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

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..."

Seems that way willfag.

I wont be suked in.

I am interested but will not have a few shillings on this.

Too many have lost too much without putting mine in too.

Seems there is a bit of interst but the buys are all small. Good luck to them.

SWW I averaged down last week but I still have a long way to go with this to break even, hoping for the best of course.......not until I hear or see an official RNS will I get out

hampi_man - I think your stance is as good as those who have sold out.

I wish you luck, it seems this may not be dead yet.

Iraq is a land full of misrepresentation and anomalies just now.

The Ministry could come out and say all the contracts have gone to PET especially after the embarrasment of alleged leaked reports.

May yet boil down to a matter of honour.

I know some may think I am mad thinking that, but I say all this as an outsider looking in.

And I hope objectively.

This is exactly the problem.. will the price hold & continue upwards..?? Who knows. Now what really bothers me is the lack of credible news re this whole contract affair. If PET issued an RNS clearing things up then at least we could be on a reasonably level playing field. However the way things stand I certainly won't be throwing good money at this stock as the chances are it would just end up in the bin as my last lot did.

Chrispine - fair comment.

I am with you on this, and do not recommend buying in.

If people hold then they may as well continue to hold imo. Nothing has really changed except the trickle of press comments since last week.

As I said, good luck to any who hold, you all deserve some luck now!

dave - this is why I recommended a couple of days back you kill off your short.

Anything can and probably will happen no matter how far fetched people think that may be.

You would have been burned.

I will stop after this post, but those who released this report would not have done so in the knowledge that this would have an effect on the share price for PET without some thought.

They know the bottom fell out of the price from media coverage, it was mentioned in every media release I saw.

So knowing the price would go up with this one.........................

.............make up your own minds.

50p ask and rising.

It may give people another chance to bail if they want to...........