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

What is with all these different prices on the offer, some are buying at 69 pence others at 67.25pence, some people are really getting screwed this morning

as expected alot of buys and even some delayed buys coming through from this morning, hope this week is going to be the week, but watch out for an RNS from PET as per last time, playing down the rumours from the paper. Saying that I still remain extremly positive that PET will get at least one contract (and of course still hoping for two)

you probably know the site, but is is quite interesting reading just for an update of the attacks on pipelines etc.
click below.
dexter

http://www.iraqenergy.com/


here you are dexter01, saw your posting on the other board, and it was an interesting read, hadn't seen that site before so thanks

tokyo

Just a reminder from before and to show you where I got the info

http://64.233.161.104/search?q=cache:UvTRRtvVFBEJ:www.the-eic.com/news/JulyNews04.pdf+Iraq+oil+preferred+bidders+%22petrel+resources%22&hl=en

page 26 section 9 Middle East News 2004

The Khurmala Dome structure is located in Northern Iraq and part of the Kirkuk Field is one of the 4 structures that have been identified as being suitable for development in order to boost output from the field. the others are subba, Luhais and Hamrin.

4 international companies have submitted bids to the State Company for Oil Projects (SCOP) for the Khurmala work.

They are the US's Sonoran Energy in association with their operating services affiliate, Scottsdale oil Field Services, Ireland's Petrel Resources, Tekfen from Turkey and Petrom International who are Romanian.

As we know the American company didn't make the cut, so the other three are listed below, so you can all go off and do your research, I was pretty impressed with the Turkish companies website (It is a huge company), not sure how today's news about Turkish companies pulling out of Iraq to save hostages will effect it though, couldn't find any info on the web.


OK here are the website addresses for all 3 companies in with a chance for the contracts (leg work has been done for you)

Petrom - http://www.petrom.ro/engleza/en_activitati.htm

Tekfen - http://www.tekfenconstruction.com/


and finally the one all our hopes lie on.

Petrel - http://www.petrelresources.com/_latestNews/latestNews.shtml



Not sure how today's news about Turkish companies pulling out affects tekfen and their tender bids, I very much doubt that they will give up such a large contract, but if they did, How great would that be for PET, as I consider them the main rivals.

Not sure if they would answer an e-mail on the subject, but their e-mail address is business@tekfen.com.tr, or ankara@tekfen.com.tr anyone know what to ask them in a diplomatic way??? (I'm afraid quite cheeckily I already sent one to both addresses, not sure if they will answer but you never know)

anyway my bedtime folks, see you all tomorrow


Tokyo

Another snipet of news that maybe good for PET as they are being Financied by Japanese Financial Institutes (on any and all of their contract wins)- News below has been taken from the Tehran Times


Japan to host donor conference for Iraq's reconstruction in October


TOKYO (AFP) - Japan plans to host an international conference in October, gathering donor nations to continue helping Iraq's reconstruction, a government spokesman said Monday.

"We are making arrangements to convene the meeting in Tokyo in October," Chief Cabinet Secretary Hiroyuki Hosoda told a regular news conference without giving details.

Japan is the biggest donor country for reconstruction in the war-torn country.

Press reports, quoting Japanese government officials, said the ministerial meeting will be held on October 13-14.

The conference will govern the two trust funds set up by the donors' meeting in October 2003 in Madrid and administered by the UN Development Program and the World Bank, the Kyodo news agency said.

It will also discuss ways to reduce Iraq's foreign debt totaling 120 billion dollars and secure funds for reconstruction projects, the Nihon Keizai Shimbun said in its evening edition. (** The Nihon keizai is kind of like the Finacial Times over here)

Japan has pledged 490 million dollars for the funds, about half the one billion dollars offered by international donors for this year.

It is part of a four-year five billion dollar aid package Japan promised at the Madrid conference.

tokyo,
i think the info. on the other two bidders,being Dome and Everasia might have been in the bbc news article a few weeks back, i have`nt had time today to look properly, i`ll try tomorrow. sorry if i`m giving you the runaround.
regards,
dexter

Hey dexter

It's OK I found some info on them, when I went digging on the net today, posted it on the other BB

Thanks anyway

Tokyo

I sent PET an e-mail about the recent exercises of options by their employees and asked if time was a factor in either or they had just decide to sell, below is Teeling's answer

From: "John Teeling"
"Exercising options does not mean selling - in each case time was becoming
critical."

