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

Afternoon all,

Looks like Japan are happy to continue building strong relations with Iraq

hmmmm...... Japan & Ireland building up strong relations with Iraq, now I know that means something for us.......now, what could it be? answers on a postcard to...........


enjoy the article

Tokyo

Japan, Italy agree to cooperate on postwar Iraq aid
MENAFN - 06/10/2004

(MENAFN) Japan's new Foreign Minister and his Italian counterpart agreed to cooperate and work together in providing reconstruction assistance to Iraq, Kyodo News reported.

The Japanese minister said that Japan is also seriously working on Iraqi reconstruction through its economic cooperation and deployment of Self-Defense Forces troops in the southern Iraqi city of Samawah.

10706,


Re your request for e-mail extract from D Horgan - here you are! (Your comments the other day about smashing piggy banks and turfing out sofas made me laugh the other day! Keep it up!!)
Can't be long till lift-off now!

best regards

JS

The extract is as follows:
Everything is going well and the Ministry officials are helping us out to minimise personal risks etc. They are excellent professionals. Our Nominated Advisor says not to comment on dates until we can notify all shareholders simultaneaously. Regards and thanks for your support! David Horgan MD Petrel

-----Original Message-----
From: Maiden Over(work email removed)
Sent: 06 October 2004 18:55
To: 'david.horgan@CooleyWhiskey.com'
Cc: 'davidhorgan@CooleyWhiskey.com'; David Horgan
Subject:

Dear David

Apologies for the intrusion but as a shareholder I wonder if it would be possible to enquire when you are likely to announce whether we (you) have secured the 3 contracts in Iraq. There seems to be varying speculation so I thought I'd go straight to the horses mouth. "I dont know" is a perfectly acceptable answer as are balance of probability answers ie in a month probably or this time next xmas!

Many thanks for the information as I am sure you have your mind on slightly more important things at the moment!

Regards and good luck

"They are excellent professionals. Our Nominated Advisor says not to comment on dates until we can notify all shareholders simultaneaously."

do we more spelling out 1 or to contracts are already in the bag. Did Mr Horgan need to be praising the iraqis in SUCH TERMS ("excellent professionals") if they were tiring him with negotiations.

Also "...not to comment on dates until.." We are talking about dates now, aren't we?

just keeps looking more positive everyday

Tokyo

Thank you SALKELDJP that is just what I wanted. And I'm glad i keep you amused, i try my best! I want to close my eyes for a week and see what everything looks like when i open them, but i cant help peeking!!!

107606,

I know the feeling! I went for a check-up at the doctors last week for a blood pressure test. The machine must have been broken because he said it was fine! How could it be? With PET about to blow (again!) the suspense is incredible!
JS

A nice little end to the day, 3.09% to the good. Damn looked again!

107606

I also went to Diss High. How old are you? (if you dont mind me asking).

Were you there in the days of Mrs Kooij?

Wilbs

Hi Dexter.

Diss is a bootiful place. I got onto PET when they were 29p and have topped up along the way upto 62p. Imho I think Pet will def get 2 contracts and block 6 is in the bag. Not sure about the third. It would be great if they got all 3. I am quite a novice at this and am learning loads each day. Yourself, Toyko, Milidog & Bahouse seem to talk alot of sense and are here for the same reason as myself and many other PET holders and that is to see PET fly and it is always a pleasure to read your posts. THANKS!! Im gald to see the back of the time wasters on this BB and on others.

Regards,

wilbs

Nothing of any great relevance to add except if this decision does not come soon will be spending all of possible proceeds on botox and plastic surgery to repair damage to fingers ( nails went ages ago) and wrinkles ( haven't slept since the calculations started) and I've only had this holding a week! How on earth have you people survived for months...???

Posted this on the ample thread, thought I'd share it with you guys as one poster is really knocking the current SP saying it is over valued

Alot of interpretations of the slides going on else where, and sorry I don't agree with most of your worries, although I can honestly say I have read the whole report/slide show, have you all? Lets take a look

"Present Cirumstances implies a Value per diluted share of $1.5 or 83p. " (this is the sentence that worries most of you, is it?)

now please go onto slide 19, this reads

"price range 5p-83p, current price 83p."

then we turn to slide/page 20 and we see a graph from 30th September 02 - 30th September 04.

Just having a wild guess here, but do you think perhaps maybe, if these slides were released today it might read


"Present Cirumstances implies a Value per diluted share of 133.5p. "


When investing in companies such as PET it really does pay to read the whole report and not just the pages that people on BB's point out to you.


