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 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

Hi geeboy30, I almost posted your exact words this morning, but then decided against. There has been quite a bit of trading this morning, and the price dropped by 3.35p to 61.15p but I feel this is just normal trading with people taking some profit. I just hope that Mr. Horgan has very good personal security in place when he is out there, as this could be a real worry were something to happen to him.

most people have gone over to the advfn thread as it is far more active

exactly my thought this morning when i heard the news
mr horgan is irish though and i don't think they are under as much threat
when is this news gonna come? late august, early september, september and now late september.
going on a bit isn't it?

Where over half way in September and there is still no signs of any news. First it was mid July - August, now its probably christmas time, before we hear anything!!!!

Tokyo, had a look at advfn, but was not impressed with the standard of the comments.

I just received email from David Horgan (MD, Petrel Resources) in which he stated that things are going well for Petrel in the tenders and they expect to be called to Baghdad sometime in October. He attributes the delay to the difficult political situation in Iraq.

I would say it's definitely worth holding on for the news. Just don't hold your breath and have your stop losses ready.

In the meantime if anyone else has any other news please post it here.

chrish00 - please post the e-mail

anyone understand today's drop - a lot of activity, buying and selling?

Things are going well for Petrel, though there are political difficulties in country. We are in detailed discussions and expect to be called to Baghdad in
October.

David Horgan
Petrel

thanks chrish00 for posting this e-mail, this is a positive statement, and about as much as one can expect under the current critical situation in Iraq.

Those who hadn't done already are all bailing out - seems the delay and instability in Iraq are contributing factors. A good profit on these on the back of August's rally is now seen as attractive. Could be worth letting it flatten out, before getting back in again. I think these could drop back to July levels maybe back down to 40p. No news until at least late October is giving investors the jitters.

for any who got out it is time to get back in and quickly

Petrel Resources PLC
27 September 2004



Petrel in commercial discussions on Iraqi oil development

Since June Petrel has been in detailed technical discussions with the Iraqi
Ministry of Oil on three tenders submitted between April and June 2004. This
work clarified and fine-tuned the technical and commercial details of the
contracts.



Earlier Petrel had submitted plans to develop the Khurmala Dome, Hamrin and
Subba & Luhais oil field. Funding has been allocated but Petrel has also
offered full project financing via an international partner. In recent days the
Iraqi Ministry of Oil invited Petrel for 'an urgent and direct discussion to
finalize all technical and commercial matters' in relation to the first of these
three tenders.


David Horgan
Managing Director
Petrel Resources plc
+ 353 1 833 2833


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

I hope you held on peeps!

check the iii pet bb, DH going to iraq today or tomorrow,
dexter