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

this should do the PET sp the world of good

Insititual placing and now director options, all the signs are pointing towards good news on the way, a new oil minister announced, I'm sticking with my prediction of good news coming from Syria or Saudi, to tie in with the regional play around block 6, also as the parliament is convening soon, decisions on the tenders must be due, either this month or next (that decision of course over hanging from about last October mind you)

Good luck all

Petrel Resources PLC
07 March 2005

Petrel Resources plc announces that at a board meeting of the Company held on 4
March 2005, the following directors were granted options at an exercise price of
43 pence per share:


Director Options granted

David Horgan 150,000
John Teeling 100,000
James Finn 100,000



All of the options are exercisable at any time before 4 March 2012.




This information is provided by RNS
The company news service from the London Stock Exchange




__________________
Good Luck All

Tokyo

Petrel Resources PLC
10 March 2005

Petrel Resources announces that it received confirmation on 10 March 2005 that
funds managed by Gartmore Investment Management plc are now interested in
3,252,373 ordinary shares in the Company, representing approximately 5.29% of
the issued share capital of the Company.


This information is provided by RNS

Hi all,
I got back in today, couldnt resist it. Good to see you toyko.

wilbs

I'm in today. Just have afeeling that good news is not far away and we know that this can race ahead. Fingers crossed.

Oil ministry to sign contracts soon (17/03/05)

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

Well acquainted sources said that Iraq's Ministry of Oil is on the verge of signing new contracts with global companies to upgrade the volume of Iraqi crude oil production into four millions barrels per day once Iraq's new government has been formed.



The ministry is to sign new contracts
The source added that stated aim of the ministry stipulates promoting oil fields and increasing investment depending on updated world technology. They indicated that the plan includes realising six millions barrels daily once financial allocations are available.
In other news, Iraq's Ministry of Labour and Social Affairs has denied reports by TV channels and newspapers that some 130,000 Iraqi dinars has been allocated monthly for unemployed registrants at labour and vocational training centres.

Engineer Layla Abdul Lateef Muhammed, the minister of labour and social affairs refuted the claims, citing them as groundless. She stressed the necessity for accuracy and faithfulness in circulating news as opposed to fabricating stories and toying with people's emotions.

Source: Iraq Directory

Iraq minister missing, aides kidnapped
AFX


BAGHDAD (AFX) - Iraqi interim minister of state for provincial affairs Wael Abdulateef was missing Sunday after a convoy he was travelling in was attacked south of Baghdad and 10 of his guards were kidnapped, an interior ministry official said.

Abdulateef was on his way back to Baghdad from his native southern city of Basra when the convoy was attacked at about 4:30 pm (1330 GMT) near the town of Al-Wahda, 30 kilometres (20 miles) southeast of the capital, added the official.

'We have no news of the minister,' he said.

newsdesk@afxnews.com

interesting broker to broker trades just gone through, couple these with the large T trades we have seen of late through JEFF, and we could be in for something interesting soon

IS PET ASLEEP,ANY NEWS OF ANYTHING

Feel a long mybe on the cards soon if it goes under 40 for me.

Iraqi Ministry of Oil goes to Shiite alliance (09/04/05)

I got this from the Iraq Development Program but do not have access to the full article


patsy

Iraqi Ministry of Oil goes to Shiite alliance (09/04/05)

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

During a weekend briefing regarding who will be assigned the Iraqi Ministry of Oil, National Security Advisor Muvafiq Al-Rubai stated that three new ministries will be added to the government.
Rubai confirmed that Ibrahim Bahr Al-Umum of the Shiite Alliance will be assigned to the Ministry of Oil, which has caused heated debate between the Kurdish and Shiite alliances.



The position of oil minister will go to a member of the Shiite alliance
Umum said that Hosyar Zabari of the Kurdish Alliance will continue in his office in the Foreign Ministry and that there are three candidates for the Prime Ministry: Shiite politician Ahmed Celebi, Kurdish politician Berham Salih and Turkmen deputy Songul Cabuk.
Ulum also revealed the names of the three new ministries as internal security, tourism and foreign relations. Therefore, the number of ministries of the Ibrahim Jaafari government will total 33.

Source: Zaman

How will this influence Petrel? Does it still have a running chance with so many top positions changing?

