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

thanks for your advice, john and scottie

Bought @159.75 and still holding because simply I have lost that much on paper I have to let it ride. The simplest form of volitility is supply and demand and yesterdays/todays drop do not equate to the figures traded. The MMs are doing a shake but also we have to contend with a massive overbought situation. I bought in because of expected news and here I stay.In the meantime I have applied for a job stacking shelves at Tesco.z

Hi
yes it is true the MM's are controlling the price, it stands to reason , in their eyes, that the price stays at a discount so not to over expose themselves but remain ready when the rocket sets off, which they
surely will. They, the MMs, have been very busy hedging for the past week. In my eyes the buy/sell ratio has little bearing on the price or we would be looking at a flat and not the 10+% downside,showing on my screen.
scottie

yes it is true the MM's are controlling the price

who and what is MM ??

can you tell me

MM = Market Makers.

This share has been ramped up on supposition and hype,i bought these myself in the belief of an early conclusion to the three contracts bid for by pet.However this is dragging on longer than most expect and so i have sold my holding at a small loss yesterday as i can see by todays price this share could still fall quite a bit more, If thats the case i will buy back when the price is more stable if iget the chance.I would not take to much notice of these mysterious EMAILS that supposedly come from DH and JT i cannot see a MD or C/MAN discussing company business to all and sundry in this way . My cmmonsense tells me this could be just more hype to try and prop up an already falling share price . However as always DYOR . REGARDS S24

Hi Universe
The MM's? this acronym stands for the Market Makers, those who decide what price you buy and sell your shares. Broadly speaking they , the MMs have the
job of buying/selling our shares at market price. the market price they manipulate to earn their crust. the present plan seems to be, force the price down AM and manipulate the share throughout the day to keep it down.
If you were around for the rise through 40p to 60+p remember the fall prior to the 1.00 being breached. well that was the MM's ahead of all us with the expectation of news.
scottie

And a lot of people bailed when the price dropped last time and rued the day that it shot up, will it happed again?

You always know (or should) when you buy a share like this you need to be prepared for the bumby ride. It is a little bit scary when everybody starts to panic, never invest money you are not prepared to lose in a share like this. I bought high and like it was said earlier, 'what has changed?' 'nothing' is the answer. There was never any guarantees, im in, and im staying in until the news is announced. If the news is good we are well up and tough for all those who lost their bottle, if it is bad, well who's the mug then. Good luck everyone.

sheny24 - as ALL my posts on this board will atest I have done plenty of research on PET, the e-mails that I've posted here and on other boards have all been verified by PET, if you check the advfn board you'll see this to be true, or better still ring PET and ask them, sorry you sold out too early and made a loss, but your post is well out of line, if you buy and then panic sell without doing any research that is your own fault, as MY common sense tells me DYOR!!!!!!!

Tokyo

do i buy now just before close or do i buy tom. at 80p. for the last shake in my opinion.the mms have done a grand job in accumilating enough stock for the
news of the contracts where they will sell for big profits within days in my mind.

Tokyo, don't get let criticism (unjust or otherwise)get to you, Speaking for myself and properly loads of others I have appreciated your post since I opened my position in 5/6 months ago (april) or when I found this site.
I too have done the reasearch but I have always found solace in the agreement posted by you.
So in advance thanks I may be too busy next week, looking for the next'petrel' which I believe I have found----still checking.
good luck & thanks again
scottie

Tokyo: Your excellent posts over time have been well received, certainly by me and I am sure by many other readers of this BB. Please continue to post as you see fit. All input is of course useful in building a picture, critical, negative or positive...but if you really believe in this story then there is only one eventual outcome IMHO. Have a good evening. John

Tokyo, i am sorry if you think my post out of line , but you must admit this share has been hyped to the high heavens in the past months AR and all his other names has been ramping this share continuosly for months. It makes me very wary when this happens, you say you are sorry for my loss, and i thank you for that. However tis share is not just having a bumpy ride as one poster puts it , it is falling off a cliff, if this continues people like myself who have sold will with a little luck be able to buy back in at a much reduced price increasing my original holding by 50% more for the same amount as i originally had invested Granted i am taking a risk but so are you and the more this share drops the bigger your loss and the bigger my gain. Please dont think i am being adversarial it's just my way of assessing the present situation, and yes i have done lots of research from the day it was first mentioned in the FT over a year ago at 3p REGARDS S24

Like Tokyo has said you have just gotto be calm and never panic!!!
I have done my research also and patience is the key in buying a share like this...
Sorry to all those who sold out early!...

