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

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

If youve had a good day please consider giving a donation to the lads dressed as Elvis racing 350 miles to the North Pole on behalf of Great Ormond Street Hospital It makes the London Marathon seem like a stroll in the park!
To donate or view how theyre getting on visit
http://www.elvispolarchallenge.co.uk/
thanks for your time

GEORGE,,,just keep thinking about 7 sept 05,170% rise in about ten minutes.we away will have another not too far

windsorgolf, I try not to think too much about that sp spike, it tends to upset me ha! ha! A lot of PET investors are still hoping that the hard working David Horgan can work some more magic for them, but some news (good) would be nice.
2517

Copied from another board today.

By Ghaida Ghantous

DOHA (Reuters) - Iraq is ready to move swiftly in negotiating multi-billion-dollar oilfield contracts with international majors and can sign deals before an investment law is passed by the government, a top oil official said on Friday.

The Iraqi oil sector has been crippled by attacks on energy installations, political wrangling, lack of funds and mismanagement since the U.S.-led invasion in 2003. To reverse output declines, it needs to ensure the flow of funds and restore security to allow for maintenance and development.

"The investment law could take some time and we are not prepared to wait for that long," Shamkhi Faraj, director general of marketing and economics at the ministry of oil, told Reuters.


"I think (negotiations) can happen very fast. I am confident that we can do our own legislation within the contract itself to assure the investors that if any new regulation comes through it will not affect them," he added.

Only small oil firms, such as Norway's DNO (DNO.OL: Quote, Profile, Research), have ventured into Iraq, home to the world's third largest oil reserves. The majors are eager to take a stake in the industry but are waiting for security and the political process to stabilize as well as an investment law.

"I think we could talk more on the procedures and possibilities and when they are ready to come in. We are ready to make all the things required for making investment...but they are hesitant because of the security situation," Faraj said.

"But that doesn't really exclude that we start talking," he said. "What we have on offer are the oilfields in the south, the big ones that will add some 3 million barrels per day to our production and that's what the big companies are looking for."

Iraq's oil minister was set to meet with officials from oil companies gathered in Doha for the International Energy Forum, a round table for producers and consumers, Faraj said. Among those expected in Qatar were Exxon Mobil (XOM.N: Quote, Profile, Research) Chief Executive Rex Tillerson and Chevron (CVX.N: Quote, Profile, Research) boss David O'Reilly. Continued...

There was a link attached to the word "Continued ..." above which has not copied across. But whats above will do me for the weekend.

The oily one

By Ghaida Ghantous

DOHA (Reuters) - Iraq is ready to move swiftly in negotiating multi-billion-dollar oilfield contracts with international majors and can sign deals before an investment law is passed by the government, a top oil official said on Friday.

The Iraqi oil sector has been crippled by attacks on energy installations, political wrangling, lack of funds and mismanagement since the U.S.-led invasion in 2003. To reverse output declines, it needs to ensure the flow of funds and restore security to allow for maintenance and development.

"The investment law could take some time and we are not prepared to wait for that long," Shamkhi Faraj, director general of marketing and economics at the ministry of oil, told Reuters.


"I think (negotiations) can happen very fast. I am confident that we can do our own legislation within the contract itself to assure the investors that if any new regulation comes through it will not affect them," he added.

Only small oil firms, such as Norway's DNO (DNO.OL: Quote, Profile, Research), have ventured into Iraq, home to the world's third largest oil reserves. The majors are eager to take a stake in the industry but are waiting for security and the political process to stabilize as well as an investment law.

"I think we could talk more on the procedures and possibilities and when they are ready to come in. We are ready to make all the things required for making investment...but they are hesitant because of the security situation," Faraj said.

"But that doesn't really exclude that we start talking," he said. "What we have on offer are the oilfields in the south, the big ones that will add some 3 million barrels per day to our production and that's what the big companies are looking for."

