The hcl looks likely to come into operation over the next few months, will this improve the share price or will we have to wait for an actual PSA before any increase takes place? It looks like the UK and the US will wait until the HCL is in place first before they decide to start the pull out. I have also heard news that the contracts signed during the Saddam regime are now definitely going to be honoured. I`m not sure if this includes PET as there seems to be some doubt as to whether they qualify as their agreement wasn`t signed off by Saddam. A Swiss company has announced that they expect to be producing 200,000 barrels/pd by 2009 from their PSA with the Kurds. They have struck oil first time and have five more drills left to complete their programme. Nice if PET were in that position! Our time will come though, just a matter of hanging on in there!!

no probs m8! ..... i almost prefer companies i don't know, though glad to see MPH (which i do) taking a well-deserved tumble

Cynic,

ooh,comment bit of a stomach blow.Hands up papers losses in MPH more than made up for by PET.

Before you mention CCT bought 76p and added core holding @ 100p rode CCT all the way up to 207p/210p and all the way down 145p-150p where MPH is now!

Where CCT goes MPH follows.CCT 175p-178p

Strategy late 2006 onwards one of long term hold not trade any.In hindsight bank profits and buy back cheaper would 'ave been better.Target price CCT 250p;MPH 240p both pay small divi ;o)

Cynic,

Let's see how PET trades.

10k bought @ 87.6p this morning total 8,860.10 gross - your fantasy portfolio.

At close @ 94p worth 9,387.50 net. profit = 527.40 net.+5.95% profit in one day.

p.s if day trading profit possible @ 97p bid = 827.40 net.+9.33% profit in one day.

In my humble opinion PET long term hold for highest gains - that "feeling grows & grows...."

My posts pre-open today one could say have been proven "timely." For an alternative contrarian view see post below-you did bring MPH into it.LOL ;o)

DOW 13468.78 +286.87

cynic - 04 Aug 2007 09:26 - 24 of 59
for would-be investors, there will be plenty of time to get in ...... sp is surely rushing upwards on the hype of the news laws being enacted rather than on any discovery ...... furthermore, if the markets remain unsettled for the next month or two as is a racing certainty or even fall quite substantially (my feeling) then sp will retrace sharply (along with many many others)

Have you two thought of exchanging phone numbers, (he says in a cynical way!)

seawallwalker, in a byegone age cud have been pistols at dawn.These days for some possibly handbags..... lol

IF Cynic had listened to me, 827.40 profits there for the taking on day trade.More long term hold.

Seriously i'm quite laid back.Posts on my part are genuine.Readers can take it or leave it .

Don't mind Cynic's being cynical or for that matter contrarian.Like a bit of humour & leg pull from time to time.

Don't trust anyone or everything you read.DYOR

On PET I don't trust Cynic.Time will tell.Today for instance and tomorrow...............lol

Purpose of bb is to highlight companies & personal opinions in order to doing further personal research .

Puts me money where my mouth is.Will update on PET.

Bottom line on my take:PET will make money.Buy low,sell high.aimvho.DYOR.

regards

lex;o)

sorry Lex .... did not realise you held MPH, though the comment i made about it was fair enough.

for myself, will certainly keep watching PET and if you are all really unlucky, will get on board one day ..... however, have had my fingers burnt by more that one E&P so am happy to saty with PMO, PFC and HAWK in oil related stocks + POG in gold ...... and own up to still holding small stakes in both GOO and MCR

Cynic, no offence taken. My comment was light-hearted as I can see the funny side.Talking of which PET up again this morning.Intra day highs 101p-104p fallen back 100p-101p.Though PET better buy when first mentioned 60-70p,still cheap methinks.

Once psychological 100p barrier broken next target becomes 110p.

Volumes UK & GSE total over 904k and not even mid-day.

Happy with progress and do not mind consolidation around 100p.

