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 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

My post on Iraqi Oil security (501), was really to support the view that the Iraqi's are starting to take on responsibility for their own affairs. That must be a good thing and suggests that they can start to take independent positions on other issues - such as the award of Oil contracts....hopefully the first will be with PET!! As long as PET can put forward a good bid, and I am sure they can, with adequate financial backing (Japan?), then it will be good news soon. BFN John

if they shake the tree much harder the branches(let alone the leaves)will fall off!Quite a dive recently, really ned some news and from what Tokyo is saying we are not going to get any for a while

willfagg - All IMHO, but I expect an RNS next week, lets face it the contracts will have to be signed in Iraq, we may get news leaks before then , but the RNS is a few days away, not long in my opinion for the rewards that will follow with this share, hence I have not taken any profit and still hold onto 100% of my holdings in PET

Tokyo

For those panicing, perhaps you should read a post from someone who has not lost his head amidst all the panic, as his views mirror my own, as I will not be sucked in by people who want to take my shares & profit for themselves......just stop and ask yourself, what has changed from a week ago (apart from the SP being manipulated), nothing PET's chances are still very strong, infact I would say after a week and a half of negioations they are fantastic, although if you are unable to interpret the recent info in a positive way, I'm afraid you desrve to miss out on the inevitable rise of Petrel!!!!!!


SWALF - 11 Oct'04 - 19:14 - 20179 of 20464

I am truly amazed by a posting yesterday that was taken very seriously by several people on this board. It was the rather large posting stating that the war in Iraq was being lost by the zionist Bush administration etc etc. The origin of this post was a conspiracy website that believes amongst other absurd things that 911 was a result of a nuclear explosion, that the Port Arthur massacre a few years ago was infact undertaken by a covert group of assasins and most probably the most sickening of all that the Holly and Jessica murders were in fact undertaken by the US military.

What type of investors has this share now attracted - and what type of moron believes this crap. It worries me when I see that several investors have been sucked into selling by such a sick and absurd attempt at deramping a stock. People the ONLY conspiracy here is the amatuer attempt by some idiots to make you believe that this stock is going to fail. If you cannot read between the lines then you deserve to loose your shirts. It is now being manipulated so that the so called city insiders can gain a foothold in the stock without raising suspicion through their attempts which are illegal and immoral at best. For those of you who have the intellectual level of a retard let me tell you one thing. This is not a ramp just a piece of insight. This company is on the verge of signing contracts which will put market success stories like Sage, to shame. Yes there is a very real risk but all the REAL indicators are that they have pulled of a superb upset, similar to England winning the rugby world cup(joke) The true value after announcements is in fact approx 400p

dyor imho AND dont be a bunch of morons

Tokyo,appreciate the feedback. I also have not sold any, but its good to talk!

Tokyo, that was a good bit of posting, saying what all of us want to say. I am currently still holding 100% and hope to continue doing so, so keep it up! My current employment contract runs out on the 29th October, so i hope it hits the big time before then!!!!

Out of interest what are your average purchase prices, mine's 110p after an unfortunate incident last week with a certain late buy order...

Mine is 37.5p, sold half at 152.5p to hedge my bet and now waitng for the contract decision.

OK everyone, yesterday I received an e-mail from David Horgan, but I needed his permission first to post it, as it pretty much confirms that the tenders are in the bag, if you can read between the lines, he has just sent an e-mail giving his permission, as he feels posting this on the BB's may stop all the phone calls, please feel to get PET to confirm this is real, then STOP bothering them!!!!!

this e-mail is incredibly exciting!

Reading between the lines, I can only say that the Petrel team are obviously
negotiating a risk sharing agreement in Dublin. The comment about the
Ministry being stretched is also significant.

This e-mail gives the flavour of a man who's bursting with excitement,
and is desperate to share his good news.

sorry I couldn't share this sooner, but had to check it wouldn't harm PET or break any rules first.

Tokyo

RE: Contact Petrel Resources : slides 2004
Date: Mon, 11 Oct 2004 13:11:46 +0100
From: "David Horgan" dhorgan@cooleywhiskey.com
To: email removed



Given regulatory rules, I probably shouldn't talk to individuals about such
questions, but this is my personal opinion:
It is fair to estimate the discounted, risked value of Block 6, Iraqi
western desert at 60p per share. It could be much higher or lower.
The value of the development contracts depends on:
1. the margin of the development contracts themselves and
2. the probability of converting such contracts / arrangements to
risk-sharing arrangements.

The fair discounted, risked value of each contract is about 30p per share -
though it does depend on the exact terms any any cost overruns.

However, the big prize is landing a risk-sharing deal. This really could
be worth anything:
a. the structures identified at depth are large and oil prone.
b. exploration risks are low (the best place to find oil is in an
oilfield).
c. the Iraqi Ministry of Oil is over-stretched and needs such arrangements
as soon as legally possible.

Any reasonable terms (say 30% production sharing) could literally be worth
billions given the size of structure and relatively fast time to develop
giving existing infrastructure. Petrel has few shares in issue (only 66m
fully diluted).

So the markets are not necessarily irrationally exuberant on seeing Petrel
as huge potential, albeit with high political risk.

David Horgan
MD
Petrel

Still holding 100% and will continue to do so until a decision is reached. Avg. price 1.06. Thanks for the positive insights and feedback guys.I know deepdown you are right,but sometimes it's helpful to be reminded. S

hope that makes you all feel better

Tokyo