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

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.

Daily Express - 27/04/06

'Talk of a contract win in Iraq for Petrel Resources'

another mention for PET on n-tv germany,their reporter reckons news coming

All share dealing is a gamble, a little bit like any other bet. When I first bought shares in Pet, I was looking at say a 20 to 1 shot. The odds to me now are looking better than evens, with the potential profit line of far better than if the 20 to 1 bet had come in. Now is not the time to cash in my stake. The winning post is not far away. All imho of course.