Keep lucky

anyone see Channel 4 news about Iraq and oil, half hour ago..Iraq parliament gone on hols...an unofficial law passed for foreign oil companies to explore.
However its not recognised by government and will be months before it gets passed and may even be reviewed by government when they reconvene

I think I will jump ship early Wednesday

Jumped ship Monday (97p), held since 38p, will get back in if under 50p, laugh if you like but as far as I can see there is no news, only rumour and speculation, can see this going big but only when war over, contracts awarded etc etc, till then I think it will drift down.

pinechris---------Only natural to secure some profits well done, I bought @ 42p and perhaps I should do the same (been too greedy in the past on PET) however have held over 3 years and whilst your comments above may well be right, if you buy in after the war is over and contracts awarded then you almost certainly will be paying a price far in excess of their current sp. IMO the floor is now around 60-65p. BWDIK.
2517

it cannot possibly be wrong to top-slice at the very least ...... even relative peace in iraq is not likely any time soon, let alone the awarding of contracts and the actual discovery of a commercial well or two ...... it follows that PET's sp will remain hostage to rumour into the far distant future

6 Aug 2007 fantasy portfolio

10k bought @ 87.6p total 8,860.10 gross - .

Net paper profit at closing prices = 327.40


Oh ye of little faith and understanding.Don't mind being the only one KTF.Keep holding.

Cynic,so that can compare notes,please let me what 'other fish' you are into?

you have no e-mail .... 24 asst'd stocks at present

In market mayhem,PET stood up very well on friday.Buyers moved in 89p-91.75p.

100michael - 10 Aug'07 - 10:39 - 90060 of 90291

This is the opportunity of a lifetime - staring us all in the face, PET have an unprecedented opportunity, work effort exactly right over last 9 years, strong relationships built, strong capable leaders at the top, proved not to be just there to take but to give something back to the people of Iraq, diplomats, and rightly so, PET have helped train local people and have invested and delivered aid to the needy over last 9 years,flying in essential baby food and medical supplies etc, sponsoring local community, want to and are working with the Iraqi people, prepared to live in Iraq, walking the walk, ready to hit the ground running at a moments notice, right there on the ground - not just prepared to study seismics for the next few years from the safety of overseas boardrooms, taking risks right now side by side with the Iraqi people, the foundations are built, the trust is being won, the directors are genuine, commited people - essential in this situation, the HCL will soon pass, our PET will be ready, and unless you are accumulating a decent holding you will be kicking yourselves, buy when everyone else is selling, greed when everyone else is fearful, if you prefer, or average up, or down...it doesn't really matter, the point is this might be THE investment of your lifetime...I can not believe people are prepared to risk trading in and out of this stock, and as for the fearful ones selling, they obviously have not done their homework on PET, or are using funds they really should not be using as this is a long term play, and the tight holders are fortunate indeed to have discovered this company - buy at any price imho/pdyor

Note: oil in the ground has a value pre-production.

kdickson - 15 May'07 - 12:45 - 77730 of 90291


All this talk of 5 per share makes me think it's time for a 'fag packet' calculation to keep us focussed on the massive potential of PET.

Does anyone remember an ADVFN poster named edgein who was an O&G guru who used to post on the EME/VOG threads. The following part post were his thoughts on one method he used to value oil in the ground:-

The other method I use which you might prefer and I think is less complicated but just a rough guide:
Use the current oil price to work out the current Net Present Value of the oil reserves of a co. Take 10% of that value as the value of oil in the ground and that gives a present value based on the current market oil. A simplier and much quicker system to use. I personally rarely use PE to calculate the value of an oil stock My system tends to be highly conservative, but then again I'm rarely disappointed and regularly in profit.

Im no expert on valuing oil companies but, based on the above, does anyone majorly disagree with the sort of share price achievable in my calcualtions below?

Petrels presentation said Block 6 has 3 to 5 billion barrel potential.

Lets say 4 billion barrels at $55 = $2,200 billion
Divide by 2 to get into pounds = 1,100 billion
Take 10% as value of oil in ground = 110 billion
Take 20% as PSA share = 2,200 million
Split 3 ways (Itochu/Makman/PET) = 740 million each (approx)
Divide by 74 million shares = 10 /share (74m mentioned in presentation)

(Mmmm, now whos always predicted 10 share price!?)

i.e. for every 1 billion barrels, value to PETs share price for oil in the ground is 2.50

Now, toting up PETs potential contracts:-
Halfaya 10 billion barrels
S&L (deeper levels) 2 bbls (say)
Merjan 0.75 bbls
Block 6 4 bbls
TOTAL = 16.75 billion barrels at 2.50 per bbls = oil in ground price of 40 + (excludes East Safawi as well!).

mclellan - 12 Aug'07 - 18:28 - 90312 of 90319


Iraqi PM calls for political leaders' meeting

Baghdad - Voices of Iraq
Sunday , 12 /08 /2007 Time 9:26:57




Baghdad, Aug 12, (VOI)- Iraqi Prime Minister Nouri al-Maliki called on Sunday for a summit meeting by political leaders during the two upcoming days.




