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 have been researching the political unrest and imo it is clear that no contract announcement will be made public until after the elections due to the interim government being over ruled on completion of the elections, if the new government have a differing agenda as to who gets what. There is a sound viewpoint that there is growing pressure within the country to produce oil and overcome power shortages within larger cities. A good friend works in country. I still hold.

watcher

Just got this back from PET;

Subject: FW: Contact Petrel Resources : Funding
Date: Wed, 12 Jan 2005 11:56:00 -0000
From: "David Horgan" Add to Address Book
To: ******.*****@btopenworld.com


We opted for East Safawi because of the work we were doing across the
border, the fact that much of the Iraqi data has been damaged and the
cooperative response of the Jordanian authorities. Most of the
expenditure in the MoU period will actually be incurred anyway for our
Iraqi western desert work. All of it will be funded by European
institutional investors. The first phase is cheap, as we are mostly
re-interpreting existing data and selectively re-processing seismic -
which is already budgeted for.

If the Jordanian work throws up drillable targets we will convert to a
PSA. We will then fund Jordan specifically - though the well results
will also help our Iraqi work.

DH

-----Original Message-----
From: Jacqui Gallagher
Sent: 12 January 2005 11:06
To: David Horgan
Subject: FW: Contact Petrel Resources : Funding



-----Original Message-----
From: petrel@hub03.mail.esat.net [mailto:petrel@hub03.mail.esat.net] On
Behalf Of ******.*****@btopenworld.com
Sent: 12 January 2005 10:57
To: petrel@iol.ie; ******.*****@btopenworld.com
Subject: Contact Petrel Resources : Funding

Name - Roger *******
Message :
David,
Further to my e-mail yesterday regarding the MOU with Jordan,
obviously this type of work is expensive, how is Petrel aiming to fund
this work ?. The funding from a Japanese institution, is that just
available for projects in Iraq, or is it any projects where they could
be paid by way of an oil off-take.
Many thanks for your time,
yours,
Roger *******

dexter - sorry it took me a while to get back to you, been a bit busy of late, just sent you an e-mail, but yes I'm still very bullish, perhaps even more so in regards to PET

Does anyone know if PET are about to tender for any more? Just found this. Sorry if its old news.


Oil Projects Company ( SCOP )



TENDER ANNOUNCEMENT







Name of Tender: Development of Kormor Gas Field

Project No: 5312

Location: Kormor Gas Field located 80km east of Kirkuk city

in the Northern Part of Iraq







The Oil Projects Company (SCOP) of the Ministry of Oil, Baghdad, Iraq, announce the issuance of the above-mentioned Tender.

Brief description: - Production Rate 220mm scfd

- Processing facilities - Dehydration and Condensate Separation in the

plant Location and the rest for sweetening in new facilities near

North Gas Plant in Kirkuk.



Note: Bidders shall give their offers based on carrying Complete

Basic and Detailed Design Works, Supply of Equipment and
Materials needed for the Works with an option of carrying

out construction Works separately.



Tender documents may be collected (by an authorized representative of the tenderer) at SCOPs headquarters in Baghdad against the payment, non-refundable, of 5000 (Five thousand US Dollars).

The last date for purchasing the tender documents is 31/1/2005



The deadline for receipt of tenders is 12.00 noon on 1/3/2005




Director General of SCOP



wilbs

Tokyo, just a quick question does your sp quote still stand for NBR?

Wilbs - I've heard they have plans to go for another 6 tenders this year, but do not know which ones, as another 66 tenders will be up for grabs.

watcher - As for NBR, I'm out at the moment, so not doing too much research into it, sorry!!!will have to see what the next week does to the SP, but don't think it will go over a pound until we hear news on the amount of carats that are being found with the new equipment, I'll amend my price target when I decide to get back in, best bet is to ring the company as they were really investor friendly when I rang them & started looking into them, but at the moment I'm changing my investment stratergy and building a long term holding in PET as I still believe they are the share to hold this year.

Tokyo

Thanks toyko.
I just emailed PET and got this reply back.



-------------------------------------------------------------------------------


Yes. We were invited to and have purchased the tender.



--------------------------------------------------------------------------------
From: Jacqui Gallagher
Sent: 13 January 2005 15:14
To: David Horgan
Subject: FW: Future tenders


****@btinternet.com




--------------------------------------------------------------------------------
From: petrel@hub01.mail.esat.net [mailto:petrel@hub01.mail.esat.net] On Behalf Of ****
Sent: 13 January 2005 15:12
To: petrel@iol.ie
Subject: Future tenders


Hi,
sorry for troubling you as I know that you are busy.
I understand that you may tender for 6 more projects in Iraq this year. Are you able to tell me if you have or are going to tender for the Development of Kormor Gas Field, Project No: 5312?

