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

Its been documented that OGI have offices in Baghdad, and EverAsia have Iraqi partners. These contracts are being kept close to home. UAE Dome has to be favorite for S+L. There is too much unrest and Moo have to be seen as at least appeasing the Muslim world and when negotiations start they can turn round and say they got good deals on upstream contracts.

PET is a dead duck for the present. The Turkish company have said the MOO have informed them they have the second contract so it must be assumed that Horgan and Teeling have been informed as well and know their fate by now but still remain silent. Why are they holding out?

These contracts for developing or repairing oil production facilities in the Kirkuk and Hamrin fields are cash contracts that ********** would like to see converted to risk-sharing agreements in the future. ********* made the formal submission to the Ministry of Oil in conjunction with the Company's operating services affiliate Scottsdale Oil Field Services Ltd.

"Now that these bids have been submitted we intend to meet with the Ministry of Oil to discuss our potential involvement in these significant projects," "Our Iraqi partners are currently in Baghdad and have several meetings scheduled this week to explore the status of the Khurmala and Hamrin projects. Despite the volatile nature of working in Iraq,********** remains one of a handful of Western companies pursuing oil and gas opportunities inside Iraq."

Sounds almost as tho' its Pet but its Sonoran Energy and even with Iraqi partners got --------------well what do you think.

Hi all, just read the posts from yesterday afternoon, (shift work, wonderful thing) at least we seem to have a sense of humour still, I can't see pet getting the third contract but am holding anyway, after all I can't lose much more and they MAY go up and I would kick myself if I missed out. but what's that in the sky over Plymouth? a flock of flying pigs with what looks like a contract, I must take off one shoe and follow the holy gord of Jerusalem.......
There has been so much posted about different types of contracts, I understood one of the many delays was to retender risk sharing contracts, now cash, exploration, development, the list goes on, I will still hold for now but any significant jump and I will be out.
Chris

People,
Any significant jump and we all may be out!!!!! I 'only' lost a couple K but it's not what I actually lost but the disappointment of what it did not turn into that is most depressing. I can't even find a spreadbetting house who will take a bet each way as a 'just in case' situation.
Oh well back to trying to find the next big thing.................
Merry Christmas All and whoever you pray to, pray that PET win something of note in the New Tear, it may be their only hope!!!!!!!

morning all,
just a thought, the post by cimbon earlier re: phone call to everasia, apparently he was told that PET got a b****cking because they used the IOM "relationship" to hype sp. if this was the case, maybe the "sworn to secrecy" quote from PET was, in fact not what we all thought, but PET having to behave themselves regarding what they put out, and putting it that way was in itself hyping the sp!.
regards,
dexter

i wonder if those consultants who did that work in lue of shares sold out?

Good point, but would they have to wait a certain time before they could sell , or a certain price same as with options.

Am i only one who smells a rat?

No

Re first post: Fleet Street Letter, is that one of those publications that helps us make investment decisions?
BTW not in PET.

Just one rat?

This company do not care about the shareholder.

Well most of the rats have jumped. So it's seaweed blowing across the HMS Pet right now.

Ziblot nothing new there its business,loads of scope for shorts.

dazz
Not into shorting dazz but who are the best companies to open an account with.

Ziblot i have just opened with finspreads.com,but it early days yet for me,i will just use it when its volatile,,,,when i think i mite have a chance..

And so the pain goes on.

Anyone still holding this really is not fair, but good luck.

Iraqi Oil Ministry Denies Signing 2 Oil Field Contracts



Thursday December 23, 6:07 AM EST


BAGHDAD (Dow Jones)--Iraq's Oil Ministry Thursday denied it had awarded oil fields development contracts to Turkish and Canadian firms.

"The Oil Ministry denies what has been reported by some media that Iraq had awarded the first two contracts to develop Khormala and Hemrin," a ministry statement said.

"The Ministry had submitted its recommendations on this subject (the two contracts) to the Economic Committee of the Cabinet and it is waiting for the required approval," the statement said.

Reuters reported last week that Canada's Ironhorse Oil & Gas Inc. (IOG.V) had won the contract for Hemrin, north of Baghdad, while Turkey's Everasia had won Khormala Dome, north of Kirkuk.

Irish oil company Petrel Resources (PET.LN) had been a prominent bidder and its shares fell by more than half Thursday on the report.

Iraqi Oil Minister Thamer al-Ghadhban told Dow Jones Newswires last Thursday the interim Cabinet was on the verge of awarding the two upstream oil contracts.

The two oil fields are expected to produce some 160,000 barrels a day, the minister said.

Officials have said each of two contracts are worth between $150 million-$200 million.

-By Hassan Hafidh; Dow Jones Newswires; +88216 2115 7191; hafidh8@hotmail.com


Dow Jones Newswires
12-23-04 0607ET



http://money.iwon.com/jsp/nw/nwdt_rt.jsp?cat=USMARKET&src=704&feed=dji&section=news&news_id=dji-00052120041223&date=20041223&alias=/alias/money/cm/nw

Fair statement. The Oil Ministry can only adjudicate and recommend. However, they will go through the cabinet on the nod, with a lot of other business. Pet has lost out on these two. Period.

sea wallwalker , do you know what time GMT this info was released?ie is it very recent or earlier today