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

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!!!

Read Abbott drilling co. take on getting oil out of Iraq,not for 5 years, seeDES thread.

Actually a Telegraph Business link -Abbot drilling co.

Well, not quite what was said mbugger-

"Iraq will not start to produce "substantial oil" for at least five years, according to the boss of Abbot Group, Britain's biggest oil drilling company."

I don't expect PET's contribution to be substantial within five years.

Abbot PLC web site indicate they are drillers and sell drills and rig bits. Dont blame them for not wanting to send staff to Iraq. I am sure this bloke from Abbot watches the news like the rest of us and makes judgements based on what is reported. life goes on through the bombs and the bullets as in Northern Ireland as it does in Israel etc. People will always work in the background risking their lives to put things right and restore normal patterns of life as they are doing now. Wealth creation will be slow and investment interest hard to find. ie Abbot. In the end the loonies and the anarchists will be killed or go some where else or get absorbed into normal politics. Five years or thirty years it makes no difference but if oil is the key to wealth no amount of chaos will stop progress towards that wealth. I hope Petrel will suceed and some more balanced news about Iraq in the media would be good. Petrel people are obviously well hard and deserve some national coverage for their nerve.
I still hold.
F

Well put frodo!

I watched the 10 o'clock news on the BBC the day of the mass bombings and shootings and they made it sound as though civil war was immenent. I later learned that most Iraqies don't see it that way at all. They are more than aware that this is what the terrorists are trying to achieve and the Iraqies themselves are determined to see a united and successful Iraq.

On the subject of SL, I believe this is in one of the more stable/quiet areas of the country. Also in open desert, so should be easy to defend.

-Not worried.

the sunnis and she'ites have been living side by side for over 1300 years civil war my a...!

Posted on AD..VN,

Why you should always DYOR 21/9/05

EK has stated that he is shorting PET because he doesn't think they will find any oil in Jordan. His reasoning (and something Simon Self was banging on about in January) is because Anadarko didn't find anything there when they had the licence in the 1990s. Gas was not economically viable at that time as the excerpt from Anadarko's report shows, and would not have been something they would have pursued after study of the seismics.

Only 1 well has ever been drilled on the E Safawi block, it was initially drilled by FINA in 1990, then revisited by Anadarko in 1997 and drilled to a deeper depth in the hope of finding oil. Gas wasn't of any intrest at the time, Anadarko were looking for oil in E Safawi.

So with the Risha gas field adjacent, gas now an economic option, and 8000 sq km more area to explore why would anyone base there shorting investment on 1 failed well?

I have provided all of the links to the relevant information, I invite any of the shorters to provide me with links to information showing any contrary facts to support their theory on Jordan.

I actually spent about 20 minutes researching the following information it wasn't hard to find.

This is from Anadarko 2000 Annual Report.
================================
Natural gas made an astonishing comeback in 2000. Following a deep and painful crash in early 1998, prices soared in the fall of last year to their highest levels ever. The reasons for this sharp and sustained rebound are many. Underlying them all is the fact that clean-burning natural gas is now the energy of choice to fuel electricity plants that are being built on the heels of a decade-long economic
boom. The result is unprecedented growth in demand for natural gas.

http://www.anadarko.com/PDF/2000_annual.pdf P9

Seems all they have done on PETs licence is to revisit an existing well looking for oil at deeper depths.
==========================================================================

http://www.nra.gov.jo/opportunities.htm#3. History of oil exploration in Jordan

Anadarko (1996-1999)

The company deepened well QA-1 Re., in Safawi block (Basalt Plateau)

Safawi -104 Qitar abed - 1 QA-1 Fina Jun. 1990 2923 Perm. Dry
Safawi -104 Qitar Abed - 1 QA-1 Re. Anadarko Nov. 1997 4016 Cambr/ord Dry

Price just dropped, presumably this is the reason, news just out.



Extract only.

A suicide bomber has driven a car into a bus carrying employees of Iraq's oil ministry, killing at least six people and wounding 14.

The bombing near the ministry was the bloodiest attack on Iraq's energy industry since insurgents began blowing up pipelines and killing oil officials after the fall of Saddam Hussein in April 2003.

Greekman - source of above news please?

EK is not basing his shorting strategy on one failed well, but the wrong theory from a sheep called lucian, whom suggested PET will need city funding for Iraq. That is wrong, as PET have already stated they have Japanese funding in place. This was covered in some detail at http://lemminginvestor.com/secure/PetrelResoucesDavidHorganJuly27.html

EK also plays on the current climate of bombings, etc.

The fact remains the same as it was last year. Iraq is high risk, that has not stopped the share price from gushing above 133p and then bombing when news dried up, followed by the Reuters error, then exploding again when favourable news broke. The risks are high, short or long.

EK was also informed that Jordan has no oil. This may or may not be true, no one knows for sure but what Jordan does have is GAS. Gas is being extracted close to PET's new license area there.

PET were not in Jordan looking for hyrocarbons........they were examining the geology there to help interpret the data from block6 in Iraq as the rocks in block6 come close to the surface in Jordan. Whilst in Jordan their results prompted an application for a license which they now have. -They must have good reason for wanting the license!

Basically niether EK nor his tipster had done their homework on PET and now only have the security situation in Iraq to play on. That may be quite a substantial problem in itself but the potential rewards are also substantial. PET are in a very strong position in Iraq and Iraq badly needs to start producing oil as soon as possible. For Iraq to secure the loans it needs to rebuild the country it must first show that it can generate the revenue to pay them back.

PET recently gave a seminar to Iraq's government on oil exploration/production and profit sharing agreements after being invited to do so............Obviously well respected over there.

The big question now is will the US Government, sorry, the 'insurgents' allow PET to succeed here?

gildph.

Sorry meant to put the link. Its from BAGHDAD (Reuters)

http://thestar.com.my/news/story.asp?file=/2005/9/26/worldupdates/2005-09-26T115826Z_01_NOOTR_RTRJONC_0_-217333-2&sec=Worldupdates