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

Please could someone tell me exactlym what on earth is going on???
Contracts or no contracts!!!
Please help!!!

Rkausar - As reported before PET are arranging to go to Iraq this weekend, people piling back in,perhaps on the back of aleak as 10.30am started alot of buying, although inreality just punters hoping for the contract announcements sometime soon, as much as I believe in this stock, must say it is still a speculative buy

Tokyo

scottie7, went to Halifax branch and used their computer 2 hours later, site still not responding, have set up account with Abbey and got phone numbers to deal with halifax and abbey over the phone so I hope I dont miss out again, just frustrating to be certain a share will rise (as it did) and not be able to buy.
Chris

scottie7, went to Halifax branch and used their computer 2 hours later, site still not responding, have set up account with Abbey and got phone numbers to deal with halifax and abbey over the phone so I hope I dont miss out again, just frustrating to be certain a share will rise (as it did) and not be able to buy.
Chris

pinechris, Sorry to hear that, did you manage to open the position??
Thanks for the info anyway because I was considering opening a Halifax trading account.I have made up my mind now.
scottie

scottie7, I bought twice, once in may at 38p and last monday as they came down at about 115p, but some more at less than 90p would have been nice. In for the ride now, lets hope they rise to anywhere near predicted, I have seen anything from 2.00 to 60.00 in 12 months time, should I retire now or wait?
Chris

If you carry on watching this share, you're more likely to die of heart faliure, than to worry about retirement!!!! up 23% I've given up on ths share already!! god only knows whats going to happen tomorrow!!!!

Pinechris
Not to put you off unnecessarily, but I deal with Abbey over the phone and ever since the takeover news the lines have been jammed with people who don't appreciate the share dealing service is not for that particular querie. If you want to be able to deal quickly at a price you want- I'd go elsewhere for now,especially for such a volatile stock as this one. If I didn't have an account up and running with them, I'd be dealing elsewhere. When I topped up on these a few days ago the price I eventually bought at was very different to what it had been when I picked up the phone...unfortunately it wasn't the early part of this week.
Regards, S

Perhaps we should start a 'best' stockbroker thread? John

for on-line trading accounts I use comdirect and I have yet to have a problem with them, if you guys live in the UK, you can set it up straight away, if you have a friend who has an account with them give them your e-mail and your mate gets 50 quid for introducing you!!!

Tokyo

I use Comdirect as well and they are very good. Flat 12.50 fee per trade.

skids

I prefer to deal by phone. Any recommendations?...and how easy is it to transfer an account across?

Comdirect through LloydsTSB, although LLoyds are about to set up their own service with more functionality.

On the subject of PET, I must say I was totally gobsmacked as the day unfolded. I was convinced that without news that the SP would continue to fall and then it turns around as dramatically as it fell, something like 30% difference between the intraday rise and fall? Good luck to all you holders, there must be some very frayed nerves and fast disappearing finger nails out there.

Regards

PTH

I was glad to be out for the day - great suprise to return to. Wonder what tomorrow will bring.

Comdirect charge the same for online or telephone orders. 12.50.

Thanks guys. If the mess at the Abbey isn't sorted soon I'll give Comdirect a ring.

Phew - What a day! Rides at Alton Towers are less thrilling!
If this goes on for another 6 weeks I dread to think what our nerves will be like!
I expected it to go down further from its 9% initial drop and sold a small top-up holding early today that I bought yesterday @89p thinking I could get in lower - but missed it so I am kicking myself rather badly. Might get another chance you never know.
What will tomorrow bring??
I guess we'll have nightmares tonight! Exciting stuff.

Stick in there all PET holders. (IMOP) dont sell till the news is anounced. Its obvious the MM'S are upto tricks. The share price is very volitale at the monment until there is an RNS so all you PET holders, HANG ON IN THERE!!! Else its your loss!

Not long to go so keep up the faith!

All my best,

wilbs

Some people will be wishing they hadn't sold today but who can blame them, and the folks who bought at 77 point something, well what can you say,good luck to them. Couple of late buys 80k and 55k went thro'together so somebody is putting decent money into the, should we call it the cauldron .Hope they know something we don't. z

It now seems that risk sharing projects are being handed out, could this be what PET have been negioating for over these past two weeks, they certainly have the finanical backing to under take such a risk, Iraq handed out the first risk-sharing agreement last night, see story below (so that would be an SP of 330 pence per tender, right?, and then add on block 6........the dream is still alive!!!)

please see story below and comment

Tokyo




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Repsol Signs $39 Million Iran Oil Exploration Contract
Thu, Oct 14, 2004 21:30 GMT

TEHRAN - Repsol YPF (REP) late Wednesday signed an exploration contract worth up to $39 million with the National Iranian Oil Co. (NIO.YY) for two oil blocks in the Persian Gulf.

Repsol will pay a total fixed cost of $27 million over two-and-a-half years, said Mahmoud Mohaddess, director of NIOC's exploration office. If necessary, the parties can extend the contract for a year at a cost of a further $11.2 million, he added.

|||The total of the fixed and probable cost of the contract will be $39.2 million, which will have to be paid by Repsol,||| he said.

Mohaddess described Repsol's service contract as an |||exploration risk||| contract, under which the NIOC won't pay for any of the costs incurred in the course of the exploration if the contractor fails to come up with a commercially viable field.

If the field is viable, NIOC will pay for the exploration costs and retender the field for development. Repsol would then enjoy some priority in this |||partial tender|||.

The contract with Repsol is the seventh exploration block contract signed with international and domestic oil companies to determine probable in-place and recoverable oil as well as natural gas, he said.

The blocs, 14,600 square kilometers in size, are located in the Persian Gulf south of Kish island.

The NIOC put on international tender the exploration and development of 16 newly-defined onshore and offshore oil blocks during a two-day conference in the Dutch city of The Hague in January.

The first offshore exploration contract was signed with Brazil's state-owned oil company Petrobras (PBR) in June.

The service contract, at an initial cost of $35 million, covered exploration of the Tosan block in the Persian Gulf.

The 16 blocks are part of a total of 51 new exploratory oil blocks in different parts of the country that will go on for international tender in phases.

2004 Dow Jones Newswires.