"The internal political problems the country is suffering from, have forced me to make a call for the Iraqi political leaders to meet in a summit during the next two days," Maliki told a news conference in Baghdad.
The Prime Minister added "the aim behind the summit is to address basic topics arisen in the Iraqi political arena as well as considering the political program and the strategic problems facing the government."
"The meeting is to address the political program agreed upon when the current government was formed and ways to implement it. Demands submitted by individual blocs will be discussed as allowed by the constitution," Maliki told reporters concerning the topics on the meeting agenda.
The Iraqi Prime Minister who expected a number of decisions out of the summit including naming substitute ministers to replace the Sadrists who quit from the cabinet said "we will not stop at discussing the demands by the blocs; rather we will consider the commitments they have to honor as well."
"Demands submitted by the blocs will be implemented if they complied with the constitution, otherwise we will apologize for them," Maliki noted.
As regards naming new Sunni ministers to replace the quit Accordance Front ministers, the Iraqi Prime Minister said "we hope that the crisis will end and the Accordance ministers be back to the cabinet but if they refused to do so we will find ourselves obliged to replace them."
Al-Maliki also stressed that his government will not collapse saying "it is a wish by some but it is far the day when people would see the government in its count down."
The Prime Minister applauded the Iraqi security forces saying "the forces are working on two parallel lines to strike with iron arm on the heads of terror and to increase, develop and train the already existing troops."
"The terror going on in Iraq has links to foreign states that were adopting ideologies hostile to Iraq but recently they felt that supporting terror will make it spread outside Iraq to other countries," the Iraqi Premier told reporters.
The Prime Minister who just ended official visits to Turkey and Iran told the news conference that he got pledges from Turkey and Iran to support Iraq in face of violence and providing basic services to its people, noting that he would visit other regional countries in the upcoming days.
Al-Maliki also welcomed the U.N. resolution to expand its work in Iraq saying "the resolution is in favor of the government as it will enhance our efforts and policies."
SK



mclellan - 12 Aug'07 - 18:37 - 90313 of 90319


Maliki gives upbeat revelation on government's performance
Baghdad (NINA) Iraqi Prime Minister has given an upbeat revelation about the performance of the government within the coming days. In a news conference held Sunday, Nouri Al-Maliki said a meeting, for which the cabinet has called on all political leaders to consider the strategic deadlocks
**********************
So, the Govt still seems to be working away...

pixi - 12 Aug'07 - 21:42 - 90318 of 90319


The 21st century oil rush will be triggered when the Iraqi HCL is approved.

Oil is the engine of the Iraqi economy. All players in the Iraqi oil industry are keen to boost Iraqi oil production.

OiI companies are now lining up to get into the third biggest onshore oil field in the world with recovery costs of around $1-2 per barrel.

It is likely that Big Oil will sit on any contracts they get until the security situation improves. That leaves the door open for Petrel/Makman/Itochu. The Iraqi's are likely to give any work to their own people first. Tiny Petrel, unknown to the share tipsters and by the general public at large, intends to be an Iraqi oil independent.

Petrel has been continuously active in Iraq since 1999 and is now considered one of the most established players in the Iraqi oil industry.

Petrel has MASSIVE potential in Iraq.

bit about PET may well be accurate, but the great unknown is just how long it will be until the country is stable enough to allow relatively normal government to resume, with all that that implies ..... until that time, i cannot believe there will be any new wells spudded, let alone contracts awarded

Nearer we get to approval of HCL, the risks lessen.When HCL approved and PET awarded PSA contracts PET will be valued and re-rated pre-production based on "oil in the ground." Once you accept this concept & Iraq IS the place to be only then opens up mind to the true potential here.

See post 72.PET already in Iraq and been working there several years.Happily working in South Iraq,no probs whatsoever.PET been there throughout accepting risks."Well in" with Iraq Ministry of Oil (and Iran).Who is likely to benefit? PET Ready & waiting.Glory of PET able to begin work immediately,whereas,majors might leave it for a few years for security to settle.

I took the speculative risk investing 60.5p-70p.Added last thursday @ 91p.

PET an Iraq independent oil company.Minnow now........Huge,huge potential.

http://www.iraqdevelopmentprogram.org/idp/news/business/newolilaw.htm

http://www.gulf-daily-news.com/Story.asp?Article=190322&Sn=BUSI&IssueID=30145