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

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

Thursday December 23, 6:07 AM EST they are 5 hours behind us so just after 11am this morning, under an hour old as I write.

Time was 0607 EST - and I agree, doesn't change anything, except for the poor souls you get sucked into the hype.

SWW, SP seems to be heading in the right direction (on this news), do you think it will hold

Looks like the MM are getting excited, first around 10am and again as I posted this item.

It's as easy as that!

so we are now seeing the reaction to the shre price as the market believes there is still an increased possibility of a contract

edit: "who get sucked in..."