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

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.

This news is a long time coming, let's hope it's worth the wait.
2517

nice rise

May be this has already been muted but this is from a statement made yesterday.

Incoming Prime Minister Nouri al-Maliki said he had almost finished assembling a Cabinet, the final step in establishing a national unity government. Al-Maliki said he expects to complete his Cabinet within a few days _ the final step in establishing the government. Al-Maliki told reporters that representatives of the country's political parties had agreed on what factions would hold the "main posts," including the Interior Ministry.

Shiite independent Hussain al-Shahristani, a former nuclear physicist who lived for years in exile in Canada, was the top candidate to head the oil ministry, officials said.

http://www.niagara-gazette.com/feeds/apcontent/apstories/apstorysection/D8HGOOH84.xml.txt/resources_apstoryview

It looks like further delay.

Row over oil ministry holds up unity govtPublished: Thursday, 11 May, 2006, 12:05 PM Doha Time.

http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=85849&version=1&template_id=42&parent_id=18

we will have an oil minister in next few days,then DH can release his news to the market....

Another week gone by, still no news. My annoyance with myself (did not sell @1+) is affecting my patience with PET. Must learn to chill more.
2517

I know how you feel 2517, started buying shares a couple of years ago and PET were among the first i bought, 38p, was in front of the computer when they hit 156p but didn't sell as i believed the run was just starting, ohh how we learn, would sell now and buy back in after the drop that i have seen so many times.
Chris

NEW GOVERMENT IN PLACE,WATCH THIS SPACE

Just finished reading about the Bosnian, Serb Croat war. How it was impossible to re-unite the former Yugoslavia. How the failure of those with good intention to persuade different ethnic mixers that hate each other to live side by side in peace.
The situation as I see it in Iraq is that the country will eventually divide into possibly three regions. This as happened in the old Yugoslavia may be the only way to bring a semi peaceful solution. This may also allow separate areas to make the most of the situation and exploit the natural resources. Obviously the above are just my personal opinions.

You may well be right greekman, I don't see how a new government will be able to unite the warring factions, if the insurgents are hell bent on killing, as has been the case again today, then imo the stability needed in order that Iraq can prosper is as far away as ever. I hope I'm proved wrong of course.
2517