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

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

Thanks Tokyo yet another fantastic post, good to see you back.

Thanks Tokyo. Your post is worth printing out and pinning it on the wall to sustain us through the ups and downs to come.

Thanks for that Toyko, interesting read.
Second RNS next week?

wilbs

Hope everyone is not giving into temptation - patience is a virtue but will be seriously rewarded.... Anyone any news on how long DH staying to trying and sort out PSA?

Hope everyone is not giving into temptation. What at 76p bid.

well quite a few sales this morning albeit small.....

From oilbarrel.com today ....

Petrels Patience Rewarded In Iraq As It Wins Subba/Luhais Redevelopment Contract
Its been a long time coming but AIM-quoted Petrel Resources has at last been awarded the service contract for the redevelopment of the Subba and Luhais oilfields in southern Iraq. This is a real coup for the Irish oil minnow and rewards many years of patience and hard work.

Weve been working on this for six years and weve been though four different governments in that time, managing director David Horgan told oilbarrel.com. Under this new government the whole atmosphere has really changed and they are desperate to increase production and get more projects signed up.

The aim of the project, understood to be the largest brought to tender in the country, is to increase production from the fields from under 50,000 barrels per day (actually thought to be running at around 25,000 bpd at the present time) to 200,000 bpd and 100 million cubic feet of gas per day within three years.

Petrel will act as a cash contractor on the US$197 million engineering, procurement and construction project. Some of the cash will be upfront and placed in an escrow account (to be released to suppliers of bespoke equipment, for example) with the remainder paid in tranches as key milestones are reached.

The terms are not ideal: most oil companies prefer production sharing arrangements to manage their risks and ensure a bigger slice of the upside. For now, however, service contracts are all that are on offer in the volatile country, although this could change further down the line. In terms of working capital, Petrel would prefer to debt finance the project to reduce the equity dilution for shareholders, said Horgan.

The 200,000 bpd production target is reckoned to be very do-able from what is reckoned to be a billion barrel resource, a number that could be a major underestimate.

We would love to drill the deeper horizons, said Horgan. All of the reserves and production are from the shallow tertiary reservoirs but the really large fields in the region, across the border in Saudi, are from the Mesozoic, which has not been drilled at all in this area.

Theres no doubting Iraqs geological attractions to oil prospectors. Politics, sanctions, war, security and religion, however, have taken their turn in recent years to depress production and, post-war, curb new investment: Petrel, for example, appeared to lose out on the Khurmala Dome and Hamrin oilfield redevelopment tenders last year due to political expediency (although the company has yet to receive official confirmation about the status of these projects).

Yet it seems the company has now triumphed with the award of the Subba/Luhais contract, which Petrels chairman John Teeling has described as the biggest and the best of the three tenders to date. Horgan added that it was pleasing to see the ministry went for the best technical bid rather than the big name bid.

Indeed, it is a sign of its standing in the troubled country that Petrel has been asked to organised a seminar for 15 of the oil ministrys top financial experts to look at issues such as production sharing arrangements and how to deal with pre-war contracts.

This is, of course, an issue very pertinent to Petrel itself. The company holds a now suspended pre-war contract for the highly touted Block 6 in the Western Desert. It had been fearful its position there would be displaced under the new regime.

There were rumours that pre-war people would be out of favour but no-one has tried to displace us and the fact they were prepared to give us their most high profile development project shows the government has no issue with us, said Horgan. Its been a huge relief.

In fact, the company is already hoping to sign a technical operating agreement for another exploration area in Iraq. This area is hot both in terms of exploration and in terms of security at the moment, said Horgan. However the first six months would be spent reprocessing seismic and the like.

For now, the company is busy mobilizing resources to get to work on Subba and Luhais. Security issues in this area, while still requiring attention, are far more manageable. This is the place to be, said Horgan.

Down to 78p today