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

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!!!!!!!!!!!!!!

I recieved an answer to my question from millidog over on the ample thread asking if he was thinking along the same lines as me, when interpreting the 2004 slides, below is his answer, remembering that he works in the oil industry, this should put a smile on all your faces when you wake up!! (It's now 6.18am here, and I'm not normally happy at this time of the morning, but today I am, read below to find out why)

As I stated a couple of weeks ago although tendering isn't my forte I think you can read quite a lot into this.

Page 3:
"Khurmala Dome (of Kirkuk field in northern Iraq / Kurdestan) and Hamrin field (north of Baghdad) now in final contractual, commercial & technical discussions.
Subba & Luhais (in southern Iraq) technical discussions are nearing completion".

I certainly would agree that the first two contracts seem "final" with just the "i's" & the"t's" to cross. Third contract close to entering the "final" stages as in the previous two. Again, you don't enter into a 'final' anything if you are not getting anywhere with your tender.

"Petrel agreed an exploration & development contract on block 6 in the Western Desert pre-war (March 2002). Work underway on mapping, seismic interpretation, satellite imaging and geological sampling in Iraq & Jordan".

This to me reads that the two party's have "agreed" is in fact saying that the contract is fully in place which is why work is now "underway". A seismic program is not cheap and involves dozens of specialist vehicles and a very large team of workers, drill crews and specialist geo personnel. 3D data analysis and processing is very involved and expensive. You don't spend this large ammount of dosh if you haven't entered into a contractual agreement.
Once 'hot-spots' are identified by the 2D interpretations of the seismic surveys, the depths, acerage and layers (two/three resevoirs on top of each other at different depths is not uncommon) of the potential resevoirs are then done by the 3D work and data processing centres. The higher potential zones are further defined. Then the geo & drilling management decide which are the targets and draw up a list and start planning the exploratory drilling program.

For whatever reason PET 'seem' to me to have kept this block#6 activity very low key. Only guessing here(IMHO) but it could be that data on the initial findings is extremely good which after 3D finer tuning might identify some (even many) potential bonzers!('gushers' as we call them). Don't be supprised, as with PAN very recently, that in 12 to 24 months news releases are made stating that a well(s) has proved substantial 'shows' and a thorough well test program is to be carried out asap followed by a statement saying the test has proved extremely viable reserves in that particular resevoir.
The potential (revenue) for a field of this size which yealds a high ratio of 'gushers' is quite mind boggling!
Millidog.

Still awake Tokyo, too excited to go to sleep, thanx for the latest info.
Pet are placing more shares tomorrow, lets see how the SP does in the morning. Thanx again and fingers crossed!!!!

I don't think I'll sleep a wink tonight!
Thanks again. S

rkausar/sandrew64 - I know the feeling,I'm gonna try and get a few more shares this week if possible, just raiding the piggy bank!!!!!

Tokyo

tokyo, how many times have i seen you say this is my last top up lol

this one is for sure!!!!(I think??)

Tokyo - Hope you got in quick! I guess we can assume the additional shares haven't adversly affected the price then. Look at it go!!!!!

morning tokyo,..........or is it `top-up tokyo`!,
did you manage to get in in time?,
dexter

at least it aint dropping too badly yet, make up for some of yesterdays losses...

spoke too soon, all the way back down, sells have passed buys...

morning dexter01 - "top-up tokyo" what a cool user name that would have been!!
fortunately or unfortunately as my address is overseas I have to use a bank transfer to credit my comdirect account not my visa card so it takes two working days to clear earliest possible trade date - Friday morning (has something to do with new money laundering laws)
I'm pretty sure that this share is gonna be up and down like a yoyo for the next couple of weeks, but after David Horgan comes back from Iraqi (2-3 weeks I reckon), I will no longer be able to afford to buy this stock!!For me anything under 150 pence at the moment is a bargain
All IMHO, but I've posted enough evidence over the couple of weeks to back up my opinion on this one


Tokyo

Tokyo:

You might be interested to learn from an earlier post that all the action is in fact in Ireland, and that is where Mr Hogan is! See earlier post from CG. So we may have some announcements very soon!