Many thanks for your time,

Craig *****

interesting thanks wilbs

No problem tokyo. Its good to see that they are still pushing on in Iraq and with sudan and Iraq, things IMHO look good for the long term.

wilbs

Wilbs i really don't think they are involved in Sudan, by the looks of things DH has put the Sudan plans on the back burner, and is pushing ahead with Iraq, there will be another possible 66 tenders up for grabs this year, to which PET will apply for about 6 of them, if my info is correct.

We of course still have the Harmin and S&L tender decisions to come, my money is on them getting the S&L tender, as the past history with the field, the pre feasability study, etc should stand they in good holding for this, also just looking back at the tenders we have seen the companies that previously worked on the fields got awarded the contracts, so just hoping this holds true here.

As for Block 6, I still feel it is a little way off yet, but them seem to be moving in the right direction with the MOU from Jordan, all we need to know now is that they are talking with the Syrians and the Saudis, and then the BB's will be full of talk on the regional play around Block 6. I have started back to my old ways again with a few top ups, as I believe they will walk away with one of the tenders, and if things mentioned above start to happen I think they shall also be awarded Block 6, which we all know is the real prize, PET is still my tip for 2005, but agree with you that it is a long term hold.


Tokyo

Not long now....

Iraq Minister Seeks Approval for New Oil Contracts
by Hassan Hafidh
Tue, Jan 18, 2005 16:39 GMT


BAGHDAD - Iraq's oil ministry has asked the cabinet to approve four new contracts with international oil firms for the development of upstream oil and gas fields, as well as a refinery upgrade, a senior Iraqi oil official said Tuesday.

The official said the two oil-field contracts are for Hemrin, northeast of Baghdad, and the Subba and Luhais fields in southern Iraq. He said the third contract is for the development of al-Zubeir natural gas field near Basra in the south. The last contract is for an upgrade to a gasoline production unit at Basra refinery.

The official declined to give the value of each contract but he said that they would run to millions of dollars. Nor would he name the oil companies recommended by the ministry for cabinet approval.

Prime Minister Ayad Allawi's current interim cabinet is likely to approve some of the contracts, the official said, while an elected government to be set up after Iraq's Jan. 30 elections would approve the remainder.

If approved, they would bring the number of oil and gas development and infrastructure contracts prepared or signed by the oil ministry over the past month to seven.

Last weekend, the oil ministry awarded two oil fields' study contracts to international oil firms. BP PLC (BP) won a contract to carry out an integrated field study in Iraq's huge southern Rumeila oil fields.

Royal Dutch/Shell Group (RD, SC) and the U.K.'s Exploration Consultants Ltd. won another contract to analyze the northern oil fields of Kirkuk.

Last month, the ministry awarded the country's first post-war Khormala Dome oil field development contract, worth $136 million, to the U.K.'s DPS, Turkey's Avrasya and Iraq's KAR.

If these three oil fields are developed they could add up to 350,000 barrels a day of output to Iraq's current oil production capacity of around 2.5 million b/d, according to Iraqi oil officials.

Khormala, near Kirkuk, could produce 100,000b/d. Hemrin has the potential to produce 60,000 b/d, while the Subba and Luhais oil fields' potential is around 190,000 b/d.

2004 Dow Jones Newswires.

If a request for approval has been made, we could expect some news before the elections on 30th Jan..!!

fingers crossed and await the results guys!!!!!!!!!

excellent I was just complementing Hassan Hafidh, on always doing his research and getting the scoop and he comes out with this beauty. My fingers are crossed for PET getting the S&L tender as they have already spent $350,000 researching that field, which will hopefully give them an edge over their competitors.
mbthedude, thanks for digging this one up

raq Ministry Seeks Approval for New Oil Contracts
by Hassan Hafidh
Tue, Jan 18, 2005 16:39 GMT


BAGHDAD - Iraq's oil ministry has asked the cabinet to approve four new contracts with international oil firms for the development of upstream oil and gas fields, as well as a refinery upgrade, a senior Iraqi oil official said Tuesday.

The official said the two oil-field contracts are for Hemrin, northeast of Baghdad, and the Subba and Luhais fields in southern Iraq. He said the third contract is for the development of al-Zubeir natural gas field near Basra in the south. The last contract is for an upgrade to a gasoline production unit at Basra refinery.

The official declined to give the value of each contract but he said that they would run to millions of dollars. Nor would he name the oil companies recommended by the ministry for cabinet approval.
*again after the last time, thank god, they are staying quiet until we know for sure, but PET must be a front runner for S&L, although there are 5 other companies going for this, as for Hamrin it looks like a race between PET & Ivanhoe

Prime Minister Ayad Allawi's current interim cabinet is likely to approve some of the contracts, the official said, while an elected government to be set up after Iraq's Jan. 30 elections would approve the remainder.
*In my opinion the S&L and Hamrin tenders, as they have been expected for a while now

If approved, they would bring the number of oil and gas development and infrastructure contracts prepared or signed by the oil ministry over the past month to seven.

