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

Thanks Tokyo for that. Im a bit of a novice so im sorry if I seem dumb some of the time. I try to learn when I can

wilbs.

Wilbs - no problem I was also a bit of a novice last year(and at times still am) Alot of people helped me on this BB last year, it makes you want to go off and read a few books. Hope the info helped

This is certainly the weekend newspaper report we were hoping for -



September 05, 2004

Oil giants clamour for a stake in Petrel as Iraq licences beckon
Ciaran Hancock



PETREL RESOURCES, the Dublin-based oil exploration minnow, is being courted by several of the worlds biggest oil companies who are keen to take a strategic stake in the Irish group.
Petrel has applied for three licences to develop and operate oilfields in Iraq and is hotly tipped to win at least one of these, which could allow it to secure between 200m and 400m in development funds.



It is understood that indirect approaches have been received from a number of the worlds biggest oil groups, including BP, Total Fina, Lukoil and Petronas. The company has also been approached by Japanese conglomerates interested in getting access to the potential of the Iraqi oil market.

Petrel, however, is believed to be keen to retain its status as an independent oil company, given the difficult political situation in Iraq.

Petrel is down to the final three firms for each licence. None of the worlds oil majors submitted bids due to the instability in Iraq.

Iraqs State Company for Oil Projects sought tenders for the oilfields in July.

It is expected to award the licences later this month for the development of the Khurmala Dome, Hamrin and Subba and Luhais oilfields, all of which Petrel has pitched for.

Budgets have been approved by the Iraqi administration for the development of the oilfields, with the funding for the first phases of work already in place.

These funds are for cash contracts, although the expectation is that they might be converted to risk-sharing arrangements in future years when the fields are in full flow.

According to Petrel, which has operated in Iraq since 1998, the three oilfields could contain in excess of 2 billion barrels. If successful, Petrel would act as a contractor, developing and operating the projects in return for a cost plus fee.

Petrels shares have had a strong run as a result of the speculation about Iraq. The shares are currently trading around 62p having opened the year at 24p.

It currently has a market capitalisation of 30m (44m).


Looks like a blue day tomorrow for PET!!! & Hopefully later this month, the RNS we have all been waiting for!!!!!!

Good luck to all PET holders

Tokyo

brilliant article.....where is this info taken from...rgds pb

Times online and the ADVFN board

Yes, spread the word and it'll give the sp a nice little boost for the next week.

although this is great news for pet i think you will see a day of sympathy tomorrow when the markets open , pet will gain more in the week but monday should be a day for sorrow

morning all,
great bit of press coverage yesterday,i think today we will see a big jump this morning then some profit taking and settling at just over 70p at close.remember this was only basically a press re-hash with a couple of new bits of speculation.
don`t get me wrong this really brings PET to notice.i still think any announcement is probably a couple of weeks away.
i hope i`m wrong on all counts and an rns is released today.
good luck,
dexter

What is with all these different prices on the offer, some are buying at 69 pence others at 67.25pence, some people are really getting screwed this morning

as expected alot of buys and even some delayed buys coming through from this morning, hope this week is going to be the week, but watch out for an RNS from PET as per last time, playing down the rumours from the paper. Saying that I still remain extremly positive that PET will get at least one contract (and of course still hoping for two)

you probably know the site, but is is quite interesting reading just for an update of the attacks on pipelines etc.
click below.
dexter

http://www.iraqenergy.com/


here you are dexter01, saw your posting on the other board, and it was an interesting read, hadn't seen that site before so thanks

tokyo

Just a reminder from before and to show you where I got the info

http://64.233.161.104/search?q=cache:UvTRRtvVFBEJ:www.the-eic.com/news/JulyNews04.pdf+Iraq+oil+preferred+bidders+%22petrel+resources%22&hl=en

page 26 section 9 Middle East News 2004

The Khurmala Dome structure is located in Northern Iraq and part of the Kirkuk Field is one of the 4 structures that have been identified as being suitable for development in order to boost output from the field. the others are subba, Luhais and Hamrin.

4 international companies have submitted bids to the State Company for Oil Projects (SCOP) for the Khurmala work.

They are the US's Sonoran Energy in association with their operating services affiliate, Scottsdale oil Field Services, Ireland's Petrel Resources, Tekfen from Turkey and Petrom International who are Romanian.

As we know the American company didn't make the cut, so the other three are listed below, so you can all go off and do your research, I was pretty impressed with the Turkish companies website (It is a huge company), not sure how today's news about Turkish companies pulling out of Iraq to save hostages will effect it though, couldn't find any info on the web.


OK here are the website addresses for all 3 companies in with a chance for the contracts (leg work has been done for you)

Petrom - http://www.petrom.ro/engleza/en_activitati.htm

Tekfen - http://www.tekfenconstruction.com/


and finally the one all our hopes lie on.

Petrel - http://www.petrelresources.com/_latestNews/latestNews.shtml



Not sure how today's news about Turkish companies pulling out affects tekfen and their tender bids, I very much doubt that they will give up such a large contract, but if they did, How great would that be for PET, as I consider them the main rivals.

Not sure if they would answer an e-mail on the subject, but their e-mail address is business@tekfen.com.tr, or ankara@tekfen.com.tr anyone know what to ask them in a diplomatic way??? (I'm afraid quite cheeckily I already sent one to both addresses, not sure if they will answer but you never know)

anyway my bedtime folks, see you all tomorrow


Tokyo

Another snipet of news that maybe good for PET as they are being Financied by Japanese Financial Institutes (on any and all of their contract wins)- News below has been taken from the Tehran Times


Japan to host donor conference for Iraq's reconstruction in October


TOKYO (AFP) - Japan plans to host an international conference in October, gathering donor nations to continue helping Iraq's reconstruction, a government spokesman said Monday.

"We are making arrangements to convene the meeting in Tokyo in October," Chief Cabinet Secretary Hiroyuki Hosoda told a regular news conference without giving details.

Japan is the biggest donor country for reconstruction in the war-torn country.

Press reports, quoting Japanese government officials, said the ministerial meeting will be held on October 13-14.

The conference will govern the two trust funds set up by the donors' meeting in October 2003 in Madrid and administered by the UN Development Program and the World Bank, the Kyodo news agency said.

It will also discuss ways to reduce Iraq's foreign debt totaling 120 billion dollars and secure funds for reconstruction projects, the Nihon Keizai Shimbun said in its evening edition. (** The Nihon keizai is kind of like the Finacial Times over here)

Japan has pledged 490 million dollars for the funds, about half the one billion dollars offered by international donors for this year.

It is part of a four-year five billion dollar aid package Japan promised at the Madrid conference.

tokyo,
i think the info. on the other two bidders,being Dome and Everasia might have been in the bbc news article a few weeks back, i have`nt had time today to look properly, i`ll try tomorrow. sorry if i`m giving you the runaround.
regards,
dexter

Hey dexter

It's OK I found some info on them, when I went digging on the net today, posted it on the other BB

Thanks anyway

Tokyo

I sent PET an e-mail about the recent exercises of options by their employees and asked if time was a factor in either or they had just decide to sell, below is Teeling's answer

From: "John Teeling"
"Exercising options does not mean selling - in each case time was becoming
critical."

Regards

John Teeling

tokyo ,
PET do like short and sweet answers to e-mails.
dexter

Yes they do

3 words, reckon I could work for PET too!!