Iraq's oil minister was set to meet with officials from oil companies gathered in Doha for the International Energy Forum, a round table for producers and consumers, Faraj said. Among those expected in Qatar were Exxon Mobil (XOM.N: Quote, Profile, Research) Chief Executive Rex Tillerson and Chevron (CVX.N: Quote, Profile, Research) boss David O'Reilly. Continued...

the oily one...this is GREAT news

Oilywag,Windsorgolf,

We keep hearing similar stories over the last few months hinting that deals can be signed, but the info you have found does look very substantive. A good find. Could be those blue skies are just over the horizon.
Have a good weekend, Greek.

Another cut and paste from another board

Al-Jaafari Ally New Nominee for Iraq PM
Apr 21, 12:39 PM EDT
By QASSIM ABDUL-ZAHRA
Associated Press Writer


BAGHDAD, Iraq (AP) -- Shiite politicians agreed Friday to nominate Jawad al-Maliki as prime minister, replacing the incumbent in a bid to clear the way for a long-delayed new government, two Shiite officials said.

Al-Maliki is a top ally of outgoing Prime Minister Ibrahim al-Jaafari, whose nomination had sparked sharp opposition from Sunni Arab and Kurdish leaders and caused a deadlock lasting months.

Leaders of the seven parties that make up the Shiite alliance agreed on al-Maliki's nomination in a meeting Friday evening, said Jalal Eddin al-Sagheer, a member of the Supreme Council for the Islamic Revolution in Iraq, the largest party in the alliance.

Al-Maliki won the nomination with agreement from six of the parties, said another SCIRI official, Ridha Jawad Taqi. The seventh party, Fadhila, had presented its own candidate, but only five of seven parties were needed to win a "consensus" agreement on a nominee.

The Shiite nominee is to be presented to a session of parliament on Saturday.

If Sunni Arab and Kurdish parties accept al-Maliki - and some have indicated they will - it could be a breakthrough in the two-month standoff that has prevented the forming of a national unity government.

Al-Maliki is one of the top figures in al-Jaafari's Dawa party and has often appeared as his spokesman. Still, little is known about him since he fled Iraq in the 1980s, settling in Syria and working in Dawa's political office. He returned to Iraq after the fall of Saddam Hussein in 2003.

SCIRI and other parties in the alliance had initially expressed opposition to al-Maliki because it feared he would be unacceptable to Sunni Arabs.

Al-Maliki was a top official in the commission in charge of purging members of Saddam's ousted Baath Party from the military and government. Sunnis, who made up the backbone of the Baath Party, consider the commission a means of squeezing them out of influence in post-Saddam Iraq.

But the Dawa party warned of further problems within the alliance if al-Maliki were rejected after Dawa leader al-Jaafari was forced to give up the nomination.

Sunnis appeared willing to take al-Maliki, after fiercely opposing a second term for al-Jaafari, who bowed out Thursday.

"If anyone is nominated except al-Jaafari, we won't put any obstacles in his way. He will receive our support," Adnan al-Dulaimi, head of the main Sunni Arab coalition in parliament, told The Associated Press.

Mahmoud Othman, a Kurdish lawmaker, said the Kurdish parties had no opposition to al-Maliki.

The Shiites are the biggest bloc in parliament but lack the strength to govern without Sunni and Kurdish partners. As the biggest bloc, the Shiites get first crack at the prime minister's job.

Al-Jaafari had held out for weeks against increasing pressure on him to step aside.

Sunni and Kurdish politicians blamed the rise of sectarian tensions on al-Jaafari for failing to rein in Shiite militias and Interior Ministry commandoes, accused by the Sunnis of harboring death squads. Those parties refused to join any government headed by al-Jaafari.

He stepped down after Iraq's most powerful Shiite cleric, Grand Ayatollah Ali al-Sistani, sent word that he should go, according to some lawmakers.

U.S officials are insisting that the Iraqis move quickly to form a new government to begin the task of confronting sectarian violence and the armed insurgency. The Bush administration hopes such a government will curb Iraq's slide toward anarchy and enable the U.S. to begin bringing home its 133,000 troops.

Edited by OwtOrNowt on 21-Apr-06 at 18:25

The oily one

up a bit.should see a nice up trend from now on