The hcl looks likely to come into operation over the next few months, will this improve the share price or will we have to wait for an actual PSA before any increase takes place? It looks like the UK and the US will wait until the HCL is in place first before they decide to start the pull out. I have also heard news that the contracts signed during the Saddam regime are now definitely going to be honoured. I`m not sure if this includes PET as there seems to be some doubt as to whether they qualify as their agreement wasn`t signed off by Saddam. A Swiss company has announced that they expect to be producing 200,000 barrels/pd by 2009 from their PSA with the Kurds. They have struck oil first time and have five more drills left to complete their programme. Nice if PET were in that position! Our time will come though, just a matter of hanging on in there!!

cynic, links for research purposes.Video link.

4th Hearing: 8 June 2007
Part 4 David Horgan


http://www.channel4.com/news/microsites/I/the_iraq_commission/video.html

Cynic,First mentioned PET here on money am 7/7/2007 sp @ 66p closed friday 84p-87p. Factual information in subsequent posts (i.e post7 onwards) may also be used for researched purposes.

lex1000 - 07 Jul 2007 15:29 - 8 of 27
Petrel Resources says Iraq oil projects on track despite turmoil UPDATE
Date : 28/06/2007 @ 14:18
Source : TFN
Stock : Petrel Resources (PET)
Quote : 66.0 3.0 (4.76%) @ 13:19

Take the view would rather be in than risk being out.Added more on recent dips @ 60.5p.

PET has been working in Iraq ten years.Working on the ground,working on contracts,close working relationships with Ministry of Oil from SH and five successive governments.See presentation.Huge potential here and there's 100% guarantee billions barrels oil in Iraq cheap to produce.Massive reserves of oil.As soon as HCL approved;PET awarded PSA (Block 6 awarded under SH)and possible includes giant oilfield then sp rises along the lines of CNE et seq is a real possibility.PET also have PSA in Jordan which imo supports sp higher thena we are today.

All is in public domain clear for all to see.

Video link reposted below provides excellent background to Petrel Resources and why company busy working in Iraq.

"A brilliant documentary broadast by the BBC about a week after the US and UK invaded Iraq in 2003, explaining why it was all about peak oil.

http://video.google.com/videoplay?docid=8162244809649380953"

"Twighlight in the desert" and "Peak Oil." Without Iraqi Oil, predicted World cannot keep pace with demand by 2010-2017 ish permanent global oil decline without Iraqs oil.

Pays your money and makes your choices.

You say peeps will have plenty of time to get in but @ what price?

Hatto - 4 Aug'07 - 11:03 - 88478 of 88480


Morning Hatto

Received Wednesday 1 August 2007 pre market.

PET SP was 78p v 82p at the time.

The sun is out here and it is a glorious morning,a new month as well and hopefully without all the rain.

Well what do we expect to happen here and now with the PET share price.At last we have seen some progress and most are feeling a lot better.

It must be tempting now for some to sell or scalp to ensure profits,we should after all logically be drifting after the news that the Iraqi parliament is going into recess for a month.

Some others may possibly say,well I will sell some now and buy back cheaper when they have drifted to say 70p.Well I suppose that this could happen and good luck to all those that try to time it to that effect.

However,don't you just get that very strong feeling that something concrete is happening regarding passing the HCL.Some large buys as well of late (has there been any leakage of information or is it pure speculation).

As you know leakages nearly always happen but the problem is identifying them.I remain committed for the long term.I know this is often said by many who take the first opportunity to get out and take a profit.

Who do these people think they are kidding? I like yourself see that by holding on to the shares for say a couple of years will hopefully bring many benefits.

Apart from the CGT relief which I am hoping will be of immense benefit,a couple of years should see a company that by capitalisation is classed now as a minnow turned into a major oil producer.Yes it could be as important as that,a real life changer,the stuff dreams are made of.

A long way from that scenario now ,but in reality it is not that far away.I suppose what I am trying to say is that if the share price does drift from time to time then I will remain committed to the long term view, barring any major catastrophe,guess I will still be in these in 2/3 years time.

After all it does save lots of time researching other companies,paying out lots of dealing costs plus all the spread costs of course LOL Have a nice day as they say.

Best Wishes

--------

Good morning everyone.

Here is another message from my mysterious e mailer, some enjoyed earlier ones so I thought I'd post it & my reply.....

My Reply.....

I'm guessing most (holders)are feeling even better after a further SP rise to 85p/87p as of Friday. Plus with KBC being on their own @ 87p a further quick SP rise on Monday is likely with just the odd buy.

As for selling & scalping a few pence, yes I'm sure some have been doing that but Buying has been so strong of late it has had little effect on PETs SP.

Yes logically, after the Iraqi Parliament went into recess, we should have fallen into the 50p's.

Of late I have thought that PETs SP reflected sentiment on the HCL passing soon, but now we seem to have a new ball game.

Quite what that ball game is we are yet to find out.....

Is it purely the German PET tip ?

Must be a factor surely.....But is there more to it ?

Yes I'm certainly happy to hold my "bought & paid for" for the two year duration, which should nicely tie in with Jordan drilling results, if this pans out as PET have speculated.