S24 - I was actually pissed that you thought & posted that I had posted a "fake" e-mail, which by now if you have checked with PET know is 100% the real deal, although water under the bridge, as a guy can't hold a grudge for more than a day.(it is in the guys handbook you know?)

Your post above shows you have a plan to buy back at a lower price, and there are many other posters thinking along the same lines, in all honesty I hope it works out for you, I for one am happy to hold until after contract news and will not be pressing the sell button for some time, but I can see the logic, if I had sold @150 and bought back today I could have increased my holdings by 50%(oh for the wisdom of hindsight), although it is hard at the moment to buy large chucks of PET, when I checked I could sell 10000, but only buy 1000 shares on comdirect(what does that tell you about the mm's plan?), not sure if you can fill large orders over the phone, if it all works out(and I hope it does,as I hate to see fellow investors lose money), I'll buy you a beer and toast to your wise investment stratergy

good luck
Tokyo

Taken from another BB, posted by someone I greatly admire as his posts are always right on the money -

A few thoughts:

Lets not forget the "Consultants" opted to take their payment in 400,000 PET shares as opposed to cash. The "Consultants" would be privy to far more inside information about the Tenders and the likely success or failure, than the likes of us shareholders.

Ask yourself if you were in their shoes, would you take the Shares in preference if you thought they were going to bomb?..................Hmmmmmm difficult one that!!

I'm convinced that at least one contract is in the bag, and I have a feeling that block six is going to be a far bigger play over the next few years. The e-mail that Tokyo posted clearly indicates that PET are pushing for a risk/profit sharing framework, and as we've heard many times before, the potential is mind boggling!

The last two days has seen many posts about selling out at 132p, buying back at 118p etc etc and loads more bollocks. Fine if you want to hustle a few grand here and there, but I feel those traders have completely missed the essence of where PET currently stands. This is an Irish Minnow about to snatch the crown jewels from the big boys. The upside is huge and the downside is limited to at worst your stake. If you want to be a wimp, panic sell on a twitch, and move onto your next paltry deal. If you want big bucks hold.

I for one am totally focussed on Teeling and Horgan and the game plan, and will continue to hold until we have definite contract news. I certainly won't be hitting any sell buttons due to market volatility.

The MM,s are having a field day 1.6m buys, 1.7m sells. NOTHING IN IT!
DON'T FALL FOR IT.
Whoever sold the 60k at close I think had more nerve selling than holding, but good luck anyway.z

Morning everyone

It's 4.17pm here, we are 8 hours ahead, look forward to hearing from you, we all the ups & downs this share is gonna experience in the next couple of weeks it will be good to see some level headed postings from everyone, Bartyboy's one last night was on the money(I posted that here last night), see the big picture, try day trading this one and you are gonna get burnt, rember we went from 50p to 150p in a matter of days, once the first two contracts are announced, and really is there anyone here who doubts they will? Really only seems a matter of time as soon as DH returns from Iraq the SP is gonna rocket, which is why most of us, still hold on tightly to our PET shares

Good luck everyone, don't let the erratic stock price get you down, just think about the pot of gold!!!

Tokyo

Tokyo: True believers will see the fall as a good time to top up holdings. Key decision of course is at what price...anything below 1 seems good to me...it may be less but it's all relative.

On the Heating Oil front, lots of long range weather forecasts coming out to say we are in for a very cold winter..at least both in the US and UK. So demand for the black stuff likely to remain high in coming months. Is it the same for Japan, as a recent news report said that Japan was also short on reserves? John

Has anyone noticed ....more buys than sells today yet price down 4%. Makes sense to me !!????!! The more I see this happening the more convinced I am we've got those contracts and the announcement may be sooner than we think.
PS What affect will opening up these fields have on the oil price generally? Any ideas?