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

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.

cathal...would you like to post that again
3 times for the same comment

When is the news coming?!

Just bought some at 139p

Price falling to that of yesterday, is their any news that we should know about.

Its just settling after a mad few days, because of no new news. Wait for the contract announcement, then it'll be off again.

a big thank you to those guys who kept the faith in this. this is the first share i ever bought at 44p a couple of months ago on the postings of tokyo, dexter etc. if only it was always this easy

That is a stroke of luck. Ive only been doing it a few months and I had a couple of small dud trades, then found this (I can't remeber for the life of me why I chose it, but it worked!). All the best with your 44p shares! Fingers crossed for good news soon.

GEEBOY AND 107606
DO NOT get carried away!!!
It certainly isn't that easy. I got in at 34p av a while ago. Sitting nicely now thanks very much. You're very lucky to be in this particular share at the mo, but it could just as easily come crashing down. I bought WST at the end of 2000 for 9p. The next day it was 20p. Thought to myself "This is easy!". Topped up at 25p. Still holding it at 3.88p. You learn more from your mistakes than you ever do from your successes........

CG: Thank you.

Up 12p not bad, hopefully this should continue until the good news, fingers crossed and best of luck all!!!

when I first started trading I had a couple of small victories, "thought this was easy". Then I became greedy put more capital in shares and started to lose large amounts. I"ve learned more from the losses, than any profit.

Have a strategy, mine is 10-20% profit then sell,NEVER BE GREEDY, always another share to buy. stop loss at 20% max.

buy undervalued quality companies with earnings or a niche company with huge potential and enough cash to see it through to production.

I may invest in PET but will wait until the contract/s are announced, there will still be plenty left in the price after the announcement.

I've had pet since 40p, There is so much positive news going around that you can't help but to hold on that little longer!!!

I had a few little mistakes, but just sold ACE today for a 50% gain, got some in PCI (waiting for news) and of course PET. I learnt from my early mistakes (thankfully small amounts) and its going pretty well now. I'm not a greedy person so I should be ok!!!

Tokyo, where are you when we need you, give some advise, should we sell or should we keep????

rkausar, its positive SPECULATION at the moment, what happens if PET does"nt win a contract, be careful

If they dont get one then there will be a big loss, but the positivity has not come from nowhere. There is a lot going on right now, and one would be unlucky to lose it all after no contracts are awarded, as this is getting less and less likely. We just need to be kept up to date with the progress of these contracts by those who matter, and the price will hold pretty firm.

Got sucked in this morning, never mind, my own fault. Bought at 159.75p along with many others. Looks like too much profit to leave in the market so it was removed. Hopefully the same people will re-enter the market and back up again.z