Well its here,time for a long.

guys you only have to look at the 1st 2 tenders, both have gone to the companies that had previously worked on them, if this pattern holds true, then S&L should be awarded to Petrel, as they of course had worked on that field.

Back in just over 37.

Good luck to the PET holders.

I hope it works out for you all.

I will only watch this time.

sww

Teelings reputation in the city, which must be known in Iraq is not helping PET.

Oil majors take a back seat as minnows pursue Iraq deals
By James Boxell
Published: April 14 2005 03:00 | Last updated: April 14 2005 03:00

David Horgan, managing director of Petrel Resources, says his pursuit of oil deals in Iraq is not about money. It is about glory.

While the world's biggest listed oil groups bide their time and hope for the political and security situation in Iraq to stabilise, small companies such as Ireland-based Petrel are looking to take advantage of their hesitation.



The rest of this article is for FT.com subscribers only

http://news.ft.com/cms/s/ebc925a4-ac80-11d9-bb67-00000e2511c8.html


wilbs

Found it all wilbs if you want it!

Oil majors take a back seat as the minnows pursue Iraq deals
By James Boxell
Published: April 14 2005 03:00 | Last updated: April 14 2005 03:00

David Horgan, managing director of Petrel Resources, says his pursuit of oil deals in Iraq is not about money. It is about glory.

While the world's biggest listed oil groups bide their time and hope for the political and security situation in Iraq to stabilise, small companies such as Ireland-based Petrel are looking to take advantage of their hesitation.

"If you are John Browne [chief executive of BP], it is very hard to take the risk of going in," Mr Horgan says. "It would be a huge liability for them if something bad happened, and bad things can happen in Iraq."

Royal Dutch/Shell has a chairman for Iraq, Wolfgang Strl, who has not set foot in the country since 2002.

BP and Shell are helping out on technical studies on the large Rumaila and Kirkuk fields for Iraq's oil ministry but neither has any people on the ground.

All the big international oil companies do want access to Iraq's 115bn barrels of proved reserves - with some estimating that twice that is waiting to be developed.

But despite conspiracy theories coming out of the Gulf last year - that Iraq had already been carved up between BP and Exxon-Mobil, with ChevronTexaco picking up the scraps - the "supermajors" are sitting tight.

Austrian-born Mr Strl, based in Dubai, says: "In the longer term, we want a material and enduring relationship with Iraq. But some key issues need to be resolved, such as a fully sovereign government and the ability for our staff to operate securely and safely."

This opens the door for "entrepreneurs and all their animal spirit", according to Mr Horgan, at Petrel. "We are prepared to do irrational things. We want to be in the next edition of The Prize [Dan Yergin's influential history of the global oil industry]."

Smaller companies may be prepared to risk working in Iraq to steal a march on the industry behemoths. But the question of whether they can strike deals - or whether the deals will be binding - is yet to be answered, especially at a time when Iraq is between oil ministers.

John Dorrier, chief executive of Gulfsands Petroleum, the Houston-based oil group that raised 30m through a London flotation last week, has signed a memorandum of understanding with the oil ministry to explore a deal to capture flared gas on a southern Iraqi oil field.

The company employs three or four Iraqis on the ground on an as-needed basis and an Iraqi-born board member is regularly in the country.

But while Mr Dorrier says the ministry is eager to engage international companies, striking commercial terms is "difficult in a conventional sense. There is no fixed contract model, fixed tenders or schedules".

He says the company hopes to get protection if it strikes a deal on its potential $760m project by securing backing from the US government and project financing from international credit agencies such as the Export-Import Bank and the Overseas Private Investment Corporation.

Mr Horgan also bemoans the fact that the bidding process on recent oil services tenders for improving production in Iraq has been somewhat opaque.

Petrel has lost out on two bids: for the Khurmala Dome field in the north of Iraq to a Kurdish-led group and the Himrin field, also in northern Iraq, to a group led by OGI of Canada.

It is still in the running for the Subba and Lohais fields, close to the Kuwait border, and has already conducted a $350,000 feasibility study on the two fields.

But Mr Horgan says the process has been "confused" and he is yet to be notified that he has lost out on the first two bids.

"We do not know whether they do not like us because of the bid, the price or whatever," said Mr Horgan. "It is not ideal that there is no formal notification but this is a war zone."

Another executive with Iraqi interests says: "The procurement guy may just be checking price