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

EK has big fat short on this one be carefull

MM's picking up the stock being shorted at discount, don't be fooled into selling, remember RNS due on Block 6 anytime after 2.30pm

If an RNS is due on Block 6 anytime after 2:30pm, then why so many sells leading up to that time?

Have I missed something here?

When the last RNS was released the MM's diddnt have a clue it was coming and when it did the sp flew. IMO they want the stock and want it cheap. Level 2 has been stuck on 5 v 5 nearly all day and with a spread of 12.5% is enough to deter any buying so PI's are happy to take a good profit.

wilbs

As soon as I said that L2 moved to 2 v 3.

Remember the impatient give shares to the patient, stay in until the RNS released

Or longer!!

Bottomed out, buys coming back in

Must admit I'm very surprised by today's SP & trading, after such fantastic coverage over the weekend : complete with a hint of another contract out of Iraq in the near future. I thought the morning trading would be full of people jumping back in and shorts being closed - Completely Wrong on that one!!

Although thinking back to last year, we have actually already seen this when the SP rocketed from 40pence to 155pence on the "Urgent discussions" RNS, only then to retrace back to around 80pence, within a week the SP was back up at 130pence. Whether it has bottomed out yet, we shall just have to see.

I'm still in and will continue holding until my target SP is reached, if nothing else this share has taught me the value of patience!!!

sorry,
mine were sold when my stop loss was reached, will be hopefully buying back in though.

I would say sell now as shorting is taking severe effect now...sell down to 40p

40p ........yes please

40p dream on.

Hi All,

No matter how much I have made trading PET last year, the Directors and Management have shown that their commitment, the one that has made a lot of people a lot of money, has paid off, and well done to them, I applaud them.

If you have any belief in investing in growth stocks, you will buy these tomorrow. Why, you ask ?, because people who short small caps, then spout some unprovable reasons on a t1ps website, just so a load of followers can short the stock and make that person more money, should be locked up.

PET do not need to dilute the stock, they HAVE Japanese CASH for backing, and they will use debt to fund operations, rather than dilute the stock.

EK has followers, they all post on the BB's of stocks he is short on, just to scare longs out. they will use ANY bashing tactics to get their way, that is not 'investing' in my book, and I despise them all.

The best way to reply to his and their 'evil' is to P on their parade by BUYING the stock, so long as you are happy with the medium/long term potential you won't lose, they will, because I guarantee that they won't last that long !!!!

Cheers,
PM

P.S .... As for copyright, I give everyone my permission to copy and paste this post anywhere they like :)

Just one more thing before I go ....

If a person spends their life being negative, looking for the worst in a stock, in order to make money shorting, how will they EVER appreciate winning ????

Maybe all shorters are goths :))))

Cheers,
PM

From Guardian Unlimited.

Petrel Resources eased 9.5p to 71p as traders reassessed last week's contract to regenerate a key Iraqi oilfield, which sent Petrel shares surging 170%. They noted that Petrel is only the contractor for the Subba and Luhais fields.

http://www.guardian.co.uk/business/story/0,3604,1568577,00.html

wilbs

Tokyo, going back to 2390, at the risk of sounding like a complete dullard (!), is it not a bit too soon to expect the market to be pricing PET on a pe of 20 at the moment? While the confirmed contract is solid enough it's hardly a pot of gold. PET may well develop into a fantastic growth company, but at the moment all we have really is speculation to make the price go up. So the current drifting back down is really only to be expected and shouldn't surprise anyone. Having said that, if it giets to 40p again it would look cheap!!

bumped

Beasties - it may be a little too soon to be pricing PET at a P/E of 20, but think of the growth this company can now achieve with its' foot in the door of Iraq. Those who have been following PET will know of the upcoming PSA with Jordan, after that a P/E of 20 or above is certainly not out of the question, especially when news breaks of who PET will farm the drilling out to.

I have a feeling that with every announcement from this comapny over the next year or so, we shall see a new high in the SP.

good luck al


Toykol

Here it is, Jordan production contract.

Petrel Resources PLC
13 September 2005


EXPLORATION BLOCK IN JORDAN

Petrel, the aim listed Middle East oil explorer, (PET) is pleased to announce
that it has reached agreement with the Jordanian authorities (Natural Resources
Authority) on a Production Sharing Agreement on the East Safawi Block in eastern
Jordan. East Safawi borders Saudia Arabia, Syria and the gas producing Jordanian
Risha field, near Iraq. The agreed work programme includes seismic and wells.
There are both oil and gas plays. The agreement is subject to Parliamentary
approval and Royal assent.

David Horgan, Managing Director, commented

'We are delighted to have reached agreement with the Jordanian authorities to
explore for oil and gas in East Safawi. There is growing realisation that Jordan
offers good prospects for significant hydrocarbon discoveries.

Coming on the heels of the award of the Iraqi contract on Subba and Luhais, the
East Safawi agreement is a further tribute to the skill and tenacity of our
exploration team in the Middle East.'

Contact:

David Horgan + 353 87 292 3500
Managing Director