Last weekend, the oil ministry awarded two oil fields' study contracts to international oil firms. BP PLC (BP) won a contract to carry out an integrated field study in Iraq's huge southern Rumeila oil fields.

Royal Dutch/Shell Group (RD, SC) and the U.K.'s Exploration Consultants Ltd. won another contract to analyze the northern oil fields of Kirkuk.

Last month, the ministry awarded the country's first post-war Khormala Dome oil field development contract, worth $136 million, to the U.K.'s DPS, Turkey's Avrasya and Iraq's KAR.

If these three oil fields are developed they could add up to 350,000 barrels a day of output to Iraq's current oil production capacity of around 2.5 million b/d, according to Iraqi oil officials.

Khormala, near Kirkuk, could produce 100,000b/d. Hemrin has the potential to produce 60,000 b/d, while the Subba and Luhais oil fields' potential is around 190,000 b/d.

* 190,000 barrels a day, S&L was always the biggest tender, could this be something that would help finance the work on Block 6?

So, it's coming to a head.

Good luck to you brave PET followers.

You deserve a result.

Iraq Ministry Awards Southern Oil Fields Study to a Three Company Group
27 January 2005


--------------------------------------------------------------------------------
Latest Oilvoice Headlines

Iraq Ministry Awards Southern Oil Fields Study to a Three Company Group
Iraq's oil ministry has awarded a consortium of three international firms a contract to conduct a reservoir study of the Suba-Luhais oil fields in southern Iraq, officials have said.
Vitol, Anadarko Petroleum Corp. and Dome Oil of the United Arab Emirates have been awarded the study, which is separate to the Suba-Luhais development contract, which hasn't been awarded yet, said an oil official in Baghdad and a consortium executive. The officials wouldn't reveal the value of the contract for the study.
The ministry earlier this month asked the cabinet to approve its recommendation for the award of the development contract for Suba-Luhais, which calls for raising the two adjoining oil fields' production from 50,000 barrels a day to around 190,000 b/d.
Ireland's Petrel Resources and Canada's Ivanhoe Energy Inc. have said they are already bidding for the development contract.
Officials say the awards of pending oil contracts will probably take place after the country's first post-war elections, scheduled for the end of this month. Earlier in January, the oil ministry awarded two oil field study contracts to international oil firms. BP PLC won a contract to carry out an integrated field study in Iraq's huge southern Rumeila oil fields. The Royal Dutch/Shell Group and the UK's Exploration Consultants Ltd. also won another contract to analyze the northern oil fields of Kirkuk.
Last month, the ministry awarded the country's first post-war oil field development contract, the Khormala Dome, to the UK's DPS, Turkey's Avrasya and Iraq's KAR, the contract was worth $136 million.
The oil ministry has a budget of $3 billion for 2005, which Oil Minister Thamer al-Ghadhban said yesterday would be used for developing oil and gas fields, as well as for improving the country's oil facilities.


http://www.oilvoice.com/m/uploadDetail_public.asp?upload_ID=3197

wilbs

Very little action about on pet.

Was it ever thus Dave ...exception being this thread?

BAKERSFIELD, CALIFORNIA -- Ivanhoe Energy (Middle East) Inc., a subsidiary of Ivanhoe Energy Inc. (NASDAQ: IVAN and TSX: IE), and the Ministry of Oil of the Government of Iraq have signed a memorandum of understanding (MOU) for Ivanhoe to study and evaluate the shallow Qaiyarah Oil Field in northern Iraq. The field's reservoirs contain a large proven accumulation of 17.1o API heavy oil at a depth of about 1,000 feet.

Ivanhoe will evaluate the potential response of the Qaiyarah Field to the latest in Enhanced Oil Recovery (EOR) techniques, along with the potential value that could be added using Ensyn Petroleum International Ltd.'s heavy-to-light (HTL) oil RTP(tm) conversion technology to produce higher quality, more valuable crude oil. Ivanhoe has the exclusive rights to use Ensyn's technology in Iraq. The work will include an assessment of the oil-in-place in the reservoirs, and the optimum EOR/HTL methods to establish economically recoverable reserves at Qaiyarah.

Ivanhoe President and CEO Leon Daniel said the company expects to complete the study within a few months of receiving the required data from the Iraq Ministry of Oil. "The Qaiyarah Field holds significant potential and may be an excellent candidate for the application of the Ensyn HTL oil technology," he said. "We are very pleased that the Government of Iraq has given Ivanhoe this key role in evaluating the reservoir at Qaiyarah."
If the evaluation studies indicate development of the field is economically viable, Ivanhoe will present a development plan and offer a commercial proposal to implement an enhanced oil recovery program for Qaiyarah. The Ministry of Oil is under no obligation to execute the project or to enter into formal commercial negotiations at the completion of Ivanhoe's study.