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

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

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

up we go

yup that god I didnt dump this morning :)

Hi All,

EK is the big loser now, I bet he hasn't made a penny on PET, and he may well have had to close at a loss.

If he hasn't closed, he will be on an even bigger loss tomorrow !

Cheers,
PM

PM, Do think Lucient Miers stitched EK with his phone call. I mean, how can you forget to mention the Japanese funding. Laughed I did.

From http://www.lemminginvestor.com

I approached David Horgan, the MD of Petrel this afternoon; I received a reply
to my e-mail just a couple hours later; even though Mr Horgan must be busy
preparing for the company`s AGM tomorrow in Dublin-which I am sure
investors eagerly, await. I asked just four questions which I am sure concern
investors above all others. Mr Horgan answered in typical no nonsense fashion,
with clarity, frankness and in as much detail as LSE rules would allow.

Elric: How will the company would fund a successful tender.

Mr Horgan: Between August and November 2003 we met over a dozen City and
Scottish institutions and three international banks. Having teased out their level
of interest and concerns, we incorporated their feedback, ideas and guidance
into our tenders. So, as long as we stay reasonably close to our riding
instructions, we have equity and debt commitments for a major Iraqi oil field
development. Things evolve, but generally along the lines we then sketched out.

There have also been approaches from oil independents and 'spontaneous
meetings' with super-majors, as well as the usual private equity sources.
Provided prudential requirements about economics and title are observed,
funding should not be a serious problem. We are more concerned to avoid
excessive or premature dilution.

Elric: Would you welcome a bid from oil majors like BP?

Mr Horgan: I want to build an oil independent as Armand Hammer did with Oxy
in Libya. But shareholders want to maximise risk-adjusted returns. So far these
objectives are in tandem. Should they diverge we will strive to maximise
present value for shareholders. But our whole focus is in landing an oil field
development contract, exploring the western desert and being part of the Iraqi
oil industry.

Elric: Should the worst case scenario become reality, what position would this
leave Petrel in?

Mr Horgan: Petrel has no debt and low overheads - with practically no fixed
overheads. There are few shares in issue. So it cannot go bust. The worst case
would be fatalities. If we were delayed in Iraq we would push on with
alternatives in countries such as Sudan, where we have quietly pursued
opportunities for some years.

Elric: What security issue do you expect if you are successful in obtaining the
rights to at least one block?

Mr Horgan: The only real security in Iraq is the goodwill of local communities.
There are many former soldiers (now unemployed) available, many of whom
come highly recommended by the Ministry of Oil officials. They are
scrupulously honest, brave and reliable. I have entrusted my safety to local
friends and partners since the war, so am content to follow their guidance.
Where exceptional problems arise (e.g. transporting large pieces of equipment
across the western desert at low speeds) where we cross different tribal areas /
political spheres of influence, we may have to employ international security
operatives. Some such firms are excellent, though expensive. So far, best
results have been achieved relying on the Iraqis themselves. Some of our
partners, however, have not been through our close experience of the past 18
months and will need hand-holding.

We are experienced in working in ambiguous situations: arguably we're
comparable to the barbarian auxiliaries who served the Roman Empire: we can
operate reasonably comfortably under both civilised 'Queensberry Rules' and
also the evolving rules of the more chaotic barbarian world - always ready to
flip back and forth between the two.

End quote:

Please note that I have been acquiring Petrel shares

Where is this going tomorrow - any ideas?

Also what's it going take to get share price to 2?

gildph - good question.

It could take a lot of time for the share price to get to 2.
The answer to that is when they actually start taking oil out of the ground and show descent revenues, and that is anyones guess, 2006? 2008? or later?

When can we expect news on block 6? Do PET still have interests in Sudan?

Could be news released from the AGM later today?