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

http://www.moneyam.com/action/news/showArticle?id=462988

Universe

Felt very concerned about your awful problem of having to pay CGT on 100K profit - kept me awake thinking about it. A simple answer then occurred to me. Don't sell the shares but tuck them away for a couple of eyars to take advantage of the AIM allowances (assuming you are happy that they won't fall back - given that its only a matter ot time before the oil gushes, that could be unlikely). Then borrow the 100K to invest in the next PET, or two, or three. If you are old like me, equity release means you effectively don't pay interest; quite some advantages in being old, yet young enough to enjoy the profits.

Eric

just catching up on all the posts here, really nothing of importance in the weekend press as far as stock tips "If they succeed the upside is massive if they fail the opposite is true!" - well no shit Sherlock, I could have written that story anytime throughout this year.

The two bits of news which could have some effect on PET share holders today, could be Friday's unfortunate news on the beheading of Ken Bigley, Panic sellers who were unable to get out on Friday may wish to Monday morning, although on the positive news on the cease fire may attract more investors over to PET as the situation in Iraq appears to be settling down for the present.

I shall try to get back for 4pm (UK 8am) to see what happens on the market today, also if there are any newspaper stories on the cease fire.

Could be a good week, remembering of course that the Iraqis are in Ireland for another week, then David Horgan is reportedly off to Iraqi for meetings with the oil ministry (hopefully to put pen to paper on tenders 1 & 2!!!!)


See you guys later


Tokyo

morning tokyo,
you`ve been busy over the weekend !,some good and interesting posts.people seem to be getting a bit nervy,understandable though.
dexter

morning dexter01 - yeah quite a few nervous investors popping up, shame really as all this share needs is a bit more time, another 2 weeks in my opinion. All imho of course

Tokyo

i know all these bombings etc are well documented and reported worldwide,but no-one seems to have picked up on what the iraqi prime minister said last week or so.,that 13 of 15 provinces in iraq are stable.now to me thats not as drastic as everone would have you believe,i know the remaing two are in a very bad state and there are unspeakable goings on
tokyo, PET is being backed by a japanese co.,what is the japanese stance on iraq,as far as them being neutral?.
dexter

dexter01 - Japanese want nothing to do with the war in Iraq.

"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

The above is an e-mail posted last Thursday on the ample thread, I wanted to see if it was true, so I of course sent PET an e-mail, to see if DH was still of to Iraq this weekend, as previously stated on this thread

Just received an e-mail from Dr. Teeling -"No comments are being made at this time.", This would seem to support the e-mail above. Looks like we will just have to wait for news, expect continuing tree shakes & nervous investors selling until then, PET are being very secretive now all e-mail enquires are being answered with we are unable to comment at this time, which says to me that they are in the final stages of the contract negoitations and can not say anything until an offical rns is released. All IMHO, but the facts seem to point that way too.

Tokyo

p.s.

Cheers Tokyo. Looks that way, they have clammed up in the last few days. Lets hope its because they are looking for more pens as their old ones keep running out with all the signatures going on pieces of Iraqi paper!

Quite a heavy tree shake by the looks of it!!!!!!!

I thought 120 would be a suport level , this is not what i want like to see, especially as they appear to have put strict controls on any out flow of information.Without which there isnt much to push the price up

There will be... Just keeping quiet to prevent any leaks and premature excitement... But I have to say I thought 120p would support it too.

I also thought 120p would be the support as this is where it jumped to after the interim results. Still, if it drops much more I shall be in for some more. I see they have had to rescale the graph it has dropped so fast!

big end of day drops

Tokyo

To say that the Japanese do not want anything to do with the 'War' in Iraq may be true for the general population, but believe me that was not the case for the Government. I don't think this affects the SP of PET in any way, but trust me on this one.

Regards

PTH

Anyway guys, if Mr DH does'nt hurry up and make some kind of an announcement soon They'll be nothing left of this so called SP for Pet!!!!

Iraq sacks oil security company - as reported by AOL News


The Iraqi border patrol has taken over responsibility for protecting southern oil installations after claiming that a private US security firm on a million dollars (556,000) a day had failed.

At least 200 officers were deployed along a 100 mile stretch between the southern Iraqi cities of Nasiriyah and Basra, said Brigadier Ali al-Moussawi, commander of Iraq's southern borders.

He said his men took over responsibility from a US based security firm which had employed Iraqi, British and American guards to protect southern oil installations since the end of US-led military operations in Iraq last year.

"The American firm has failed to provide adequate protection to oil installations and pipelines, especially in southern Iraq," al-Moussawi said. "Therefore, we took over responsibility today as assigned by the Ministry of Oil."

He said 26 patrols will monitor the area and nine police stations have been established and provided with light weapons, night-vision goggles and vehicles

Hi Toyko,

Did you send the e-mail addressed to Dr Teeling? Just wondering why he answered it? If DH was off to Iraq, would he want to make it public because of the security situation? I know I wouldnt if I was him. Maybe (IMO) he is out there now? The Iraqi officials in Ireland are here for training I understand, maybe (IMO) to do with block 6.

Just my thoughts. If I am talking crap please say.

Regards,

wilbs

Hi Wilbs - No, the e-mail was sent directly to Dr. Teeling, DH is still in Ireland it was reported earlier that he would be going to Iraq this weekend, lets hope it is true as after today we need some great news to give the SP a much needed boost, nothing has changed in respects to the chances of getting the tenders, except that PET has gone quiet on the investor relations front, so this drop is nothing to worry about, even though I'm sure all our hearts sink to see the SP drop, I have a funny feeling we shall all be smiling in a couple of weeks

Tokyo

Thanks Toyko.

It was just a thought. Im not worried about the sp, im in this till the end!!
I think we may see sum more drops if no more news. I guess we will all just have to wait and see.

Better get off to work now unfortunately.

Cheers Toyko.

wilbs