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

Someone has to get out more, posting on Xmas day. Happy Xmas all, here's to the new year.
Chris

Marvellous snow-covered Christmas here in Whistler so I thought I would do a really nice, positive post for all my PET friends. Adding to my post 2129:

1. Suba-Luhais is now shown as two separate contracts with 6 and 4 bidders respectively. Presumably PET will be in for both. That means that they are still in for three contracts to be awarded this year, presumably subject to contract. This raises the odds on a PET win quite significantly - certainly to 1 in 2.

2. Looking at the Hemrin contract again, the surprise is Ivanhoe, quoted of NASDAQ. There would seem to be two possible interpretations. Firstly, as I postulated above, Ivanhoe were too close to call with OGI, with PET being added to the frame. Alternatively, PET just missed out and Ivanhoe have been added. This would make sense if, as you could feel could well happen, there had been US pressure to add a US player to the shortlist.

3. My main argument though is that investors have been too distracted by the short-term. Whether or not PET pick up one of these three contracts, I believe that PET are well-established as a player in Iraq: Horgan's comments re the achievements of 2004; Jordan presumably have appointed PET because they are an accepted player in Iraq. Thus the price may well jump up and down with short-term situations. However, take a look to the end of the year. Who would be wise to bet against PET making significant progress? Thus I believe they are an excellent each way bet: short-term wins and an expanding medium-term business. Remember jeremy lacey's comment re the next Cairn?

Having missed the chance to exit before the crash, there are two possible approaches: (a) lock the investment away for six months to a year or (b) trade
the share actively as the price inevitable swings - I think I will be 50/50. Most important is to be in as an investor!

Enjoy the festivities and enjoy PET into the New Year!

Eric

On the Advfn bb, posters have been watching PET on the german (frankfurt) exchange. Its up 18% today.

wilbs

Afternoon all,
Found this in Sunday Express:
UK oil minnows vie for contracts around the globe.

EQUATOR EXPLORATION - the oil and gas group which floated on Aim earlier this month - will announce this week that it has teamed up with Indian state oil group ONGC Videsh to develop two oil fields off the coast of Nigeria.
The Financial Sunday Express has learned that Equator and ONGC are submitting joint bids worth more than $100 million (51.8million) to develop an area in west Africa's Gulf of Guinea.
Earlier this year, exploration rights for another part of the region were awarded to a consortium which includes US giants Chevron Texaco, ExxonMobil and Energy Equity Resources.
Meanwhile in Iraq, Petrel Resources - another Aim-listed oil exploration company - is hoping to secure a redevelopment contract.
Earlier this year, Petrel submitted plans to develop the Hamrin and Subba & Luhais oil fields close to the Kuwaiti border and another near Kirkuk in the North. The Kirkuk contract has since been awarded to a Turkish-led consortium.
Prior to the fall of Saddam Hussein, in the fields produced as much as 140,000 barrels of oil per day but this has fallen to a trickle.
Petrel is confident it will win at least one of the contracts and believes output can quickly be restored despite the unrest.
Petrel is also applying for the right to explore in Iraq's Western Desert. Iraq has known reserves of 123 billion barrels, the second-largest in the world after Saudi Arabia, which is thought to have 265 billion barrels.

Dexter

Read that too Dexter, but I didn't think it was owt new.

beasties,
No i know that, but at least it keeps PET in the public eye.

Is anyone having problems getting streaming working?
I just get a large grey box on screen?

wilbs

morning wilbs,
i`m not, try putting another 50p in the metre!.
dexter

morning guys,
My streaming is also fine, level 2 is showing 2 v 3 63/67

Kicked the metre but no luck, must be the homemade 50p's!!

Its just come on,must be the pc.

Try refreshing your browser and log out and start up again.

streaming all ok, must be your side, have you been fiddling with software etc over Xmas?

Just off to bed in Whistler as you chaps are getting cracking - not at all inspiring. Hope to have decent replies to my posts above when I get up before another glorious days skiing - although snow is forecast and I might just stay in bed. PET looks in festive mood which is great.

Eric

Its all ok now thanks guys. My pc is quite old, gettin new one next week.

wilbs

Eric,
As usual, a very good and thoughtful post. I agree that PET`s sp won`t reach the dizzy heights before any positive news,too many people got burnt, but i`m glad to be back in. i think the price i paid, 58p, will give me enough cushion should it dive on any bad news.

When people were talking about sp of anything from 2 to 20, i think most of us got caught in the enthusiasm of the moment( i know i did!), and i was glad that i ran out of funds before i got carried away !.

The thing i don`t understand is where Ivanhoe came from, ok on the website they released in October news that they had a MOU to evaluate the Qaiyarah field in northern Iraq. But going back over the year there is no mention of them tendering for the contracts that PET have.The MOU they have signed is to evaluate the oil in place and not for engineering work etc.

Please tell me if i am way off the mark, as i`m sure you will.!

Dexter

ps. did you have a good Christmas Tokyo and Mrs Tokyo?

Dexter - Yes old friends of mine from my Uni days have come over here(one of their girlfriends is Japanese), so we had a great christmas, with some unexpected friends. It has also started snowing in tokyo today, hate the cold, but love skiing, so there is always a bright side!!!

Ivanhoe came from the Times article below


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

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.

Come on you Tories!,come you PET!


Tories may dump capital gains tax

29 December 2004
CONSERVATIVE leader Michael Howard has set out tax plans that could include abolishing capital gains tax at a cost of 2bn. And today he will suggest inheritance tax reforms.

Any pet players today .

Too busy with jarvis!!!

wilbs

wilbs,
are you in jarvis?