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

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.

I think we will see the share price move upwards tomorrow. Makes sense why the movement today. Any thoughts?

wilbs

It does indeed make sense.

Shame that this obviously leaked hours beforehand allowing insider trading.(imo).

So, One contract gone, second chance on the second which supposedly went to OIG, and more in the pipeline, BUT, there are at least 6 Companies bidding.

Bit different to what PET said over the last few months, what?

Now depends on clever negotiations and a good price.


All imho etc.

Good luck holders, you have Christmas back............

Here's the link for the FT article:

http://news.ft.com/cms/s/e86be4fe-5510-11d9-9974-00000e2511c8.html

It looks like Pet are back in with a chance of the Hamrin contract after all.
Plus the recommendation for Subba-Luhias is planned by year end.
All seems very positive to me. Thoughts anyone?

Daz.

SW,smoke screens & drive the price down.

I will be buying back in early and sell on the price movment upwards and not be greedy and waiting for it to hit a supposdly 300p+. See a profit and take it. Any thoughts?

wilbs

All very fishy dave.

Was it a bear raid???

wilbs take anything you can and run.................

Dip in and out before key dates rather than holding on waiting for lady luck to tap you on the shoulder.

Of course do as you think fit, but since you asked................

I agree sw. I was in PET and top sliced so I came away with a profit. I sold my remaining shares today. The sp moved 45.33% today with prob only insider info. Hopefuly tomorrow will be much of the same as private investers digest the news and buy in. I will be in and out hopefully with a nice profit.

wilbs

http://news.ft.com/cms/s/e86be4fe-5510-11d9-9974-00000e2511c8.html

I agree very interesting article, as you all know I'm out of this at the moment, but if the article is to be believed and PET's claim of having the best technicial tender is to be believed, then it appears that they only have to amend the risk/reward offer and they shall win one of the 1st tenders, the question is - what will they do? I agree with wilbs today looks like a good day for day traders, but whether or not they win the tenders looks very much like it is in the hands of the PET management team - How much will they have to lower their bid by? Will it be attractive to the share holders?

For all those holders that stayed with PET, I can only wish you the best of luck

tokyo

Any guesses on the rise in the first 1/2 hour of trading ?

morning all,
the only thing that worries me with the FT report is that they are still saying IRONHORSE of canada, so some of the article is still rehashing last weeks original reuters article.
dexter

76p guess first half hour.

Morning players.

Morning. In for an interesting day?

In at 58,small punt.