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 think thats it folks.

MM bringing it back into line imo.

Little time intrady sellers about now price dropping because of that.

The news just looks like a repeat of the old.

ziblot - exactly, but this is the second time the Iraqis have said this.

I can not see a reason why they would want to repeat soemthing a week after the first time they said it, especially as the dust had settled on that news.

Old news or new news, it realy does not matter as it has sent the price up 14p today and has given people, opportunities to review where they are with this stock, i.e. hold or sell.

Old news - 20 pence and rising...............

Any shorters out there?

LOL

I bet all the existing shareholders are buying in because it "Looks Cheap" IMO a big mistake as they might get hit a second time. Might be a terific short at the mo.

Good luck if you do jeffmack........

I do not hold and will not speculate where this is going.

Terrific spectacle though.

Shorters burning....................

near on 50% up today. Would have been a great short but hey how on earth could you predict anything with this stock. Its the modern day Robin Hood.

jeffmack same as last week I understand the Iraqis are out for a few days so no confirmation for at least 4 days...............

Smells badly this one.

People losing a fortune last week, shorters losing a fortune this week........

You all right Dave?

PET is such a unreliable company...its share price dropped last week due to loss of contract news and this week, no such news...it is just sucking investor's money...i feel sorry for Tokyo

dave closed his short 2 days ago I think.


No reply to mail or bb.'s

I know "I phoned some body at the company(from advfn)", stuff is rubbish usually but apparently sometyhing IS afoot.

Seems it was rubbish

The market makers are having a field day by the looks of things.

I bet the Iraqis are laughing their heads off at the Ministry of Oil...drilling money out of investors like us ...i was beaten last week.

From ADVFN

I dont know what PET's number is however a holder could phone for themselves to confirm.

John909 - 23 Dec'04 - 14:24 - 8394 of 8395


I have just phoned this number :

00 353 1 833 2833

the person who I spoke to, PET guys are in a meeting, as far as he was aware of, they have no news to tell.

my position has not changed with this company there is cloak and dagger stuff going on.. Maybe there is a chance of tender sharing, whereby neighbouring countries get the nod but the technical stuff is still in need of support from the likes of PET.. If they got there hands rapped and rueters shot the stuffing out of the share. Conspiracry, conspiracy opinion opinion still share holder. I'd like anybodies opinion or thoughts and still no RNS from PET

watcher p.s. hope your misses is OK eric

If the papers pick up on this as old news their may well be a slaughter tomorrow. I think the Moo have had their fingers rapped for leaking the news before the interim goverment o/k'd the deal resulting in what we've seen today.

Afternoon all budding pet fans,, no shorts left for me , all 3 came out on top.
Good luck to all holders,keep the faith you longs.

Baghdad signs oil deal with 3-nation grouping
By John Reed in Baghdad
Published: December 23 2004 22:00 | Last updated: December 23 2004 18:56

Iraq has awarded its first post-war oil contract to a Turkish-British-Iraqi consortium and plans to sign four more deals by early next year, a senior Iraqi oil official said on Thursday.


Under the $136m (101m, 71m) deal, Avrasya, a Turkish engineering company, will lead a project to develop the Khurmala Dome, an extension of the Kirkuk oilfield in northern Iraq, Ahmed Al-Shamaa, undersecretary for oil, said.

Three bidders for the tender to develop Hemrin, another northern field, will be asked for final offers soon in a second deal.

Mr al-Shamaa said he received a recommendation on Thursday to proceed with the Khurmala contract from a cabinet oil and gas body formed in July to give Iraq's interim government tighter control over the country's biggest industry.

The Khurmala contract provides for the supply of surface equipment and material to develop the field; supervision of construction; and assistance during commissioning.

Avrasya and Kar, an Iraqi construction company, are joint-venture partners. Dynamic Processing Solutions, based the UK, will participate through an engineering contract, the company confirmed.

Mr al-Shamaa said Iraq's government had decided to re-establish contact with the three bidders for the Hemrin field, as the first two offers were close in price. "We are giving them a chance to give their last price," he said. "We have asked them to give us an answer by the end of the year."

He declined to name the bidders, but an industry source identified them as Canada's Ironhorse Oil & Gas, Nasdaq-listed Ivanhoe Energy and Irish- and London-listed Petrel Resources.

The tender to supply engineering materials and oil and equipment for Hemrin will be worth about $180m.

Word that Iraq is reopening talks with the three companies could boost Petrel, whose shares dived earlier this month after a report that IOG had won the deal.

Iraq's oil reserves are second only to Saudi Arabia's, but the sector's rehabilitation has been plagued by security problems, including insurgent attacks on its main pipeline and other installations.

Mr al-Shamaa conceded that conditions for negotiating the first two deals, which were delayed, were "not perfect" due to difficulties in arranging meetings.

Negotiations took place in Jordan, lasting from October until earlier this month.

Iraq's oil ministry plans to make recommendations on bids for three other projects in southern Iraq by the end of this year, Mr al-Shamaa said.

The tenders to develop the Zubair and Suba-Luhais fields and a refining project in Basra had drawn five, six, and four bids respectively.