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

There must be some people reading it cos its ticking up quite quickly now!

Looks like people are now even raiding piggybanks for this one,judging by the sizes of the trades.

Mines smashed to bits. And i shook out the sofa.

Just read through the 2004 slides from PET and now feel even more comfortable about my holding.
Page 3 says "now in FINAL contractual, commerical & technical discussions" - my interpretation = 1&2 are in the bag, just working out the money part of the deal.

page 3 also says - Subba & Luhais technical discussions are nearing completion - my interpretation = they are even thinking about giving us all 3!!!!!

page 17 has petrel implying a potential value per diluted share of $6 or 330 pence, if they can change 1 tender to risk-sharing, does that mean 3 would be 990pence, will just have to wait to see.

I'd advise you all to download these slides well worth the read.

Tokyo

Where from?

http://www.petrelresources.com/_investorRelations/investorRelations.shtml

go down to slides 2004

Cheers!

you will need power point to view this

http://www.pctipp.ch/library/actions/pre_download.asp?id=5699

free download above

Its alright I use it for work!

Just topped up again at 127p.I haven't got anything else left to cross for luck.

sandrew whats your average buy price? Just interested!

It works out at 1.06.Shme I didn't buy more initially - but that's always the way when they go up.What's yours?

110p. Same story. 35% bought at 50p (nearly ditched with the recent price crash), 36% at 151p (got caught out on that one), and 29% at 130p. Still I reckon its worth it, my intial holding is still buoying up my overall worth. 110p average will look small once we get some news out from Iraq.

I agree. Expect I'll end up wishing I'd bought more at 127 as well.

Just rang Petrel headquarters in Dublin asking when next statement due. She said she could not say but could only say that Iraqi Oil reps are in Ireland until end of next week.

CG in Ireland

So do we imply from that that no news until at least the end of next week?

I would tend to go with that.

I will have no fingernails left by then!!!!!!!!!!

CG: Thanks again for some excellent input. Firstly for confirming where the Iraqi Oil reps are...some news had said Baghdad. Secondly, for confirming the length of time they will be in Dublin. As for news you would expect something to be released before they depart, and given the significance of this visit, both from a political and commercial aspect you would anticipate some Irish Government involvement as well....anyway just a thought but I do not think it we will wait until the end of the visit until we have an announcement of some sort. I wonder if they will have to take any agreement, in whatever form, back to Baghdad for ratification, or whether they have been authorised to make it all happen on their own account if you see what I mean? John - London

Great info CG, keep us posted if you hear anymore!!!!!!!!!!!!!!