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

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?

sandrew64: In the short term I do not think it will have any impact because they will still have to extract and ship the Oil, which depending on location and other events could take a while. John

I have seen this as time to come back into the stock. i missed the boat on the first break out and have sat back waiting for profit taking and the inevitable pull back. This for me is a breather before it breaks out again.

Lets hope

200 posts in a week.....on this thread...
now I know its overbought

sold at 118 looking to re enter around 75p
any day now :-)

Yeah but 200 posts from about 10 people!

Thanks for your comments John. S

Now lost a considerable amount of money, but still optimistic! Its not lost until they announce that they have no contracts, which is not going to happen!

as i said yesterday see post 535.
there have been a lot of t-trades in the past 2 weeks , so those who bought without funds expecting contract news then. have sold out or got burnt.
those who bought with funds are still holding and can wait little longer will be rewarded, the mms knew this and triggered stoplosses and panicked a few and also accumilated enough stock because when the news does come they will sell much higher.nothing has changed in the last week or so which tookthese to 150.
just be patient .

I will dont you worry. I've been in these since 50p and topped up last week when it was unfortunately a bit higher, but confident of the rise to come. I think the best strategy is to just close my eyes and look again in a couple of weeks!!

What does CWO and Pet have in common ??? any guesses, yeah they were both 150p last week and the're both falling like rocks this week! ha ha ha.....

Sorry guys, I just thought while we're waiting for Mr Horgan to release some news, we might entertain ourselves!!!

Feel sorry for anyone that bought into these at the recent highs. Those sp levels were just for the day traders and not for a scaredy cat like me.

Quite happy to be holding my 35p shares at the mo, but I am tempted to nip in for a nibble if the price comes back to 60/70p. Anything above that is just gambling IMHO. As some are saying, there's no news so why all the wailing and gnashing of teeth???