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

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

This is the only thing I can find that might be good news for PET.
See link for full article. Views appreciated.

The announcement of the DNO drilling took many Iraqis by surprise Wednesday.

"This is unprecedented," said Alaa Makki, a leader of the Iraqi Islamic Party, a Sunni Arab group. "It's like they are an independent country. This is Iraqi oil and should be shared with all the Iraqi partners."

Makki said Kurds were trying to have it both ways, controlling the Iraqi presidency and several powerful ministries in the national government while also trying to lay claim to extra-constitutional powers in the north. Jalal Talabani, a Kurd, is the Iraqi president.

However, Helge Eide, managing director of Oslo-based DNO, said he believed Iraq's new constitution gave the Kurdish north jurisdiction over certain drilling and oil exploration activities.

http://www.kurdmedia.com/news.asp?id=10745

MM short of stock, i guess, Buy now and you will make money

Sp has just moved up again. The spread is also narrowing, looks like they need punters to sell. Spread narrowing so I expect some profit taking very shortly without firm news.

Don't sell, I have heard RNS being released tomorrow!

Nkirkup,

Where did you hear this or are you saying you are privy to inside info,

If you look back a bit, several of the most recent releases by Pet, contracts/agreements etc have been released mid afternoon????.

On the move again!

Will be interesting to see if there are any large buys reported late.
It would be nail biting time if I had any left. Now I could sell to take some profit, but the last time I did this with other shares the SP went up within 30 mins.

Cant see there being an RNS tomorrow, Friday being the Sabbath out there. But I sure dont mind if I am wrong

Guys...this share is so much dependant upon the Iraq political situation....this rise could even be connected with the USA statement yesterday whereby they said that suicide bombings have reduced dramatically in the last few weeks...this was followed by the Iraqi govt saying that they are gradually gaining control of the insurgents
It is widely expected that once the situation quitens down then Iraq along with Petrel can get oil industry moving and then there is a lot of dosh to be made by all

I was proved wrong RNS out, SP is on the move,go go

Petrel Resources PLC
02 December 2005


Petrel Signs Iraqi Contract


Further to the announcement made on 7th September 2005, Petrel is pleased to
announce that it has formally signed on 1st December 2005 the Subba & Luhais oil
field development services contract with the Iraq Ministry of Oil.


The project is to develop existing reserves to raise production from under
50,000 barrels of oil daily to over 200,000 barrels of oil and 120 million cubic
feet of gas daily.


Petrel has mobilized a development team: initial work is mainly engineering
design. We plan to conduct site surveys in close cooperation with Iraqi
Ministry of Oil officials early in 2006.


The Subba & Luhais oil field development services contract is for $197.4
million.


Contacts:


David Horgan + 353 87 292 3500

John Teeling + 353 1 8332833

Jim Finn + 353 1 8332833

Bell Pottinger Corporate & Financial

Nick Lambert +44 (0) 7811 358 764



Rowan Dartingon

Barrie Newton +44 (0) 1179 330011


This information is provided by RNS
The company news service from the London Stock Exchange

hope the contract news brings in a few buyers