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

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

It looks as if the oil crisis in Iraq is getting worse.
They need to get things moving, before the whole oil question grinds to a complete halt.

Gasoline Crisis in Iraq

by Pratap Chatterjee, Special to CorpWatch

For full article, see link.

http://www.corpwatch.org/article.php?id=13249

Production Slump

To make matters worse, sabotage and cold weather have plunged Iraq's own oil production and refining into crisis. Despite sitting on the world's third biggest oil reserves, Iraq's exports slumped from a high of 2.1 million barrels per day just 1.1 million barrels a day in December, their lowest level since the war in 2003.

This slide, together with the delivery crisis, has led to major gasoline shortages in Baghdad, where vulnerable drivers wait in quarter-mile-long lines. The capital's erratic electricity has exacerbated the problem by forcing people to run to gas-hungry generators to keep the lights on and the air conditioning running in their houses and stores

Well done Bush & Blair, your doing a great job of rebuilding Iraq.

Some small buying over the last few minutes, perhaps there is some much needed news on the way.
2517

Very quiet here, price just drifting and will continue I guess until we get news. Still in profit (just) but regret not taking 1+ a while back, greed and fear still rule.
2517

David Horgan is on his way back from ME,RNS hopefully in hand.looks promising...I will be topping up at these levels

P 34 todays shares mag, director Stefano Borghi bought 40,000 at 50p on 3/3/06, I would top up but have nothing left, hope this is good.

good volume today...will see a rise in next few days...positive RNS will make last years 170% one day gain look tame!

hope so

if nicos is about email me please... logswindandsun@yahoo.co.uk

This is looking positive, windsorgolf you may well be correct re the rns, as a long term holder of these and having refused to take (regrettably) 1 plus off the table many months ago, I hope you are right with regards to the % rise.
2517

a couple of pennies up today.will see a nice rise from here.

lets hope so

patsy

NEXT WEEK WILL BE INTERESTING