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

Evil's latest on PET

I have revisited a couple of old favourites from the oil sector. Bowleven (BLVN) has an uninspiring batch of assets and a less than inspiring management team and I have opened up a decent short. But my big play is to revisit Petrel Resources (PET), the enterprise chaired by the good Dr Teeling. As a shorter brother Teeling's companies have made me a fortune over the years and indeed Petrel has contributed 40,000 pounds to the pension fund this year alone. On Friday the good Dr served up news of another deal in Iraq. It strikes me that one must apply a very heavy risk weighting to deals done in a land which is more murderous and lawless than even the worst parts of Coventry and where the political regime makes a relationship with Kimberley Quinn look like a good long term bet. The Good Doctor has yet to let me down and I am confident that this short will be as profitable for yours truly as all my previous shorts. As my dear friend, the late Hanse, used to say: "this looks like a sure bet."

44 soon with a bit of luck !

Now we know the Evil one is still shorting, buy as many as you can when it hits 44p

On the move again up 8%

?

Moving again up 10% today

Something's brewing and with 'gas' being the hot topic in the press now, I suspect it could be Jordan. Fingers crossed and DYOR.

Large increase in sp for small number of buys, faise dawn I fear.

looks like there is a possible news coming out soon, not aware of any myself but hoping if there is one it is good news. anyone out there have any clue on whats going on?

they tend to release RNS about 3pm to coinside with the dow.heres hoping

Guardian Unlimited, UK
Petrel Resources rose 5p to 64p, taking its gains over the past two days to 20%, amid rumours of further oil exploration contracts in Iraq. ...



So now we know. Could be another rumour, but you never know for sure. Nearly all solid news re this share leaks out.

RNS news out now today

Yes, and it is great news. Pet are now coupled with an Iraq company. They are showing that this is the way forwards. This will IMHO influence other potential contracts. Also although doubting that the violence will stop, agreements such as this must go some way in making Pet a less likely target for the insurgents.

For the first time since North Sea oil was at full production, this country will be a net importer of oil ( 2006 ) and things can only get worse as our reserves run down. This is only one example of established oil reserves running to wards empty. New fields must be found. As we know, Jordon looks to be a fairly safe bet due to it's relatively peaceful state ( compared to most Muslim countries ) with obviously Iraq as the star prize for reserves if not the ability to keep the oil flowing at present.
As stated many times on this thread, the major's are just waiting for the minow's to get settled. They will then pounce and there will be little that companies such as Pet can do.
Every company has it's price. Hopefully Pet's price will be high enough to make us all better off.

Whilst not wishing to get into a political debate, the following will no doubt heighten the importance of increasing oil production from such places as Jordon and Iraq ( obviously as well as many other middle eastern countries ).

Iran's new hard-line government may have decided that the value of developing a nuclear capability would outweigh possible punishments, especially at a time when it is earning huge amounts of money from oil exports. President Mahmoud Ahmadinejad repeatedly has angered the West in recent months, including calls for wiping Israel "off the map."

My personal view.
The major powers, along with many smaller oil dependent countries can not and will not impose oil sanctions on Iran ( cut of nose to spite face springs to mind ). Now if oil output from other countries ( Jordon, Iraq ) can cover any sanction loss from Iran, that would be another matter.
All imho of course.

If all else fails the US /UK / Israel will bomb the nuclear sites.

Gartmore increased their holding - see RNS

ramu,
Yes nice to see. Increase holdings by 914,700 shares.

i hope this goes the same way like vog "eventually"

Petrel Resources PLC
10 February 2006

Petrel Resources announces that it has issued 1,000,000 ordinary shares in the
Company to the Company's engineering consultants in lieu of fees for work done.
The Company also announced on 9 February 2006 that options over 100,000 shares
had been exercised. Application has been made for the total of 1,100,000 shares
to be admitted to AIM and it is expected that admission will take place on 16
February 2006.

I would like to think this is good news if they are prepared to take shares in lieu of cash.
2517