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

Yep.

Recent market rumours suggest PET will announce Japanese funding for developments in Iraq. Lemming Investor had confirmation from David Horgan last year, but nothing official has been announced. Well, nothing with any detail attached.

from Lemming Investor.com July 27 2004

Lemming Investor: 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.

Lemming Investor: 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.

Official evil twat closes his short.


Sportingbet (SBT) is one of many companies to have reported me to the FSA with absolutely no effect. Do not these fools know that my new friends at the FSA regard me as highly entertaining? But one good turn deserves another and I have decided to go short once again. I note that its trading statement seems robust enough but this whole sector seems to suffer from an appalling lack of visibility of earnings and as such the current rating is barmy. I have however closed my short in Petrel (PET), netting a 40,000 gain. I should like to thank the good Doctor Teeling for providing me with such an excellent trading opportunity and await the next tipster-driven ramp as my next opportunity to go short. Dr Teeling you are truly a generous benefactor and the vintners of Kensington have been singing your praises all week.

To me it looks as if Gartmore have sold. Reason being in an RNs ( the last one pre todays re Gartmore Holdings )stated ............................................... ......... Petrel Resources PLC
01 June 2005

Petrel Resources plc announces that it received confirmation on 1 June 2005 that
funds managed by Gartmore Investment Management plc have sold 143,113 shares on 20th May 2005 and are now interested in 4.77 per cent. of the issued share capital of the Company.

The latest states Gartmore now hold approx 3 percent.. Whilst apreciating that the share price has altered since 20th May the issues total of shares has not altered to any great extent, so it must be the percent of issue that counts.

Thats how I read it, although I fully agree that any such RNS should have to state if it was a buy or sell. Its a pity the rules of the LSE allow such open ended anouncements.

Looking good for PET holders, they have agreed the new constitution today.

http://news.bbc.co.uk/1/hi/world/middle_east/4374822.stm

NKIRKUP....yes,great news,things now look very attractive for PET...now things can get moving...

Petrel Resources plc announces that it was informed on 3 November 2005 that
Gartmore Investment Limited, Gartmore Fund Managers Limited and Gartmore Global
Partners are now, following a recent purchase, together interested in the
4,687,060 ordinary shares in the Company, representing approximately 7.069 per
cent. of the Company's issued share capital.
Gartmore increasing again, a good sign.

Is something brewing?

Why do you ask ramu?
3.67% rise is nothing compared to the recent drop in sp and low volume of trades.

wilbs, over at ADVFN, one poster, Reset is of the opinion there will be news before 23 Nov. Also, since Friday the buys, though relatively small have been consistent and SP has moved from a low of 50p last week.

I wouldnt belive everything you read over there ramu. Actually, dont belive anything you read over there, its ramper/de-ramper city.
We are waiting for some news from PET but im sure the city & MM's will get wind first and there's bound to be more volume, sp rise and MM's tricks. I may be wrong but from experience of PET over the last year, whispers of news propell the sp into outerspace shortly followed back down to earth.

wilbs

wilbs, you are right about some posters ramping/deramping and your experience of PET shares.

Daily, I read the financial BBs and after a few years surfing these websites, you learn to spot these type of posters. However, despite what people say about ADVFN, there are some really 'good' tips and as the AIM is now plagued with traders instead of investors, you learn about the traders' mentality regarding shares like PET, VOG, CWO etc (all high risk plays and volatile). Nowadays, some of us days just hop in/out for the short ride after the hype but before the SP tanks. As usual timing is everything! All IMHO and DYOR.

Iran and Iraq reopen trade
Staff and agencies
22 November, 2005





By Ahmed Rasheed 2 minutes ago

BAGHDAD - Once a bitter enemy, Iran is emerging as a trade lifeline for Iraq as Baghdad seeks to rebuild an economy shattered by years of sanctions, neglect and corruption under Saddam Hussein and since his overthrow.

As Iraq picks up the pieces, it is becoming a key market for its neighbours, especially Iran which it fought from 1980-88. Many Iraqi business people say it is easier to get goods like vegetables from Iran than from some parts of Iraq itself, where insurgents sometimes target truck drivers.




My comments/veiws. FOR FULL ARTICLE SEE LINK DUE TO COPYWRITE.



Much of the trouble in Iraq is from insurgents , and third country terrorists crossing the boarder from Iran into Iraq. Sworn enemies for many years, a newish understanding is being formed( see link to full report ).
It appears that trade between the two countries is increasing, mainly to the benefit of Iran. The quicker the troubles calm and the money starts to flow to the Iraq people as it will even allowing for a big slice to foreign companies, the more goods can/will be bought from Iran. even if one country hates another, when cash is in the pot its amazing how countries can get on. Closer ties will see Iran patrol it's boarders better as they will benefit from this as Iraq will. Also Al qaeda has according to the Daily Telegraph stated that the wedding party that were attacked about 2 weeks ago was unfortunate. This is the first time they have made a so called near apology. ( The IRA used to make the same type of statements ). Could this be due to the fact that more Iraq people are turning against Al qaeda due to most of their victims being fellow Muslims. All this could imho lead to a turning of the violence to wards a state were business can prosper. Peace it's self can never be 100% as the hatred goes too deep. We all know oil is the key, perhaps that key is beginning to open a few doors.

http://www.leadingthecharge.com/stories/news-00103223.html

PET on the move today up 8% last 10 mins, anyone know why?

WOW now 16% up

No idea, something has to be in the wind. Can't just be the MM's doings.

Level 2 going a bit daft, looks like still to go up if I read it right.

Now nearly 20% rise. Hope it's not another false dawn. Anyone out there have an inclin what's happening

Someone obviously must have,nothing goes up 20% for no reason?,lets see if there is an rns?

Pause now, people waiting