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

why not PET forget iraq and change tack to the north sea or USA and farm in with some AIM e=p company.

JOIN up with MNT, for a real gamble,forget IRAQ IF YOU CANNOT DO OR SAY ANYTHING AT ALL PET, CHANGE TACK.

Petrel still waiting to hear on Iraqi plans

June 22, 2005 08:58
Oil exploration company Petrel Resources, which is focused on developing oil fields in Iraq, has reported a pre-tax loss of over 350,000 for the year ending December 2004, compared with a loss of 244,000 the previous year.

The company said that a recent share placing, which raised over 1m sterling, will fund its ongoing activities in Iraq and Jordan.

Petrel said that despite the uncertainties in Iraq, it has continued to make progress on its exploration proposal in the Western Desert and on its tenders to develop oil fields there.


Petrel said that it is unable to say much about its ongoing activities in Iraq as any statements could compromise what it calls its 'hard earned position there'. 'Indeed uninformed media speculation in the latter half of 2004 upset officials in Baghdad,' the company said.

'Oil in Iraq is a matter of the highest priority for the country. Decisions on oil development proposals can only and should only be announced by the government,' Petrel added.

In this context, Petrel said it has received no official announcements relating to either their oil field development proposals or to the exploration proposals for Block 6 in the desert West of Baghdad in the past year.

Petrel said that status of its three development proposals remain unclear. It had tendered for Khurmala in the north, Hamrin in the centre and Subba/Luhais in the south. Each of its three submissions faced critical technical and commercial evaluations by teams of experts from the Iraqi Oil Ministry. Petrel passed all the evaluations.

However, the company said it continues to be encouraged by the Oil Ministry to submit tenders for new projects. In April it submitted a multi-volume tender to develop the Kormor field in Kirkuk.

Petrel said that 'real progress' has been made in Jordan. The company said its initial interest in the Jordanian acreage was to improve its knowledge of the Western Desert, but the more it looked at the data the more prospective the project became. The company said it now believes that there are 'drillable plays on the block'.

Petrel said its future lies in the Middle East. 'Iraq will play a central role in the growth of an oil supply desperately needed to fuel the world economic machine,' Chairman John Teeling said.

'Petrel, by maintaining a presence in Iraq, by continuing to submit tenders and through ongoing work on the exploration potential of Block 6 is showing out commitment to the country,' he said.

'Every passing year tightens the oil supply/demand balance, making development of Iraqi oil more critical for world consumers. We remain confident that we will have a role to play in this development,' he added.

http://www.rte.ie/business/2005/0622/petrel.html

wilbs

This is the same rubbish we heard over the last 18 monthes,if they keep up sending in tender bids and wait endlessly patiently for a[no]response,perhaps this strategy is the play itself ,the source of buzz for PET management in DUBLIN, AFRAID TO EVEN CONTACT IRAQ MINISTRY ,OR ANYONE IN IRAQ,WE NEED SOMETHING MORE ,PERHAPS AMENTION OF SOME 2D OR 3D WORK, OR DRILLING PROGRAMOR EVEN NEWS OF A ..SHOVEL.

sORRY,MEANT ANY NEWS OF EVEN A PICK/SHOVEL.

Well well well,post 2326 from a 37ish buy to a double bagger,that long has payed o

Fandabbytastic..

Ahhh..... thats better. Just like old times. It would be good to hear from some familar posters. Where are you?

Hey dexter, I know you are out there. Have you been to or going to any of the



games?
I tried to get tickets to most games but not had much luck.
Im following Diss at the moment. Still got Robert Fleck as manager and Daryel Sutch is assistant player/manager. Only lost 2 games and doing well. I will be up in Kings Lynn in november if im still around to watch them play the reserves.

Over here wilbs,bit of a result on pet not quite a double bagger more of a 1.7,,but its near enough.

Wait for the 40p crash any day now.

Dont like the look of that bird,,not delia is it.

Easy dave. When they crashed last time I was sitting in a 12t 360 and nearly knocked a small building over when I was told. Onwards and upwards mate.

A few buys near close. Once the sellers are out the way and any orders are filled the MM's will have to do the right thing and let it go.
(the bird is sittin on one of delia's meatballs)

{jUST WAIT FOR THE MUSTARD}

I need the hotdog first dave!!!

