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

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

I wonder which way it will go now in the near future.

Breaking news.........Iraqi Prime Minister Nouri al-Maliki was expected to make an important announcement at a news conference Thursday, amid a report that al-Qaida in Iraq chief Abu Musab al-Zarqawi may have been killed, his adviser said.

Views are mixed as to whether this will decrease or increase the violence.

BAGHDAD, Iraq (CNN) -- Iraq's parliament has approved the prime minister's candidates for defense and interior ministries, marking a political breakthrough for the country's new prime minister.

Ministers approved Jawad Bolani, a Shiite, for interior minister, and Gen. Abdel Qader Jassim, a Sunni who has been Iraq's ground forces commander, for defense minister

http://www.cnn.com/2006/WORLD/meast/06/08/iraq.politics/

Why the USA ( plus the rest of the world ) need to get Iraq oil on flow in a big way.

A Profile of the Price You Pay for Regular Gasoline.

Year Average price Refining costs Distribution,marketing. Taxes Cost of crude oil.

2000 $1.56 15% 14% 27% 44%
2004 $1.85 18% 12% 23% 47%
2006* $2.86 15% 8% 15% 62%

Source Data: EIA/DOE. 2006 estimated.
Who doubt's that these increases are having the main effect on the US economy, and a knock on effect on the rest of the world.

announcement next week...all aboard?

Windsorgolf,

How do you know?.

windsorgolf, you have been calling 'news soon' since 29/3/06, at some point you will be correct.
2517