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

All the rumours are helping but with all this buying there must be some info leaking out

E-mail from D Horgan taken from another BB looks very promising

From : David Horgan
Sent : 01 September 2004 12:31:55
To : ..... @hotmail.com>
Subject : Iraqi oil field developments

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We are in level 2 technical communications on the three oil field development with the Iraqi Ministry of Oil.
Industry perception is that we are front runners for at least one - though this is not official.
We will drive ahead as fast and aggressively as possible. It is a challenging environment for the ministry officials but there is a new urgency to their work.

Three Iraqi technicians of the Ministry's Oil Exploration Co. are coming to our operations for training / general technical discussions in September. We are finalising their visas.

Our Chief Geologuist is in Amman conducting the second phase of our cuttings and well core sampling programme on western desert wells - this is part of our JV with the Jordanian authorities (NRA).

David Horgan
MD
Petrel

hi tokyo,
just topped up again today, raided the kids` piggy banks!!,i`ve been to have my eyes tested today,i want a clear veiw when the price goes into orbit!!.i really think something is about to happen,what with that 250k buy last night and the e-mails from DH.they would`nt send iraqi`s for training to ireland if they had`nt won something,otherwise what would they be training for?.

good luck ,
dexter (E not O thank you very much!!)

Hi all. If pet get a contract are there any rules as to when they have to realease the news to RNS? Maybe they have unofficialy been told they have one contract (hence the training etc..) and they are waiting for the second to be awarded and will inform RNS on both at once? I dont know, just a thought.

wilbs.

We're close, though not quite, at the stage where the market almost expects at least one contract and the rises in recent weeks suggest that is already being factored speculatively into the price. The relationship with the Iraq ministry is positive and the training may well just be a shrewd negotiation play by PET to underpin their "front runner" status. So much hinges on the RNS (any day now) - given their small scale I simply cannot imagine that they would get both contracts - for one thing I don't believe they can stretch their expertise and resources (human and financial)to this extent and this must be understood as a major concern from all the parties - hope I'm wrong on this final point as I've been in from the start and am fully committed. One would be very acceptable. Two would be terrific. All three and the Berkeley Square Aston Martin dealership has just acquired a new customer....

Wilbs - DH hsa already suggested in another e-mail that the contract announcements are likely to be staggered, I think the rules are that a RNS can be delayed up to 3 days, we are close to an RNS IMHO, but probably next week or the week after, again IMHO

Dexter - sorry about the mis-spelling hope PET making you a millionaire will be apology enough!!!!!!! Saw you bought some more yesterday, I unfortunately am already all in, but it is enough to leave me pretty well off if they get the contracts and if they get 2, well beers all round in the pub!!!!!!

morning all,
very quiet today,let`s hope it`s the calm before the storm!,seems like a lot of people are topping up with every last bit of spare cash they`ve got.IMO it will be more than rewarding.
the 60p mark is seeming tobe a sticking point,what we need is some press coverage over the weekend to break 60p and kep above it,
dexter

dexter01 - following on from your example, I stuck some more cash in the comdirect account today, shall be watching the shares if they fall any further, I will be jumping in, if not see what I can get at the end of the day, before the weekend press. Nothing has really changed here, the officals are still coming to Ireland, and I'm still expecting that contract, and even of course hoping for 2.

This is nothing to worry about - in fact the reverse because from today's trades/volumes it appears that the MMs are dropping the price to accumulate further. Could be a good opportunity to top-up - a lot of significant buys going through.

tokyo,
hope you managed to top up in time,that was a quick turn from red to blue.is mystic meg another alias of yours,what with your 10th sept prediction!!.
hope your right,something must be about to happen what with that 250k buy at the end.
good luck,
dexter

YET another 250,000 buy at mid prices (although it is shown as a sell on moneyam, just check the time and you can see it is a buy), this also explains the rapid rise on the bid this afternoon. It has long been posted that large buys like this would start to come around the announcement time, if news had leaked out that they had got one of the contracts. Perhaps it is time to start getting excited!!!! My guess/wild speculation is September 10th for the RNS

All IMHO

Have a good weekend people, see you on Monday

Tokyo

Thanks Tokyo for that. Im a bit of a novice so im sorry if I seem dumb some of the time. I try to learn when I can

wilbs.

Wilbs - no problem I was also a bit of a novice last year(and at times still am) Alot of people helped me on this BB last year, it makes you want to go off and read a few books. Hope the info helped

This is certainly the weekend newspaper report we were hoping for -



September 05, 2004

Oil giants clamour for a stake in Petrel as Iraq licences beckon
Ciaran Hancock



PETREL RESOURCES, the Dublin-based oil exploration minnow, is being courted by several of the worlds biggest oil companies who are keen to take a strategic stake in the Irish group.
Petrel has applied for three licences to develop and operate oilfields in Iraq and is hotly tipped to win at least one of these, which could allow it to secure between 200m and 400m in development funds.



It is understood that indirect approaches have been received from a number of the worlds biggest oil groups, including BP, Total Fina, Lukoil and Petronas. The company has also been approached by Japanese conglomerates interested in getting access to the potential of the Iraqi oil market.

Petrel, however, is believed to be keen to retain its status as an independent oil company, given the difficult political situation in Iraq.

Petrel is down to the final three firms for each licence. None of the worlds oil majors submitted bids due to the instability in Iraq.

Iraqs State Company for Oil Projects sought tenders for the oilfields in July.

It is expected to award the licences later this month for the development of the Khurmala Dome, Hamrin and Subba and Luhais oilfields, all of which Petrel has pitched for.

Budgets have been approved by the Iraqi administration for the development of the oilfields, with the funding for the first phases of work already in place.

These funds are for cash contracts, although the expectation is that they might be converted to risk-sharing arrangements in future years when the fields are in full flow.

According to Petrel, which has operated in Iraq since 1998, the three oilfields could contain in excess of 2 billion barrels. If successful, Petrel would act as a contractor, developing and operating the projects in return for a cost plus fee.

Petrels shares have had a strong run as a result of the speculation about Iraq. The shares are currently trading around 62p having opened the year at 24p.

It currently has a market capitalisation of 30m (44m).


Looks like a blue day tomorrow for PET!!! & Hopefully later this month, the RNS we have all been waiting for!!!!!!

Good luck to all PET holders

Tokyo

brilliant article.....where is this info taken from...rgds pb

Times online and the ADVFN board

Yes, spread the word and it'll give the sp a nice little boost for the next week.

although this is great news for pet i think you will see a day of sympathy tomorrow when the markets open , pet will gain more in the week but monday should be a day for sorrow

morning all,
great bit of press coverage yesterday,i think today we will see a big jump this morning then some profit taking and settling at just over 70p at close.remember this was only basically a press re-hash with a couple of new bits of speculation.
don`t get me wrong this really brings PET to notice.i still think any announcement is probably a couple of weeks away.
i hope i`m wrong on all counts and an rns is released today.
good luck,
dexter

What is with all these different prices on the offer, some are buying at 69 pence others at 67.25pence, some people are really getting screwed this morning