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

Given it a go Lifes a gamble..........33.31 in at

wow hadn't expected profit taking so soon

As I said this is a highly speculative stock dependent on an unstable volatile country and who knows what tommorrow holds?Research into the real state of affairs in Iraq go beyond press reports and you may understand my pessimism.

Ive been a long believer on this stock.

However, this is a highly speculative gamble..that can turn very nasty overnight..and similarly vice versa.

One has to recall this stock was at 4p not too long ago.
No contract and we could see those figures again.

Similarly...any win..and we could be smooth sailing..
Its taking your money and putting it on a roulette table
however..I would say with less favourable odds on this instance.

Im sitting on the sidelines...until Iraq becomes a bit more stable.

Lucky.

I must admit...Im back in again..Could not refrain from being out if anything happened.

feelinlucky,

Well the chart looks as though the recent uptrend may be broken, have to watch whether the 150 DMA is broken, as it has acted as support before.

With regard to Iraq, when you consider the violence and turmoil going on there, it's hard to see how any company can consider doing business there, quite simply the employees would become targets, and their safety could not be guaranteed, IMHO.

I suspect this will fall further, until something approaching order can be restored, THEN it MAY be worth a punt on PET.

With regard to teh Fleet St. Letter, I have read their article, and yes I'm sure it's PET they are referring to. When I suscribed to them years ago, I lost money on some poor selections by them.

Hawick - You still hold PET from 27.85? Now up 45% in 3 weeks @ 40/41, you may buy me a drink some time with your profit; :O)
Cheers M....

Been looking around the net for info on the 1st tender, but no info yet. I think an answer is expected soon. Also rumours of PET setting up offices in Iraq, all bodes well for PET holders

good luck All

p.s. if this hits your target of 435 chartist, When I come back to the UK on business I'll buy you a drink. lets hope it's my round soon.

Tokyo

Anyone have any info from the company as to when an announcement can be expected?

Hi Tokyo.....Chief Exec says that first contract decision of the 3 they have bid for will be June.
He states that PET have about a one in three chance of getting and so I will settle for the law of averages in that they win one of the three
If they win 2 then it will be brill and if they win all 3 then I will become PISTON RICH.
Also need to consider that whether they win one , two or three they could very well become a target for the mjor oil companies as Petrel are very well connected in Iraq and that alone is worth millions to the majors who dont have much visibiliy out there due to the troubles.
Be Lucky PET

piston broke - thanks alot.Where did you find this as I regular look at their home page but new new info yet. I'm very much hoping that come June/July, We shall all become PISTON RICH.

Good luck to all

Tokyo

Lets hope Mr Piston broke is correct on his facts...have a nice day!

Guys...the bit about one in three chance and contract decision in June is from Fleet St newsletter....the bit about law of averages is my calculating mind ..ie..one in three chance that means we can expect one bid (three are on the table) to be successful and any more is a bonus...the bit about the possible involvement of majors wanting to get in on the act is my opinion, but that it is common knowledge that the biggies have got the hell out of Iraq, therefore if/when things improve, then the quickest way that the majors can get in on the act is to get into bed with a company that may already have a strong foothold in Iraq..no one anywhere is better equipped with this foot hold than PET ( and that is based upon them winning nothing so think what 3 wins would do for your holiday money)...fell down from 46 ish to 40 late morning but I note that shedloads have comeback in so it has turned aound a shade and they cannot sustain it at around 40p...be lucky PETS...

Lets us hope and pray that PETREL does it!!!

rkausar,

If you're going to pray, please pray for something more wortwhile than the price of a share.

Good luck

Considering that Petrel had risen over 40% in such a short time, a spout of profit taking was inevitable, and the recent announcement that the tender dates have been pushed back have worried a few people, I for one am in this until the end of July.

An interesting e-mail below from Petrel.


Email from Petrel Resources dated 11th May 2004.
What do people make of the following comments in the 3rd paragagh under the heading "Exploration & Development Contracts"
"We are pleased to confirm that an Iraqi team from the Ministry of Oil will conduct general and specialised training with our people and consultants over the coming months". READ ON.
Petrel pushes on in Iraq:
Firstly, on security: Our people have received no threats though well-placed Iraqi friends warn us to be careful. We have had no serious security problems so far though general criminality is a problem throughout Iraq for the past year.We have modest insurance cover though the best approach is to avoid problems.
We have Iraqi staff. Foreign staff enter as needed: usually it David Horgan and our French director who is a native Arabic speaker (Guy Delbes). Occasionally we bring geologists, geophysicists or engineers.
We do not yet use an international security service but employ trustworthy Iraqis as needed. This may change but we hope, for various reasons, that it is not necessary.
The tenders are for cash contracts, part paid in advance and part on delivery of equipment to Iraq. The details must be negotiated.
Oil field development projects
Things are fluid in Iraq and the tender dates have moved. As of now
they are:
Khurmala Dome, Kirkuk Submitted on 3rd May 2004

Hamrin, central Iraq 15th May 2004

Subba & Luhais joint field development, southern Iraq 15th June 2004
The budgets have been approved, the cash is available from UN-administered accounts but have yet to be released by the US proconsul in accordance with the UN Security Council resolution.
Despite the priority to restore production to pre-war levels, delays have crept into the system. The tender deadlines have shifted twice:
Petrel was ready to submit at the original dates. Our first tender is in Baghdad awaiting submission shortly prior to the deadline, once it is finally confirmed.



Exploration & development contracts

In theory all pre-war contracts are suspended pending review by a properly established and representative Iraqi government. In practice we push on with our exploration work where it is safe and practical: for example, the well cores were destroyed by looters in April 2003. Therefore we concluded an agreement with the Jordanian NRA to use their core samples for various modern techniques including fission-track analysis. The results will be shared with both Jordanian and Iraqi authorities.

found this on the Ample board - read into it what you will, for me it shows that Petrel's neutrality is going to give them the edge in winning the tender, and then getting the iraqis to join their workforce.
Any thoughts on this welcome

British firm set to pull out

The first British company to secure reconstruction work in Iraq is poised to pull out amid growing fears over the security situation there.

Foster Wheeler Energy is on the verge of breaching its 4.7 million contract because it has failed to recuit enough staff.

The move will embarrass trade minister, Mike O'Brien, who lauded the company's success as a victory for British trade two months ago.

Petrel, being an Irish company and in neutrality should have no reason not to win one of the tenders.

The share price is continuing to increase...

Let there be no stopping it...

Anyone see the article in Saturday,s Mail Ref PET confirms what 'Tokyo' posted secutity is not a proplem.

The MM's are tree shaking again, with all the positive news over the weekend, why sell out yet?