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

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?

I have just spoke with John Teeling on the phone. I made a call to ask "what time the AGM. was at today and was put straight through to him. He informed me that the AGM was some time ago. There is no meeting today, but they do have a large meeting next week with various Iraqie advisors at a high level.He sounded up beat.
I think there has been some confussion on the b/b about dates of meetings.
I have held these from 1-30 all the way down and now going back up. I am currently in a small profit overall but I intend holding because I belive the shares are worth a lot more and the Company are well run with a good Management team and loyal staff.
DYOR. Graeme.

I think some of you are a little confused there is no AGM coming up, but the interims will be released on the 30th of this month.

I agree with Graeme on the long term value of these shares, but short term it will be up and down, as until the 30th I don't believe there will be any more news

S/bombs going off every day in IRAQ, how can any one work in IRAQ, OR EVEN GET A NIGHTS SLEEP, this will slide short term.

mbugger
totally agree with you anyone buying this c--p must need their head examining-100 poor souls blown to smithereens this morning-could have been 100 oil workers and then what?

Tke profits now.

Petrel will slide in this current situation...no end to these suicide bombers...SELL!



Suicide bomber lures Iraqis to their deaths Wednesday September 14, 10:25 AM

BAGHDAD (Reuters) - A suicide bomber lured a crowd of Shi'ite day labourers to his minivan and blew it up, killing 114 people and wounding more than 156 in Baghdad's old town on Wednesday, Iraq's second deadliest car bombing since war began.

The bomber drew the men to his vehicle with promises of work before detonating the bomb, which contained up to 500 lbs (220 kilos) of explosives, an Interior
Ministry source said.

Gunmen also killed 17 people in Taji, a northern suburb of the capital, while bombs exploded across Baghdad all morning. Police said they seemed to be carefully orchestrated.

"It has been a hectic day with bombs exploding across Baghdad. It is highly likely that these attacks were coordinated," a police official told Reuters.

Fears of civil war have grown in the run-up to an October 15 vote on a new constitution for Iraq's post-Saddam Hussein era.

"We gathered and suddenly a car blew up and turned the area into fire and dust and darkness," said Hadi, one of the workers who survived the attack, which happened shortly after sunrise.

Bodies lay in the street beside burned-out cars, witnesses said. Some used wooden carts to haul away the dead.

Police said 114 people were killed and 156 wounded in the explosion. It was the deadliest attack since July, when 98 people were killed in a blast south of the capital.

The deadliest was a suicide car bomb attack on February 28 this year, which killed 125 people in Hilla, south of Baghdad.

Earlier this month more than 1,000 people died in the same district in a stampede on a bridge, triggered by fears of a bomber in a crowd during a Shi'ite religious ceremony.

"There's no political party here, there are no police," Mohammed Jabbar railed at the scene. "This targeted civilians, innocents. Why women and children?" he added, as bystanders shouted, "Why? Why?"

At the nearby Kadhimiya hospital, overflowing with victims, dozens of the wounded screamed in agony as they were treated on the floor, some lying in large pools of their own blood.

One man had severe burns to his arms and legs, and another victim, shivering uncontrollably, lay bleeding unattended.

Iraqi government officials have accused Sunni Arab militants of attacking majority Shi'ites, who were swept to power in January elections boycotted by most Sunnis, in a bid to spark a civil war.

Around two hours later another blast was heard in central Baghdad, and two more car bombs exploded shortly afterwards.

Police said five were killed and 24 wounded in one of the blasts, near the offices of a Shi'ite cleric. They said three police and three civilians were killed in another attack on a police convoy.

As explosions followed across the capital, a suicide bomber in a car blew himself up in northern Baghdad, killing 11 people lined up to refill gas canisters, police said. Another 14 were wounded in the attack.

Separately, gunmen dragged 17 people from their homes and killed them north of Baghdad early on Wednesday, police said.

The gunmen had rounded up their victims in the middle of the night in Taji. All were shot in the head, and all were Shi'ite relatives from the same tribe, police said.

CONSTITUTION TENSIONS

The October 15 vote has exacerbated tensions between the country's main communities, Shi'ites, Sunni Arabs and Kurds.

Sunnis, who account for 20 percent of the population, dominated Iraqi politics for decades, under Saddam and before, and resent their loss of influence since his removal from power by the U.S. invasion of March 2003.

They fear the constitution will institutionalise their reduced role, by increasing autonomy for southern Shi'ites in line with the broad autonomy enjoyed by Kurds in the north, and by decentralising control of oil revenues.

The Iraqi army has been fighting Sunni insurgents for days in the northern town of Tal Afar, near the Syrian border, killing over 200 and capturing several hundred, according to Iraqi government reports.

"Since the operation began, there have been dozens of terrorists killed, 341 detained and 22 weapons caches found," the U.S. military said in a statement issued on Wednesday.

Late on Tuesday, U.S. aircraft also launched air strikes against targets in Karabila, another town near the Syrian border. The United States and Iraq say insurgents smuggle fighters and arms across the border, which Iraq closed in places on Sunday. Syria denies it.

Tensions also have been running high ahead of the trial of Saddam, still admired by some Sunnis, which is due to start on October 19. He faces trial on a single charge of mass killing in a village in reprisal for an assassination attempt on him in 1982.

If found guilty, Saddam may face death by hanging. The government has indicated it may not try him for other offences, potentially opening the way to his early execution.

(Additional reporting by Faris al-Mehdawi, Michael Georgy, Mussab Al-Kharailla, Yasser Faisal, Sebastian Alison; Writing by Sebastian Alison)

Heavens above -life is so cheap in Iraq-its unbelievable that one Arab can hate another Arab just because he belongs to another tribe.

There will never be peace in this country.
SELL UP AND TAKE YOUR PROFITS.

Totally agree with you, Gail...take your profits whilst you are there...don't be greedy.

'External Forces' are trying to create a civil war in Iraq so that can keep stealing their resouces. There is no animosity between tribes or factions. Did you read the stories about Sunni's helping Shi'its during the recent stamped. One sunni actually died hims trying to save a drowning Shi'it.
As soon as the occupying froces leave, the country will flourish and so will Petrel. I can see PET hitting 5 by Xmas in anycase.

Princess,

No worries.......EK's derampers are all out in force!

I must be dreaming if Petrel ever hit 5 by X'mas...as a offer, I will eat my shoes too.

does anyone here day trade on this share ?

hyleo, you can eat EK's too!!!