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

Good news all round. Confidence in Pet from the Iraq oil Ministry is looking good.
No doubt the partnership with Makman will grow as hopefully do the contracts.
As said before, the oil must flow no matter what the security issues.
No doubt money re security is an important issue, but even if there is civil war as some predict, the situation can't get much worse.
If Iraq dissolves into a full civil war, the country is more likely to fracture into separate areas where most fighting would move to the edge of these areas ( as happens in most civil war zones ) thus leaving the more central areas of these zones relatively peaceful. Obviously I hope for everyones sake this does not happen. All IMHO of course.

big news soon and a massive spike in the sp

I certainly hope your right windsorgolf, what's your source.
2517

Re post 2541 approx 2hours remaining, I have a job containing myself.
2517

Some small buys going through, but no sign yet of any news or 'a massive spike in the sp'. We live in hope.
2517

Why the relatively large price rise today on small volume?
Is something in the air or is it just the MMs fcuking about?

dcb,

Yes strange ain't it. Now I wonder if on Monday we don't see either a L or a OT trade for a very large buy. MM's bless em.

GREEKMAN,,,yes a very large buy and i wonder why

The largest trade friday was only 30,000

Iraq discovers oil in Kurdistan
From: Agence France-Presse From correspondents in Arbil
April 09, 2006
IRAQ has announced the discovery of oil reserves in the mountainous Kurdish region of Zakho, close to its border with Turkey.

"We have discovered oil at Zakho, 470km north of Baghdad," announced Iraq's deputy oil minister Motassam Akram.

Maybe true, but thought Circle oil was in the north near the Turkish boarder and Petrel interest in the south?

greekman
No signs yet of any large buys, I've held these for 2 years paying around their current price for my holding, greed stopped me from selling @ 130ish, I am now beginning to lose patience, I will give them a few more months, mainly because I have the greatest respect for David Horgan, and what he has achieved at PET.
2517

The following is an extract from the website from 2005.

The updated tender for the Subba and Luhais joint field development of 120,000 barrels daily will be submitted by May 15th. There is surface engineering in place here, but it has been extensively damaged in the 1980s Iranian war. At peak, these two fields produced approximately 80,000 barrels. We believe that the targeted production is undemanding and that there is substantial upside from shallow reservoirs. Seismic reveals additional substantial structures at greater depth. These fields are in a desert north west of Basra in southern Iraq. Topography is flat. The area is predominantly Shia Arab. There has been little trouble post-war, though banditry is an issue in the region. Though damaged, infrastructure is reasonable, terrain is flat and export terminals relatively close.

So, there is much to be upbeat about the S&L fields, why has there been no update since last year? I know the ongoing problems in the area are immense, and far too dangerous for me to comprehend, but keeping shareholders informed, whether good or bad news should be high on the list of priorities for any Co. so come on PET, how's it going.
2517

Hi, 2517,

No, as you say there were no late or overnight buys that came in, so wrong again.
I think I will stop trying to read this share and in future ignore my crystal ball and tea leaves.

Not many trades, but they are quality trades, is that elusive news about to arrive?
2517

GEORGE...lets hope so

Wednesday 12 April 2006, 13:48 Makka Time, 10:48 GMT
http://english.aljazeera.net/NR/exeres/E04AAA18-B796-4F5E-A8 CD-E5AECB000522.htm

Adnan Pachachi, the acting speaker of the Iraqi parliament has said the assembly WILL CONVENE ON MONDAY TO DISCUSS THE FORMATION OF A NEW GOVERNMENT.


PACHACHI SAID THERE WERE SIGNS THAT THE DEADLOCK OVER THE FORMATION OF A NEW GOVERNMENT WOULD BE RESOLVED BY THEN.

"I SPOKE TO THE HEADS OF ALL THE POLITICAL BLOCS AND I SENSED A TRUE INTENT FROM ALL TO PUSH THE POLITICAL PROCESS FORWARD," HE SAID.
The Iraqi parliament was elected last December but has held only one session because of continuing disagreements over the nomination of acting president Ibrahim al-Jaafari.

Sunni and Kurdish parties have rejected al-Jaafari's candidacy and even leading figures within his own Shia United Iraqi Alliance have urged him to step aside.
Before any candidate can be put to a parliamentary vote, the speaker of the house and his two deputies must be elected, followed by a vote for a three-man presidential council, which then has to unanimously choose a prime minister

could have new PM in place very soon,good news for PET

Yes, we could do with some positive news, it seems ages since we PET holders had something to cheer us up.
2517

Iraq's Jaafari Willing to Step Aside; Party to Decide His Fate

April 20 (Bloomberg) -- Iraq's ruling United Iraqi Alliance may choose a new candidate for prime minister after Ibrahim al- Jaafari said he's willing to step aside, a lawmaker from the majority Shiite-Muslim bloc said.

http://www.bloomberg.com/apps/news?pid=10000087&sid=ajkch74z9Tl4&refer=top_world_news