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

Pan Andean Resources says in early stage of assessing oil project in Iran

LONDON (AFX) - Pan Andean Resources PLC, an oil and gas producer in South America and the Gulf of Mexico, said it is at an early stage of assessing an oil exploration project in Iran.

Persian Gold PLC, a company under the same management as Pan Andean, is already exploring for gold in the Takestan mountains west of Tehran, while another company under the same management, Petrel Resources PLC, has signed an oil field development services contract on the Subba & Luhais oil fields in the predominantly Shia south of Iraq.

Looks like things are moving in the area, Iran, Jordon, Iraq.

nice write up in investors chronicle today

Pet not mentioned but I especially like the bit underlined. As we know Pet did some geo surveys several years ago and as I understand it still has access to said data under the earlier agreement with the Iraq Government.

Snippets from Article.

Oil majors seek dominant Iraq position Published: Thursday, 24 August, 2006, 09:09 AM Doha Time

The worlds top oil companies are manoeuvring intently to win a stake in their oilfield of choice when Iraq finally opens to multi-billion dollar investment.

From a safe distance, multinationals are poring over data from Iraqs most promising oilfields and some of its older workhorses to gain the edge when the bidding begins.

Iraqi Oil Minister Hussain al-Shahristani has signalled the race for oilfield deals worth $20bn could start this autumn.

Only small firms, such as Norways DNO have dared to venture into Iraq.

(OK we know Pet is also one such firm)

For full article see link...http://www.gulf-times.com/site/topics/article.aspx?cu_no=2&item_no=104123&version=1&template_id=48&parent_id=28

A very interesting article, well worth a read.

Hawrami responds to comments on Petroleum
Dr. Hawrami:In 2008 we should go to over 200,000 barrels of oil per day.

The initial Kurdistan Regional Government (KRG) Draft Petroleum Act was produced for internal discussions in early July 2006. At the same time, a similar compatible Draft Law was also prepared by the KRG for the whole of Iraq, which was presented to the Federal Authorities.

As I said earlier, we only have four signed contracts, but I am unaware of any official objections from Baghdad on them. For the record, everyone should be aware of the good standing of all these contracts, as their legality is clearly reaffirmed by Article 141 of the Iraq Constitution, which states that Legislation enacted in the region of Kurdistan since 1992 shall remain in force, and decisions issued by the government of the region of Kurdistan, including court decisions and contracts, shall be considered valid.

For full article see link....http://www.kurdishaspect.com/doc824104.html

Agreement nearer on the long awaited hydrocarbon laws.
2517

good volme today,nice close to the day

that's the finance in place.............

Petrel Resources PLC
13 September 2006

Strategic Partnership



Petrel Resources is pleased to announce a strategic partnership and cooperation
agreement with ITOCHU Corporation ('ITOCHU'). The strategic partnership will
cover future exploration and development activities in the Iraqi oil and gas
industry.



ITOCHU is one of the largest and most respected Japanese conglomerates. ITOCHU
launched its upstream activities in Indonesia and Sakhalin Island in the 1970s
and has been a successful player in the upstream energy sector ever since
through its active participation in the challenging environments of Algeria and
Azerbaijan, as well as other oil producing regions such as the North Sea and
Western Australia. In addition to the above-mentioned upstream activities, the
ITOCHU group is also one of the largest traders of crude oil in the Far East and
is a major force in numerous business sectors, including areas such as steel
pipe supply, finance, logistic and plant businesses.



The cooperation agreement between Petrel and ITOCHU will initially cover work on
the Merjan oil field under a Technical Cooperation Agreement with the Iraqi
Ministry of Oil, subject to applicable laws. ITOCHU will also have a first look
at future Petrel projects in the Iraqi oil & gas upstream sector.



As part of the cooperation agreement, ITOCHU will contribute towards Petrel's
historic costs in the Iraqi oil & gas sector and will cover a fixed share of the
costs of the current study.



Petrel Managing Director David Horgan welcomed the development:



'We have gotten to know ITOCHU well over several years. There is a near perfect
fit with Petrel. ITOCHU, one of Japan's leading companies, with its strong
balance sheet and long-term perspective, is a strong player in upstream oil and
gas business. There is no better partner for us in our quest to expand and
deepen our Iraqi activities.'



A fuller Corporate Profile is available on the ITOCHU website at:

http://www.itochu.co.jp/main/index_e.html





For further information please contact:
Petrel Resources Plc

David Horgan + 353 87 292 3500
John Teeling +353 1 833 2833
Corporate Synergy

Ian Rice +44 (0) 117 933 0020
Craig Howie +44 (0) 20 7448 4400



www.petrelresoucrces.com


This information is provided by RNS
The company news service from the London Stock Exchange

YEEAAAAAGGGHHHHHHHHHHHHHHHHHHHHHHHHHH!!!

Fantastic news.
At last they have been taken seriously!
Roll on the PSA's!

yes,things looking great now,everything coming perfectly together

Results look good.
Several prospects on track with no noted problems (obviously in Iraq anything can happen).
With the balance sheet far better than I expected (nicely surprised), they are well able to sustain the pro quo.
Pet have a good team of partners, both inside and out of Iraq.
If things proceed as hoped Pets next 6 months will be very interesting.
Still a risk share, but looking at 12 months ago, a far better punt now.

This is still heading nowhere but down. Iraq will disintegrate into a full civil war when the US/UK leaves and PET will go with it.

The whole oil sector is down today due to there being a lot of uncertainty about the oil price.
Also DNO a Norwegian oil company has been told that the Iraq government does not have to honor agreements made by regions such as the Kurdish controlled areas.
People want to get out of stocks such as DNO in times of turbulence.
It appears Pet are being dragged down by the sector in general.

DH has just been interviewed by CNN.
It is well worth listening to. Last about 9 mins.

http://www.opec.org/home/Multimedia/videos/2006/OPEC%20Seminar/InterviewHorgan.htm

Nothing directly to do with PET, so will only put the link.
The article is well worth a read, for those who want a excellently written overall picture of the future in IRAQ. Peace prospects in IRAQ look even less likely.

Max Boot: Iran and Syria aren't our friends in Iraq
Our enemies have no interest in bailing us out, unless they win major concessions.
November 29, 2006

http://www.latimes.com/news/opinion/la-oe-boot29nov29,0,5922386.column?coll=la-opinion-columnists

Decided to sell after much hard thinking. I just about broke even.
Although I still think there is a possibility of PET making good in IRAQ, I feel the risk has become too great even allowing for the Jordanian projects.
(Now watch it fly).
I will look to possibly get back in if things improve, and accept I may miss out on a big rise in the sp.
Thanks to all those who have contributed to many months of discussion.
Good luck to those who are sticking with it.

Civil war in Iraq is going to last a few years yet. It will make no difference when the US leaves. In fact I would expect the situation to worsen as the Iraq government is weak and has limited resources. There will be a major power struggle when the US goes. Exploring for oil there is a waste of time for a few years yet.

i disagree...the insurgents causing all the mayhem are a motley crew of CIA and mossad false flag agents...root these buggers out when the yanks go and peace will ensue

Something brewing?

Maestro, you are off your rocker