I think the mustard is hot,,,unlike PET`s wells.

Do you think this will keep going up or crash again?

You would have to ask NASA that,,bit hot and sticky in here as well tonight..

Is it worth buying more after the dip do you think?

If I've got a grand to put on some AIM's, what would you recommend me do? I was thinking maybe property or oil??

This is originally from the AOL board, although read it on advfn (thanks owtornowt) - makes an interesting read and also supports my evil MM theory (LOL)

From the aol board, thanks MansieP:

Message 1 of 1 Subject 3 of 17
Subject: Re: all in (pet)
Date: 08/09/2005 20:57 GMT Daylight Time
From: MansieP
MsgId: 539537:11807



100% Rating: 6 of 6 members liked this post. Do you? Yes/No




Guys,

Yes you did read right except PET closed at 88p.

Its opening tomorrow at 110.5p.

A sale after hours of a tranche of only 4000 shares triggered the rise!

Ask yourselves why?

Here's how...& welcome to the world of MM's manipulation!!!!!

The MM's were p*ssed big style yesterday they had no clue it was coming!

Most RNS's are released 1st thing...PET released there's yesterday at circa 2.30pm (coiniciding with NYSE).

Why...because GE & Halliburton are partners in Subba Luhais.

The MM's were taken by surprise & had no time to day trade.

The share rocketed.

Today 6 million shares have been traded (over 10% of whats out there) except a lot of it is movement between MM's.

The reason they did this was because some "big" investors wanted orders fulfilled of say 100k shares but at prices of 80+p.
They were struggling to fulfill orders & hence tried to create a little panic amongst small PET shareholders.

They tried today to shake small PET investors out.

Some PET investors remembered last years 1 to a matter of pence in just a few days (on the back of a fake reuters article saying PET had lost teout on tenders) & probably bailed out.

If you had bought 5000 at 2p per share only 4 years ago & you were sitting on a cool 250k with them at a 1 you'd be nervous wouldnt you?

The MM's spent all day trying to fulfil "big" orders.

I tried to buy in again today & the largest order I could get at any point was 7500 shares....why????

The MM's deliberately held the stock back..when its true price was 110.5p

After close & at 5.10pm a trade goes through for only 4000 shares & the price leaps 22p.....crafty b*strards you better believe it folks.

PET opens up tomorrow at 110.5p & the day traders cash in!!!!

The reality is that PET had a good day again & the MM's have "won" a little.

The simple fact is that anyone with PET shares who is prepared to hold on creates a lack of supply for investors who are demanding them.

The MM's can only manipulate for so long.

PET holders sit tight, buckle up & enjoy the ride the funs about to begin.

The climb of PET is about to begin to even greater heights.

Expect a PSA with Jordan in the next few days where PET take a share of everything that comes out of the ground...at least 30% minimum.

Horgan & teeling are in Amman at the MEGAS conference & as we speak are tying up the Jordanian PSA.

They already have the exploration rights & also the RIGHT to turn it into a PSA .

They have already conducted research & know whats down there.

Anyone with serious knowledge of PET knows this & the MM's certainly do.

This will be a second massive win after Subba Luhais & in such a short space of time too.

PET will become a name banded about everywhere in the middle east & more contracts will follow.

Theres plenty of legs in this yet.....& theres the excitement of Block 6 Western desert...which they have tendered for & was ironically awarded to them previously under Saddam's regime.

Block 6 is hug potential upside.

Subba Luhais & Jordan will produce the cash for PET so that they can eventually milk the cow that is Block 6.

Be prepared to hold onto these babies for at least 3yrs for massive gains.

You think its good now...but its a potential 18 bagger from its current position...scary..

There is the potential of a hostile takeover too form a big oil major to look forward to..

How hacked off they must feel...PET an irish oil minnow wins an almighty contract ahead of them & becomes the only european in Iraq.....

If you cant beat them adjoin them!

Enjoy the SOAP that is PET folks I have for over 5yrs & have told many many people about it in that time....to much joy & at times hostile derision.

Will I sell out yet...not a chance...will I profit take yet not a chance...

If it gets to 10+ I will change my lifestyle & tell stories to my grandkids boring them silly!!!!

__________________
Good luck all

Tokyo