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

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?

By Glenn Kessler
The Washington Post

WASHINGTON Secretary of State Colin Powell emphatically said yesterday that if the incoming Iraqi interim government ordered the departure of foreign troops after June 30, they would pack up without protest, but emphasized he doubted such a request would be made.

Powell said the United States believes a U.N. resolution passed last year and Iraqi administrative law provide necessary authority for coalition forces currently numbering about 170,000 to remain even beyond the scheduled June 30 handover of limited sovereignty to an interim Iraqi government.

"We're there to support the Iraqi people and protect them and the new government," Powell said at a news conference with other foreign ministers from the Group of Eight nations. "I have no doubt the new government will welcome our presence and am losing no sleep over whether they will ask us to stay."

But were the new government to say it could handle security, "then we would leave," Powell said.

Powell said he was "not ducking the hypothetical, which I usually do," to avoid confusion on the extent of the new government's authority.

His statement, which was echoed by L. Paul Bremer, the U.S. civilian administrator in Iraq, and the foreign ministers of Britain, Italy and Japan, came one day after conflicting testimony by administration officials on the issue.

Testifying before the House International Relations Committee on Thursday, Undersecretary of State Marc Grossman appeared to say the interim government could order the departure of foreign troops, only to be contradicted by Lt. Gen. Walter Sharp, Joint Chief of Staffs director for strategic plans and policy, who asserted that only an elected government could do so. Iraqi elections are scheduled for January.

The new government's ability to assert its authority after the occupation authority dissolves has been a central question in the international consultations over the shape of the incoming government, with the United States under pressure to transfer as much political power as possible to the Iraqi people.

"The Iraqi government has to be in a position to govern, and that's why I mean that it has to be a break with the past," French Foreign Minister Michel Barnier said. In Baghdad, Bremer told a delegation from Iraq's Diyala province that American forces would not stay where they were unwelcome.

"If the provisional government asks us to leave, we will leave," Bremer said, referring to an Iraqi administration due to take power June 30. "I don't think that will happen, but obviously we don't stay in countries where we're not welcome."

White House spokesman Scott McClellan told reporters the Iraqi people still want help from the United States and coalition forces to provide security.

"Iraqi security forces are not fully equipped and trained to provide for their own security and defend their country against terrorists," McClellan said. "And so, after the transfer of sovereignty on June 30, we expect to continue to partner with the Iraqi forces to improve the security situation."

French, Russian and Italian officials pressed yesterday for the new Iraqi government to be given the authority to halt military actions by U.S. forces.

Powell rejected that, saying the forces will remain under the command of an American who "has to be free to take whatever decisions he believes are appropriate to accomplish his mission."

But Foreign Minister Franco Frattini of Italy, a strong supporter of the U.S. invasion of Iraq, disagreed. "If we imagine a unilateral decision by coalition forces after June 30, without listening to the Iraqi people or without giving them the power to say no, there won't be a transfer of power," Frattini told reporters.

"And, in fact, what we want is that there is such power for the Iraqi people."

Material from The Associated Press is included in this report.

oops just heard that a security minister has been killed in a car bomb in Iraqi, perhaps time to get for a while until things settle

tokyo sounds like you'r doing a bit of de-ramping you after cheep shares. or is it to hot for you

I'm afraid I'm out of this one for now Yes just a little too hot for me), caught the report on CNN this morning, and sold just before the big drop , although surprised and happy to see it pull back so quickly. It's probably gonna be my loss on this one, but I wanna stick my cash somewhere a little more stable for the time being.

Good luck to all those who held on, I hope you all get the rewards you wanted.

Tokyo

Just thought you folks would like to know that Fleet Street was flogging this tip for about 450 plus other golden tips as well. Paid them the fee only for them to tell me 4 days or so later that this share was not such a good buy after all....they did refund my fee. Clearly not impressed....and William Rees Mogg...I do have the evidence in case you think otherwise.