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

http://www.iht.com/getina/files/279619.html

Gasoline prices to surpass NIS 6 a liter
Haaretz Israel | By Sharon Kedmi
Tel Aviv, Israel

As widely expected, the price of gasoline will jump sharply at the beginning of next week by an average 5.83 percent.

For the first time, the increase in state-regulated gasoline prices will come in two stages. From midnight Saturday, maximum prices of 95-octane and 96-octane gas will increase by 0.69 percent to NIS 5.83 and NIS 5.87 a liter respectively (with self service fuel selling at least 11 agorot cheaper). But then from midnight Sunday, these maximum prices will leap by an average of 5 percent to NIS 6.12 and NIS 6.17 per liter. For the first time, fuel will cost more than NIS 6 per liter.

Since the beginning of the year, fuel prices have leaped by more than 30 percent.

What's best, panic with everyone else and get a tank full, or stay calm and go without. It makes sense to fill up, so why will the media say its panic buying.

Excellent article and news for PEt today, shall hopefully be followed up by a 7am RNS as the info is now in the public domain. Wouldn't be surprised to see this open up pretty high in the morning, not giving many of the shorters time to get out with all their profits. Shall be fun to see where the SP ends up tomorrow

Petrel signs Iraq oil deal 02 October 2005 By Eamon Quinn Irish petroleum explorer Petrel Resources is set to sign its second significant agreement this weekend with Iraqi oil officials to help to identify new oil resources in the war-torn country.According to market sources, officials from the Ministry of Oil in Baghdad plan to meet today in Dubai with Petrel and three other oil companies - Norway's Statoil, Dubai-based Crescent Oil and Gas, and Pertamina, Indonesia's state-owned oil giant.Petrel is understood to have won one of four technical agreements that will give it exclusive access to oil data from the Mesopotomia area of Iraq. The significance of the deal for the company is that it confirms that Petrel has made inroads into pitching for contracts in Iraq.Petrel chief executive David Horgan has visited the country on numerous occasions during the worst of the violence there.It is believed the ministry has offered the company an agreement to view data of a geological area in the western desert. The area is known to have significant oil-bearing potential.It is unlikely that Petrel will gain rights over the area to which it has been given access, but the geological data will give it an advantage if it were to be offered the chance to develop any oil fields in the future. Petrel is likely to have access to the data for the next 12 months.Earlier this month, Petrel won a 164 million contract to develop two oilfields in Iraq to quadruple production to 200,000 barrels a day.It won the contract to develop the Suba and Luhais fields in southern Iraq to boost output from less than 50,000 barrels a day.Petrel shares, which have traded as high as 133.5 pence on London's Alternative Investment Market a year ago, were trading at 60 pence on Friday.

http://www.thepost.ie/post/pages/p/story.aspx-qqqt=MARKETS-q qqs=themarket-qqqid=8428-qqqx=1.asp

thats strange the moo are offering them data but nothing else or perhaps this is a cover for block 6!

dyor

good luck holders tomorrow anyway........

NO RNS as yet, don't think this is a cover for block 6, as PET have been asked to organise a focus group on PSA awards in Iraq by the MOO, then they are given this, a block that borders with Syria (regional play), doesn't take a genius to work out what is happening. Those contacts we have been talking about for the past year or so are finally starting to show fruit, as PET truly are the 1st European company to be getting a foothold in Iraq

Good rise on expexted news.

See the news.

Petrel Resources signs cooperation agreement with Iraq Ministry of Oil
AFX

THE BEST IS YET TO COME// buna.

Pet appear to be receiving more coverage lately. The following have news items re their, Subba and Luhais oilfield development service contract.

Unison ie .http://http://www.unison.ie/business/stories.php3?ca=80&si=1483833
The following are obviously similar to the above link, of the Unison article.
Irish Examiner
Irish Independent
RTE News

Pushing for oil.
http://http://www.iraqdevelopmentprogram.org/idp/news/new1045.htm

Iraq sweetens oil contract terms (07/10/05)

Is this an old quote or are Pet still expecting pre war contracts to be honoured. ( I as most take it that No pre war contracts were actually signed so why is the Iris Examiner.com still stating contracts signed ). Am I wrong or does the said Irish Examiner need putting right.

One extract from todays article.

However, a Petrel spokesperson said that they would expect pre-war contracts to be honoured and the fact that the company has been approached to carry out initial studies at Merjan should benefit it greatly if a significant find is made.

http://www.examiner.ie/pport/web/business/Full_Story/did-sgn8QLMpqr7f6sglO-LCk0lQvU.asp

Having trouble with the links system.

While I am not a great fan of Teeling I think in this case he has got it right. Continuity in past arrangements has always been my experience in these areas. The same people will be making the deals under a different banner. Be aware, progress will be slow, they do like all interests to be in line and this is very often misinterpreted by us, it is just their way of coming to a decision. Different cultures do things differently.

http://www.timesonline.co.uk/newspaper/0,,2769-1817022,00.html

Nice write up in the Sunday Times... For full article see link.

Minnow Petrel reaps rich benefits of doing the business in Baghdad
Graham Walsh



PETREL Resources retains a presence in Baghdad, but it certainly isnt a case of business as usual, according to David Horgan, the managing director of the Dublin-based oil company ploughing a lonely furrow in Iraq.

A nice couple of reports.

Reuters, comment by Ahmad Chalabi

"U.S. and British oil companies should have the first right of refusal because the United States and Britain committed to the liberation of Iraq. This is still my view. It may not be shared by the rest of the government."

( hope he is including Ireland in this )

http://today.reuters.co.uk/news/newsArticle.aspx?type=topNews&storyID=2005-10-10T044306Z_01_KRA002405_RTRUKOC_0_UK-ENERGY-IRAQ.xml

A very good background article re the state of Iraq oil industry, and its history. Its fairly long but well worth a read. Link only due to articles length.

http://www.mees.com/postedarticles/oped/v48n41-5OD01.htm

500,000 pound buy earlier, someone very confident.

forest that was part of the placing of 2.6m the other day.but still good anyway.

Petralva,

If the 7.18 delayed trade 769,231 buy was part of the placement would it not be marked down as a T trade or maybe as a unknown trade ?

Another excellent ( but lengthy ) article on Iraq's Oil. Well worth the read, but as said lenthy so will only put link, and a small snippet.

http://www.uruknet.info/?p=m16729&date=13-oct-2005_18:13_ECT

Can Attacks on Oil Facilities lead to Peace?
Mike Whitney

Most experts don't believe that Iraq will be able to substantially increase its exports for at least the next 2 years. This is a dramatic contrast from the neocon's predictions that Iraq would be pumping 3 million barrels per day by now. That would have kept the world awash in petroleum and America shielded from the impending recession.

several pages on iraq some with petrel resources,

http://www.iht.com/articles/2005/10/13/business/iraqoil.php

greekman,

i doubt that, but 3m would have certainly helped..

i am thinking of a risky punt here