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

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

It will get worse in Iraq before it gets better. It looks as if the new government with the coalition forces really mean business in the attempt to stop the insurgents.
The Iraq people, as well as the western world can't afford to let the insurgents win, as this is the main delay in oil production. We all need oil to survive.
With the Dow finishing well up, no doubt the main reason is the new urgency in Iraq.

from advfn

trader11 - 19 Jun'06 - 13:15 - 42090 of 42091


John Teeling
Sent : 19 June 2006 08:06:49
To : ""
Subject : RE: PET PSA

| | | PET | Inbox


Mohammed,

In the next few days.

Regards
John

-----Original Message-----
From: [mailto:mohammedfaz4@hotmail.com]
Sent: 16 June 2006 13:04
To: John Teeling
Subject: RE: PET PSA


Hiya John

hope all is well

anyway have we got a firm date for the upcoming results and update?

mohammed

Results look good. OK, it's still mainly jam tomorrow, but the outlook for the next year, then up to 2009 look very promising. Finance, especially cash looks strong. As we are aware, things in places such as Iraq can change overnight, but as JT states, oil must flow and Pet look in a very good position.

Sorry, wrong thread

Could things be getting better at last.

Attacks cease on Iraq's pipeline, oil exports boom
By Ryan Lenz, Associated Press | July 4, 2006

http://www.boston.com/news/world/middleeast/articles/2006/07/04/attacks_cease_on_iraqs_pipeline_oil_exports_boom/

greekman, thanks that was interesting reading, let's hope the oil continues to flow.
2517

Hi 2517,

Not being too cynical, but between the coalition governments, and the Iraq government it is almost certain that the oil will flow. Corruption, backhanders will make sure of that. Most if not all middle eastern countries revolve round corruption. Money oils ( no pun intended ) the wheel of commerce and politics. OK some will filter through to the ordinary people, just enough to keep them in check.

Just a quick note to those who regularly call JT, but if you look at the news release today re Africa Diamonds 'Under previous predictions, analysts had expected the mine to produce revenues of around $3.6bn (1.95bn) and attributed a value of $6 per share to African Diamond's shares. That figure is now expected to be revised substantially upwards," it said.'
Not ramping a share, just quoting it as an example to those that have stated in the past that JT has never been successful. Not saying Pet will be as successful, but if it is?

Difficult to imagine number like these.


The global oil industry is worth $2.4trillion. While oil consumers are suffering , the increased oil prices have benefited oil companies across the board. Chevron boosted this year its first-quarter earnings 49 percent over a year ago to $4 billion, while ConocoPhillips and Exxon Mobil, posted similarly large first-quarter earnings. Combined, the three oil companies earned $15.7 billion during the first three months of this year. That's 17 percent more than the trio made during the same time last year. For all of 2005, they went on to pocket a combined profit of nearly $64 billion.

OK we know that against these giants, PET is a tiddler, but whichever way the price of crude oil moves, oil companies (and our beloved chancellor) can't loose. Once Pet get fully established they are in a business that can almost print it's own money.
Yes things can still go badly wrong, but oil along with most commodities has a big advantage over the vast majority of other items/produce.
It's not that we want or like oil (it's smelly, messy and expensive). We need it and in modern society we can't live without it.

Now if a tiny fraction of this wealth comes our way!

I was actually pondering whether or not one would be better off investing in the likes of Petrofac who supply drilling equipment and the like. The analogy I draw is with the suppliers of the picks and shovels and tents etc to the gold rush prospectors to California and Yukon ..... They may not have made ther bucket-loads of the few who struck it lucky, but they sure made more than their share

Nothing wrong with that theory, Cynic - plenty of the gurus like it, and it makes a lot of sense. Being a greedy sort with a ruinous gambling streak, I like my E&P co's undiluted, but even there I seek to mitigate my risks by predominantly picking those with production on the horizon. Or something. PET is one of those that's always at the centre of speculation; right now the market is still so queasy when it comes to digesting good news that I wonder if one could possibly afford to wait for the RNS that says "We've struck oil in Saddam's back garden" and then buy in.

I don't need to wax on at great length. Didn't the last Shares mag carry a recommendation along the picks 'n' shovels line?