PET tipped again in Germany. Target share price almost identical to major and serial professional investor Douglas Wright i.e 10 a share.

For those that do not know beleive Douglas Wright bought HAWK @ 4p - HAWK trading 40p-50p.Always DYOR.


>cubano4 - 4 Aug'07 - 10:22 - 88472 of 88494
yesterday the german share-info-letter "Taipan" confirmed his 14 goal and recommended further buyings.

>cubano4 - 4 Aug'07 - 10:26 - 88473 of 88494
Petrel Resources IE0001340177
Frankfurt / London
PET.GB
Es war knapp, aber es hat funktioniert:
Unser deutlich erhtes Kauflimit f
Petrel Resources hat uns am Montag,
dem 30. Juli, den Einstieg verschafft.
Inzwischen ist das Papier weiter krtig
nach oben geklettert, wobei die
Umsze im Vergleich zur Vorwoche
doch etwas zurkgegangen sind.
Setzen Sie einen groigen Stop
bei 0,89 EUR.
30.07.07 1,07 1,290 20,56% 14,00 EUR
0,89 EUR

>Smart Move - 4 Aug'07 - 13:55 - 88483 of 88494
FAO:- mel

A major shareholder in PET namely Douglas Wright mentioned the 10* share price target for PET in an article printed in the London Financial Times.

* circa 14/15

P.S. - this is also the investor who has built up a near 3.5% in TOM.

From Far6 thread:-

>melfaraj - 4 Aug'07 - 11:46 - 4474 of 4481
lex, pet

i suspect that market makers don't want to be caught this time round knickers round ankles. accordingly they have been upping the price in little bits.

interesting to see the target of 14 euro set by this german source. you would be aware that about a year ago a tippester in the uk had set the targer for pet at the same level.


>melfaraj - 4 Aug'07 - 12:08 - 4475 of 4481
by crossing the 80p mark, pet not only had entered the 90-100p critical band (100p is the line of demarkation between the men and the boys as the stock would lose its penny share status on crossing the 100p mark) but also has cleared all the chart landscape areas that would otherwise prent numerous resistance levels and bands.

it is as if a car leaving a deeply furrowed field and enters solid grounds. it can now gain speed with ease and less turbulance.

note the rising volume
note the rising rsi and macd, the latter is simply dying to go.

i also noted during last week the ocassions when the mm's dropped speread levels to the 2+ range. this is to say that they are willing to trade in quatities.

will we see 100p crossed next week? pet can do it at the drop of a hat!

Link to posts above.Please click on link below if you wish to see charts.

http://www.advfn.com/cmn/fbb/thread.php3?id=13457053&from=4474

No doubt there is enormous potential if IRAQ settles down which it will one way or the other eventually. However can anybody predict at this stage that PET will turn a profit say by 2010?

quite right and not only that .... if the markets stay jittery or worse (i reckon the latter) then second/third/fourth tier stocks such as this will take their customary exaggerated hammering

Cynic & Halifax,That's ok, doesn't sound like PET is for either of you.Place it on your monitor watch list and don't touch it with a bargepole.Better stick to what you know and play safe the two of you.

I like the stock,management,well run company & fundementals.I like the huge potential.I like buying momentum & volumes evidenced last few weeks.I like the chart.....................yes it is Iraq-Middle East there are risks,yes HCL needs to be approved and yes PSA(s) need to be awarded to PET to achieve high rewards which have been spoken about.

In investment life have had winners and losers & openly admit making some crappy decisions.

In my view PET is one of my potentially better decisons,possibly 'life changing', and already up 30%-39.6% based on average and cheapest purchase.If sp fell to 50p again would on paper be losing money-not that think it will,however,50p holds no fear balanced against high rewards. i.e more upside than downside.Resistances @ 70p @ 75p and @ 80p building on supports @ 75p & 80p?

Must remember not to be tempted to sell far too early.

It easy to think that PET is being ramped and over hyped.My posts may lead you to that belief. That's bb for you.Fact of life there are stocks and peeps where this happens 'pump & dump.'

Bulletin boards may point you at stocks to consider Trick and secret is don't trust what others tell you,even Directors,but through "your own research" spot the difference,picking the winners & investing early before the sheep.

Have provided ample info and links so that further research is possible.Two Video links together with most recent Company Presentation essential viewing and reading.

When Iraq Parliament went into holiday recess without approving HCL,sp was expected to drop back to 50p.It hasn't and hasn't despite general market wobbles instead sp has risen.PET bought heavily both UK and German Stock Exchange-GSE (various rumours as to why German/Iraqis in Germany buying) link to GSE is now provided here:

http://www.finanztreff.de/ftreff/kurse_einzelkurs_alle.htm?u=0&k=0&s=694395&b=0&l=276&n=PETREL%20RESOURCES%20PLC%20Registered%20Shares%20E

btw higher volumes usually Frankfurt led.

Money I have invested can afford to tie up for a few years and not bothered by short term fluctuations for example PET fell back from intraday highs 77p-79p down to lows of 57p-60p because of Gartmore sale.Overhang cleared,PET back on the rise breaking out within touching distance of Zak Mir's bullish stance & predicted 90p.

