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

Two bits of news that are gonna rocket the SP of PET tomorrow

http://www.islamonline.com

Hostage takers seek clarification of Bigleys Irishness
10/2/2004 3:00:00 AM GMT
IslamOnline.com Exclusive, BA

In what appears to be a breakthrough in negotiations with the hostage takers of Ken Bigley who is currently being held in Iraq, the hostage takers have asked for clarification of his Irish heritage and roots as means to counter his British citizenship and then secure his release.

A respected local Imam, Syed Al-Kareem who spoke on phone from Baghdad to IOL offices in BA and who has been involved in back channel negotiations has stated that he saw Bigley early today and that he was in good shape.

The Imam stated that Bigley is in good shape and is being treated well by his captors and is currently being held in a Baghdad suburb. The captors have asked for clarification of his Irish heritagethe captors clearly stated to me that they have no fight with the Irish people, but were unsure if he was an Irishman or English and are seeking clarification. The Irish have fought like us to wipe the stain of English Imperialism, murder and rape from their lands the Imam further quoted the hostage takers.

It is believed an appeal made by Sinn Fein President Gerry Adams in addition to a request from President Arafat have spared Bigley of being beheaded as were the two Americans who were also captured alongside Bigley.

Adams said "I am not here to lecture to people or to dictate to people, but I believe that the cause of those who hold Mr Bigley can be better advanced if they are magnanimous and generous and release him."

A Sinn Fein official has spoken to the Palestinian Authority on Mr Adams's behalf and intends to speak with Jordanian officials later on Thursday.

This progress comes as the U.S. began a major offensive in the Iraqi city of Samarra, killing some 100 Iraqis and British PM Tony Blair failed to assist in Bigleys release.


the sunday times article

With the news coming out about Mr. Bigley/Gerry Adams and the times article, I see tomorrow being another great blue day for PET

enjoy all

Tokyo


The Sunday Times - Business



October 03, 2004

Petrel closes in on Iraqi oil deal



PETREL RESOURCES, the Dublin-based oil exploration minnow whose shares have increased by 500% this year, has moved a step closer towards securing one of three oilfields it is vying to develop in Iraq, writes Ciaran Hancock.
Officials from the Iraqi oil ministry arrived in Dublin this weekend to meet with executives and thrash out details. It is understood that the officials, from the state company for oil projects, will spend two weeks in Dublin, with executives from Petrel visiting Iraq later this month.



In a statement to the stock exchange last Thursday, Petrel said it was in urgent and direct discussions to finalise technical and commercial matters in relation to the tenders it submitted for the Khurmala Dome and Hamrin fields in northern Iraq.

Petrel has secured financial backing for the projects from a Japanese trading house.

The tenders are designed as cash contracts but the company hopes this will evolve into a risk-sharing arrangement whereby Petrel would carry the exploration risk in return for a share of revenue from oil sales.

The Iraqi oilfields could contain in excess of 2 billion barrels. Petrel reported a loss of 126,000 in the six months to the end of June. Its share price, however, has soared this year from 24p to close on Friday at 1.20.

Great info. Tokyo. Fingers crossed and best of luck all!!!

Might be worth getitng a trade in for first thing tomorrow, does everyone agree?

Price could soar again next week methinks, especially with the confidence that this little snippet will give...

"Next week it will hopefully finalise negotiations over the three tenders it submitted between April and June for three development projects."

Good luck to all who held (as I did) and all who will buy next week (possibly me included!).

So, thoughts on early morning tomorrow trades on this a good idea?

107606 - it is one thing that we have all said that the irish have the advantage over in iraq, as they are well liked by the irais, but it is a huge vote of confidence when it is said out loud by the insurgents, as terrible as we can all think it is, this can do nothing but help the SP of PET along with their prospects for the tenders, plus all future ones, I'm topping up with a few more shares for the final time first thing monday morning

good luck to all pet holders

Tokyo

If its good enough for you its good enough for me! Then sit back and enjoy the show...

tokyo,
are you that japanese trading house!!?,
how long have you been holding PET now?
dexter

morning dexter01 - I've been holding since 31 pence(check back on this thread I was the 3rd person to post,seems like such a long time ago), unfortunately not that trading house, but if i had that kind of cash, would happily use it to support pet!!!!!!

Did you read bahouse's post over on the advfn thread, really interesting!!


Tokyo

I'm in again @ 136.9 x 10k :o)

chartist2004 - hope you make a huge profit again!!!!!!!

Tokyo - Thankx I did :o) 1251 in 1/2 hr....

tokyo,
yes i did best post i`ve read,
dexter

Guys, any thoughts on where this SP may get to this week? IT's rise seems to have broken all charting rules!

I guess if we get a contratc this week the sky is the limit, if not, I dont know, it's all speculation! Thoughts?

Speculation, you kidding its a 99% FACT!!! SIT BACK AND ENJOY!!!

Iraqi reps are in Ireland meeting David Horgan this week. Petrel only deals with the Oil ministry.

how how the price will go depends on;

1) will petrel get one or three oil well contracts
2) are they risk sharing or are they cash contacts for service ( cah contracts worth about 150 million per well)
3) will an Western oil major scout Petrel for a share of the action?
4) how high oil price stays
5) stability in Iraq after elections

If they dont get any contract/ horgan is killed/ oil ministry rejects tender process with regime change the shares are worthless.


Based on this it is looking very positive for PET I see they getting a min of one contract which should make the share price worth 2 stg at least but upside to 5 stg depending on contract.

CG in Ireland

Iraqi reps are in Ireland meeting David Horgan this week. Petrel only deals with the Oil ministry.

how how the price will go depends on;

1) will petrel get one or three oil well contracts
2) are they risk sharing or are they cash contacts for service ( cah contracts worth about 150 million per well)
3) will an Western oil major scout Petrel for a share of the action?
4) how high oil price stays
5) stability in Iraq after elections

If they dont get any contract/ horgan is killed/ oil ministry rejects tender process with regime change the shares are worthless.


Based on this it is looking very positive for PET I see they getting a min of one contract which should make the share price worth 2 stg at least but upside to 5 stg depending on contract.

CG in Ireland

Oh i dont like to get my hopes up in case iraqs oil turns out to be just black dirty water... So here we come, the sky!

Iraqi reps are in Ireland meeting David Horgan this week. Petrel only deals with the Oil ministry.

how how the price will go depends on;

1) will petrel get one or three oil well contracts
2) are they risk sharing or are they cash contacts for service ( cah contracts worth about 150 million per well)
3) will an Western oil major scout Petrel for a share of the action?
4) how high oil price stays
5) stability in Iraq after elections

If they dont get any contract/ horgan is killed/ oil ministry rejects tender process with regime change the shares are worthless.


Based on this it is looking very positive for PET I see they getting a min of one contract which should make the share price worth 2 stg at least but upside to 5 stg depending on contract.

CG in Ireland

Just topped up in the hope!

check out EEN they are going backwards on lack of news but the clever ones
are topping up when the sheep are dropping out.