Regards

John Teeling

tokyo ,
PET do like short and sweet answers to e-mails.
dexter

Yes they do

3 words, reckon I could work for PET too!!

when isent PET an e-mail the other week asking them if shell were going for the same contracts, my answer was; "no they are not"
very slow so far today,but at least not much profit taking.
dexter

Where is the RNS...I have no fingernails left!

Could still be a while yet, I'm afraid!!!!arahhhh

Pan Andean chief injured in accident

Saturday September 11th 2004


THE chief executive of Pan Andean Resources, David Horgan, was this week recovering from a serious injury in a car accident in Bolivia.

A consultant working for the company was killed in the accident.

Mr Horgan was travelling in a car which left the road, killing his companion and leaving Mr Horgan with his arm broken in two places.

The accident occurred in a remote area of the country, and Mr Horgan was forced to walk some distance to gain assistance.

The Pan Andean chief has since been discharged from hospital in Santa Cruz. A spokesperson said he has returned home, and while traumatised by the accident, is otherwise well.

Mr Horgan was in the news earlier in the week following a significant rise in the value of his stake in another company, Petrel Resources, of which he is also the chief executive.

Petrel has been active in Iraq, where it has applied for licences to develop three massive oil deposits, and earlier this week reports suggested the company was close to acquiring at least one licence.

Shares in the company reached a new high on the back of the reports, trading up to sterling 66p, to value the company at almost 60m.

Mr Horgan, a founding director of the firm, has a stake of 2.6m shares, which is currently valued at about 2.8m.

Pat Boyle



Irish Independent
http://www.unison.ie/irish_independent/ & http://www.unison.ie/



Regards,

wilbs

Why was he in Bolivia?
What do PET have going there?

Must have been on an assignment related to the other company, Pan Andean Resources headed up by Teeling and Horgan. Bolivia is an important strategic country as a key energy supplier for Brazil. See their website:-

www.panandeanresources.com/

Its Pan andean.

Here's a link to there web page on bolivia.

http://www.panandeanresources.com/_bolivianAssets/bolivianAssets.asp

wilbs

Many posters have been saying that they have contacts over in the middle east who believe/know PET will get one of the contacts, I posed this question to a poster over on ample (this poster actually DOES work in the oil field, as opposed to ones that just say they do)
Below is his response about PET and their chances -


Tokyo, as a safety consultant I do get regularly involved with corporate issues sometimes at a high level but very rarely with the contracts/tendering process unless there are safety concerns felt by the client with regard to potential contractor companies (drilling , production services etc).
What I do know however is that regular and continued close & personal person to person contact between company representatives like Mr.Horgan and the national/local government/relevant ministry officials is an extremely important and key part of the process. Bit like a courtship between the two sides if you will. This is part and parcel of doing business in the Middle East and is tradition as well as being expected.
I would have to agree 100% that the statement the close links and presence in Iraq maintained by the company during the war put them in pole position at present is indeed very true. I currently have no colleagues in Kuwait/Iraq and therefore cannot substantiate nor disagree with the gentlemans information ref. great position. I hasten to add though, Mr.Horgans continued endeavors, hard work and his willingness to travel to Baghdad to progress this venture on a personal basis, even during very dangerous times at considerable risk to himself, will definitely not be forgotten in a hurry if ever. It (IMHO) will and has gained himself and PET a great deal of respect. If you have no respect or reputation in Middle Eastern business you have nothing. It will be viewed by the Oil Ministry men and hierarchy as a very good indication of Mr.Horgan and the companys commitment, determination and drive to push these projects forward a.s.a.p. which, of course, is exactly what the Ministry men want and need, and they need it yesterday!
If Dome/Everasia representatives have not conducted their business in Baghdad as personally or as astutely as Mr.Horgan has done then Im afraid I would have to say (IMHO) that they will not be looked upon nearly as favorably, even if some of the aspects of their tender proposals have a slight edge on Petrels ( we already know financing isnt an issue).
Personally my confidence in PET being awarded at least one of the contracts is such that my 185,000 shares bought at only six pence a piece quite some time ago, magically rose
by another 45,500 two weeks ago!! Sorry Fanderel couldnt help mentioning that one, even at the risk of being accused of bragging again!
Hope thats been of some help in any way Tokyo.

why has it all gone quiet on the pet front??
should i be getting worried