Can invite peeps to consider investing in Iraqi Oil via PET @ 60p-70p just like leading a horse to water.Up to peeps to weigh up risks to reward,make own decisions whether to "drink."

There have been many false dawns.Some holders have held for a number of years many from 2003/2004,sp stuck in a rut 30p-50p.In the words of another poster believe we are about to witness a New Dawn;consider buying 80p up to 120p.

Pays your money and makes your choices.

Yes PET is currently a minnow,prepared to risk working in Iraq for ten years and looking to beginning journey to becoming a major oil producer.

All that PET needs is oil field(s) with 'bookable' oil reserves i.e pre-production and value should then be reflected in share price.Same difference with Mining stocks. VOG is an example of how sp reacts.Unlike VOG, everyone knows billions of barrels of cheap easily accessible oil in Iraq and PET is well placed to benefit.Better examples of risers on confirmed oil reserves such as Cairn Energy-CNE and IEC mentioned in copy of post below.

Remember PET is neutral an Irish Independent as are neutral country Japanese giant Itochu PETs money backers.PET working in Iraq particularly Southern Iraq near border with Iran without any problems.PET enjoys extremely good working relations with Iraq Ministry of Oil and in Iran. David Horgan and PET known to & respected by Majors.............

Posts draw attention to companies for peeps to do their own research.Up to you whether punt,invest,trade or do nothing sitting watching on the sidelines.

PET has risen 30% approx.and up to 39.6% if took advantage of buying on weakness, since first mentioning it on Money am.FACT

Reckon potential upside minimum 500%-600% over the next two to three years.

Respected members within Investing community are suggesting upside even higher 1438% +(from 65p mid)

I'll be more than happy with 1 bagger 121p-130p and bonus every multi-bagger after that!

HCL when belately approved! PET should see excellent gains.Lest you forget law on Oil Refineries Law pre-cursor to HCL has been approved.

PET awarded PSA share price should rocket too.

To give some idea false dawns saw sp hit 165p and 125p respectively in excess of 100% on the day.Provides a taster of what is possible for PET with new dawns............imo prepare to witness rollercoaster days over coming weeks and months.

Live and learn about long term investment strategy.Please see post below.

Good luck in all that you do.Plenty fish in the sea but for me expecting PET to beat general market medium to long term and already sitting on a tidy profit.

AIMVHO,DYOR.

>>georgeski -- 4 Aug'07 - 20:27 - 88499 of 88522

Patience is the name of the game here, 3 years ago IEC were just over 40pence. They recently hit 15 before retracing to 10. I believe that Pet have equal or better prospects. I bought IEC at about 50p average and thought I had done well when I sold at 180p. After that I bought in and out on its rise but never maximised the profit I would have made if I had just stayed put. Lesson learned. I've been in Pet since mid 2004 and crapped myself a few times but now average 56p and staying put till they become a major oil producer. What the share price will one day end up at is pure speculation, but one thing I am certain of is that it will be a lot. My opinion of course

>pixi - 4 Aug'07 - 20:29 - 88500 of 88522


cubano4 - 4 Aug'07 - 10:22 - 88472 of 88498


yesterday the german share-info-letter "Taipan" confirmed his 14 goal and recommended further buyings.

********************************************************************************
The exchange rate is 0.674 x 14 = 9.43 per share. Dougie reckons 10.

>pixi - 4 Aug'07 - 20:37 - 88501 of 88522


georgeski

Post of the month!

Excellent post pointing out the obvious difference in return between short-term and long-term investment strategy.

lex .... i openly admit that i trade and only in rare circumstances hold shares for more than a few months ...... but three things ..... 1) it is never wrong to take a profit; no one ever lost their short that way ...... 2) it is always right to cut losses when a share misbehaves - BFC and SEO are classic examples ..... 3) judicious trading is a very good stretegy for maximising profits - IEC makes a great example, though it is not one i have ever bought (or sold)

I have held these since May '04, I paid 42p per share for them, cursed my greed when they briefly touched 157p, and watched them fall all the way back down again. I promised myself several times that I would sell them, but I haven't. I have the utmost respect for David Horgan and also the fact that there is a barrel or two of the black stuff out there. I am tempted to take some profit, (something I didn't do with AMER, still holding, and not fully with GOO, now sold) but PET could really take off from here imo, and I shall stay aboard, I just hope one of the majors do not snap them up on the cheap before their full potential is realised.
2517

Why should a major want to buy PET? ---- Because its Irish!

halifax--------I was thinking along the lines of the vast quantities of oil that may become available to PET, and the fact that some of the major oil co's need to bolster their reserves. It could be a cheaper way in for them. All imo of course.
2517

"may become" is the key ...... though for all that, sp putting in a sterling performance this morning

Yes cynic, I nearly put 'may' in capitals.
2517

Sterling performance indeed.
2517

PRO REFERENDUM MARCH AND RALLY
LONDON
SATURDAY 27TH OCTOBER

WWW.PRA.UK.COM

Heard that the Iraq oil law has been passsed, we have lift-off now

watching is good today...rumours pushing things along nicely..good luck all
watcher