If "Present Cirumstances implies a Value per diluted share of $1.5 or 83p. ", then the price would have dropped back down to 83pence until the 1st contract was guaranteed and would not be hoovering as high as it is.

It truly is there in black & white, I can not disagree, although also there in black & white is the date 30th September 2004, and when did the Iraqi officals arrive for urgent talks........oh yes at the beginning of October.

Present Cirumstances not being the same today as they were in September!!!!

Well that's my pennies worth, feel free to shoot it down ,if you think I'm way off, but reading between the lines of all the e-mails, reports and the RNS I don't think I am. I'll be holding for alot longer and not panic selling because someone else thinks the current share price is too high.


Tokyo

Holding as well wishing I had more funds to invest.The fingerless ,wrinkled one.S

sorry guys I topped up again today, every time I do top up the price drops a bit, but always recovers later, we will be in the blue later today. With Iraqi officals going back to report to the ministry, Iraqi enginners coming to Ireland this weekend and then DH going to Iraq the following weekend, you don't think the press are gonna have a field day with these stories. I'm looking forward to the weekend press and would not want to out of this until all 3 tenders and block 6 information has been released

Tokyo (aka top up Tokyo)

Morning Tokyo, what a cracking trade this has been this week, been in n out 4 times, been selling far too early though missed out on 2.5k ouch! as a result!!

Mike...

wilbs,
thanks for your kind words,only a novice myself,1yr only.tokyo and millidog are far more experienced than me.do you read millidogs postings on iii bb,they make very interesting reading.
dexter

down 4.50p today, I thought it was supposed to go up!!!!

rkausar,
4p or so at the price now is nothing to worry about,just people day trading or a bit of profit taking.it seems to have stabalised at this level until an announcement.(well i hope so!)
dexter

Tell me what you think of this info guys, I found it on the AOL money board!!!

Petrel Resources.

1). They are are about to appoint a city spinner to talk up the shares.
2). On the tender they have won already in the Western Desert they are about to drill 4 wells. They have told people that they are hoping for a 1 in 3 hit rate. However, there were 9 blocks available in the Western Desert & they chose 1. Why? They already have previous seismology reports (8yrs worth of Iraqi information pre the new Ministry of Oil) & they have "poured" over these to know which one is the most attractive.
3). They have been advised by analysts that the Western Desert tender is worth at least an additional 60p per share + an additional 30p per share for each drilling bore that produces oil & effectively seals their production rights. Potential Growth = 1.80p on top of current share price. However....
4) The most exciting bit of news!.....In the next 5 weeks they will find out if they have won one of three licences it has bid for to develop "known" fields in the north, south & central parts of Iraq (These were previously capped off post 1st Gulf War). In each field they can produce more than 100 million barrels per day. To put this in context, BP produce just 4 million barrels per day globally!
5) Th ultra exciting bit of news!.....Petrel are very excited by what is below these relatively shallow fields. Petrel are confident that there is a lot more oil to be found & they will be able to take a share of around 30% of any newly discovered oil.

Petrels shares are not going to stay where they are for very long & if youve got the stomach for it stay with it or buy...after all weve only got to wait 6 weeks for the answers!

And this also....

Some interesting background info for you all......

At $50 per barrel a range of alternative oil supplies become profitable, shale oil, marginal fields in the North Sea, mothballed projects in the Gulf Of Mexico, among other sources.

However......

None of these sources can compete with the economics of Middle East Oil that has lifting costs of just $1 per barrel.

There in lies the opportunity....especially when you consider also that....
.
One attack on the big 4 million barrel a day Saudi Arabian oil refinery can plunge the oil market into crisis & threaten the world economy.

Iraq can contribute upto an extra 6 million barrels per day....

This is why people are investing in this share...financial institutions & multinational oil companies are now requesting an audience with Petrel Resources.

Their tenders have involvment from a number of large companies.

The good news......Growth in this share has only just started & its not too late to make healthy gains.

rkausar,
good post,although i think that point 4 should have read,each field can produce more than 100 THOUSAND barrels per day and not 100million.7
dexter

rkausar:

Thank you for posting this information...very interesting. My only question is where did 'AOL Money' get this information from as I am not aware they have a team of financial journalists? Meanwhile it supports the screaming BUY Status whatever the outcome of the key news on the larger oil fields. Thanks again.