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

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

Nice rise today, let's hope it continues above the 50p mark

Moving up today due to last night's Evenning Standard business report stating:
'japanese conglomerate has agreed funding for exploration and production licence', which will make Petrel 100,000 bpd oil company.

up 9p,just the start of many great things to come

TheMaster,
do you have a link to that story please?

Cheers

Just spent a good hour on Google looking for that report, can't find anything relating to post 2575. Anyone?

Try another bb

Iraq wants to raise oil exports to 1.8bn bpd from the current 1.5bn bpd by the end of 2006, Reuters quoted a ministry spokesperson as saying. Plans include the drilling of new wells, developing existing fields and repairing extraction stations.

Okay not a huge increase in output, but probably in the small time scale it's the best achievable aim. Even to reach this figure no doubt further contracts will have to be signed.


With Pet's connections and their ability employment strategy of employing locals they may well get a look in.

I tore out the Petrel artical from the relevant newspaper and have this on my desk now!. Could scan and post on this BB, should someone tell me how to post?

Scan it and copy & paste it onto the PET thread.

TheMaster
Is it from yesterday???????

forest - yesterday's paper, have tried to post artical but unable to paste the Adobe file scanned.

Has anyone phoned Petrel to ask about the press statements and if they are to release RNS today. Perhaps Tokyo could comment?

From yesterdays Evening Standard

Japanese to help Petrel fly high
A POWERFUL Japanese conglomerate has agreed to fund a significant portion of AIM-listed Petrel Resources Iraqi oil projects, according to industry sources.


The strategic partnership dependent on approval from Baghdad and on the final shape of the countrys hydrocarbons law would see the unnamed Japanese group providing up to 100% financing for oil-development schemes and any future exploration deals. In exchange, it would receive a stake in projects and entitlement to barrels for the energy-deficient Japanese market.


Shares in Petrel, active in Iraq since 1999, hit a high of


1291⁄ 2p last October after the company picked up a $197 million (110 million) contract to revamp the Subba and Luhais oilfields in southern Iraq. Petrel plans to boost production there from about 20,000 barrels a day to 200,000 and bring on stream 120 million cubic feet a day of gas.


But its real prize is the right explore for and produce oil. to

THEMASTER

Very well done on your ealier find. i had been on five BBs today trying to clarify your post,with no avail. Just got home from a snooker evening and what do i find? every BB is full of the article. Hope you got in or are in. Once again well done

what suprised me was the mm,s not marking the bid up higher yesterday,although now that the es have made a comment on it,i would expect some clarification or an rns from pet.
but i would like to know what sort of cut pet would get out of this?

Running both PET and COP in Iraq, as well other oil stocks. Noticed sp up 8% today and still no RNS.