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

I wish I could agree the shares will fly I really do I really do but the over-speculation has reached such a feverpitch that I doubt the stock will get even get back to 150p even with positive news. I have no interest either way as would never invest behind such a volatile and unpredictable stock in such wild trading. Agree with Azhar's comments - unsustainable and not helped by quite wild unsubstantiated ramps - long watched the am boards with a high degree of respect for posters who really understand the fundamentals of the market but this thread is a shocking reminder of the perils of falling for the hype. Amazing to read all the personalised David Horgan emails - this guy clearly has a lot of spare time on his hands, right.

You can't apply TA to a share which has went up on rumour, the same applies when it spiked up.I still say because the shift in ratio is to the sellers the mms will allow Pet to consolodate not far from this level for now.

joehargan
totally agree,an excellent post.no bias just level headed.
however if a contract were announced in PETS favour i do beleive it would beat recent end of day highs,but only just.the downside in the next month with ramadam looming,the possibility of no news could be disasterous.this share has been ramped to the hilt.myself bought57p sold 106p,may throw some into RAB its just broken out and with a 40% holding in FOGL who float tommorrow

I think you are all very brave!

Appears to have found it's floor at about 82p maybe time to start buying a few.

It's called investor relations, not a whim but an obligation for all list plc to keep their share holders informed. David Horgan's failure to contain his glee at the potential of landing the catch of a life time, and make no mistake this could be the gusher that will make both Petrel and him BILLIONS, certainly within the decade, must surley be allowed to share some of his good news with 'fellow investors'. I stand to gain but a small percentage on that potential but the thought fills most of my working day--to the detrement of my portfolio, so please don't be hard on DH and hurry with the SIGNING!!!

Mr Horgan if you are listening out there, it would be nice to relaease an RNS for your long awaiting share holders, as it would help calm the SP and everybodys nerves down a little!!!

Much appreciated!!!

I have to agree with seawallwalker (p.576).

skids

Thought about this one as it started to spike, but decided to leave alone. Unless good news is released soon and looking at the Chart and previous trend / support, I think 60p could be an entry point, or even as low as 40p. All IMHO of course.

Good luck to all.

regards

PTH

Lets face it we are in the hands of the MMs they have continued to manipulate the price for several days now,(to a greater extent than considered normal)
To date dropping through 10% and holding it their for the close. this is a normal proceedure that prevents a outright crash, that an 80% drop in price would herald if done in one day. In this share I am confident that the greed factor is the driving force.
Today they seem to be holding on to 8% down although this looks likely to rise to 10% given the buy/sell ratio. The Buy/Sell ratio, yes a complete mystery, was running at 2/1 on the buy side earlier and the share price down by 14% percent???
At the current ratio the buy/sell would need to be in double figures before the share showed a 'flat' never mind a gain!!!

Scottie

I don't doubt that the MMs have their own agenda, but whenever a stock falls, (or doesn't rise), you can guarantee that on every thread on every BB they will be accused of manipulating the price. Personally, I think this one is quite simple, the stock became overbought very quickly, profit taking commenced, driving the price lower, some of those who bought in at higher prices will have panicked, adding to the downward pressure. You can't rely on the buys and sells to give an accurate indication of sentiment, (due to the software algorithm), so in IMHO, all the MMs are doing is trying to do what exactly their name suggests, make a market. At the moment, they are having to drop the price until it stabilises and they can balance their books. Afterall, nothing has really changed in the last week, since the price stood at 50pish, just rumours that a deal will be signed.

Regards

PTH

On the march again, could have just been a major tree shake.

Thats the first positive we've seen for a while again. Long may it last, and good luck to our man in Iraq this weekend.

Mr Horgan is packing his bags for the weekend trip and the share price is already improving!!!

Exactly "making a market" different from manipulation??
Quite right..No news, except plenty of suggested reason for a posotive and why if the profit taking was endemic did'nt the share price drop like a stone when at their highest?? that would be 'normal proceedure' or on 1 day between then and now. instead of the bleeding of the 10%+ on a daily basis. , although again quite right the share price had soared from the low of a couple of weeks, but not right on rumour only, RNS statement from Petrel was the reason.
Don't get me wrong I appreciate your comments but don't have to agree.

Good 'profit taking' for the future to all.

have been watching this stock for several months though have not bought, but i must admit its been busier than 99%of other stocks on the market,

I hold some shares in PET, thought that at the low price I should get some more but am unable to as the site I use for dealing (Halifax)is not responding (makes a change, not) and says I can't buy 1000 or even as low as 500 shares. No wonder I am changing banks. Does anyone else have this problem with Halifax or is it to do with the security on the library computer I use as I am waiting to have the internet installed at home?

Scottie

Quite right we don't have to agree. And I am pleased for holders that the downtrend has been reversed, quite dramtically today. But just as a riposte to your last post. I think you will find on careful reading I did not say that 'profit taking was endemic', merely that it was taking place. The price didn't drop like a stone, beacuse there wasn't any bad news to support such a fall. The price drifted because of profit taking, uncertaintity, and investors losing their nerve. You can argue the case for ever if MMs make a market or manipulate, but at the end of the day they will look after number one. Interstingly, if you read the Traders Thread, they hardly ever talk about MMs, they seem to accept the way things work and get on with it. However, on this side of the house, everytime a stock doesn't go in the right direction, conspiracy theories abound as there must be someone to blame. Don't get me wrong Scottie, I understand that games are played and not to our advantage, but if a stock tanks on succesive days there are generally other reasons for that fall, (sentiment for one!).

I hope this upward trend is maintained.

regards

PTH

I am surprised at the Halifax they are generally one better banks although to be honest never traded with them,
quite poss' the library comp'
In advance we welcome you aboard make sure you bring a your seat belt and be prepared for to experience sea sickness from the rocky ride.
good luck

I bought as I've said at 159.75p and nobody is to blame but myself - hoping to ride the emotional wave. Yes I was hoping to daytrade this stock as i had never researched it. I would like to say, and by all means disagree, I think the announcment by David Horgan, about possible contracts was badly handled and incomplete. I believe a time scale should have been part of any press release because infact,their isn't one is their? I think DH's recent comment is "it would take time." A fuller statement may have prevented this speculative bubble as it surely is. We are now seeing the MMs at their best, making a market, enticing the buyers back in, because yesterday was the danger of sellers taking over. Hope those Iraqi's didn't just come for a Guiness . z