. Is someone accumulating without trying to draw too much attention? If these large deals were sells the price would not have risen this past couple of days. The price has been creeping up steadily as a result, almost like a lid being kept on it.
Anyone else noticing this?

On the above, I have bought back in, as I feel something could be announced after this weekend's conference in Iraq to support the call that they need to get the oil field working asap

Other BB's are floating around rumours/City whispers, that PET have won 2 of the contracts and will sign this weekend, perhaps announced in a RNS on Monday, BUT before you get too excited this are just posts on a BB there is absolutely no evidence of this, but keep your ear to the ground.

Anyway would hate to miss out, have put some profits from other stocks into PET, do not have as many as last week, but enough to keep me comfortable if they pull this off.

Shall be glued to the screen on Monday

Good luck all

Tokyo

whatever is going to happen it`s not going to be too long now,as i`ve said before my gut feeling is 2 contracts.i see what you mean tokyo,another 40k mid-price trade late on.i e-mailed DH the other day to ask who the competition was,the reply was"officially we don`t know who the competition is".just thought i`d try!!.
dexter

Well dexter01 just keep your fingers crossed (my gut feeling is also 2 contracts for PET and the other to the Saudi company, that would mean nothing for the Turkish company), the price doesn't seem to be moving up as all these protected trades are snaping up the shares. before it was mentioned that if good news was coming then close to it someone would be snapping up a load of stock, well I hope these trades are the sign we have been waiting for, the tension is still killing me!!!

Good luck all

Tokyo

This looks like a perfect opportunity for PET to be awarded the contract and would fit with the rumours going around that they would sign this weekend, still all VERY highly specualtive. My fingers are crossed for that all important RNS on Monday saying "PET have won the 1st oil contract!"
Well we can but hope!!!!

A special meeting involving senior figures from the Iraqi oil industry and the major global corporations operating in the sector will take place this weekend in Amman, Jordan.


The meeting a two-day event beginning on Saturday (21 August) will provide a number of opportunities for companies looking to involve themselves in the Iraqi oil sector, as part of the rebuilding process within the country. Attendees at the event will include: Ms Hanan Abdul Lateef, manager of the Iraqi Oil Ministry headquarters in Baghdad; Mr Sulaiman Abdul Razaq, manager of the Basra Oil Institute; Mr Khalid Nima Jassim, head of engineering at the Gas Filling Company (GFC); and Mr Tariq Abdul Muhsin of the South Gas Company (SGC).

The main objectives of this meeting will be to inform the attending businesses of the present oil situation in Iraq. It will look to discuss the industrys current needs, the current direction of investment and the services and expertise needed to improve it. Other issues to be considered within the oil and gas sector include future cooperation between the ministry and the major oil companies and the possibility of holding future meetings in Iraq.




The meeting will take place in Amman, Jordan

The meeting is a precursor to the Iraq Procurement 2004 Meet the Buyers event set to take place in Amman, Jordan on 22-24 November 2004, part of a series of high profile events focusing on the importance of face-to-face meetings with key Iraqi business leaders and decision makers.

morning tokyo,
this does sound like something could be about to happen,my only concern is that is says that MAJOR GLOBAL corporations.
however highly we rate PET i don`t they`re major global... yet
dexter

is that 100k delayed trade definitely a sell?,if it is by PET`s trading history it`s huge!,
dexter

Can't see how it could have been a sell given subsequent move in price - think it must be wrongly classified -if so then it's a big accumulation.

Another 7% gain today - it augers well for the impending announcement - some sizeable buys today - Irish confidence?

dextor01

Have seen you comments on other BB's & think you are right, the tender announcements will probably fall over into September, but I still feel positive about the outcome

Bought another 20,000 this morning, trade still not showing yet but all the rtest are buys. Wouldn't expect an announcement today(but of course hoping), but the build up to September is going to be interesting.

Tokyo

MMs have widen the spread, could be that they are not sure on the future of this stock, or just trying to panic some into selling, as they were obviously very short of stock last week. If an RNS is released the demand for this stock will hit the roof, although in the opposite direction, there will be many people willing to sell