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

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




Print | E-mail

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.

With my casts off (for those who didn't know I broke my arms in a sporting accident about a month ago) I felt like doing a bit more research this morning and also found this

Iraq To Sign 3 Oil Development Deals By End '04

By Hassan Hafidh

BAGHDAD - Iraq will sign upstream oil contracts with international companies by
the end of this year for the development of three oil fields, a senior Iraqi oil
official said Wednesday.

In an interview with Dow Jones Newswires, the head of the State Company for Oil
Projects, or SCOP, Ahmed al-Shammaa, said the three oil fields, Khurmala Dome
near Kirkuk, Hamrin near Tikrit and Subba-Luhais in the south would be able to
produce 300,000-350,000 barrels a day within two years from the start of
development.

Al-Shammaa put the development cost of the three fields at $500 million-$600
million. He said SCOP had received several bids from international oil companies
to develop these fields and they are still under technical and commercial
assessment.

"We hope that these three contracts would be awarded by the end of the year," he
said.

Al-Shammaa wouldn't reveal the bidders' names, but he said they are medium-size
companies.

Meanwhile, a delegation from the Iraqi Oil Ministry is currently in Amman to
sign a contract with a Chinese company to set up eight oil storage facilities on
the Faw Peninsula in southern Iraq, al-Shammaa said, adding that this contract
worth $15 million. The storage tanks would have a capacity to handle 350,000
bbl.

"Building these depots will help stability of production and eventually will
improve exports," al-Shammaa said.

He also said that his company would soon sign contracts to purchase equipment
worth $17 million to upgrade the East Baghdad oil field. He said the aim of the
project is to increase output of the field from 5,000 b/d to 20,000 b/d of heavy
oil to supply the nearby al-Quds power station.

Also SCOP has already started buying equipment through contracts with
international oil companies to rehabilitate and upgrade Iraq's dry gas pipeline
network across the country, he said.

This project would cost $250 million, al-Shammaa said, adding that about 25
companies had submitted bids to the ministry to supply equipment. Some of them
are major oil companies, he said.

2004 Dow Jones Newswires.

-------------------------------------------------------------------------------

What interested me was this

"Al-Shammaa put the development cost of the three fields at $500 million-$600
million. He said SCOP had received several bids from international oil companies
to develop these fields and they are still under technical and commercial
assessment. "


If you go back to PET's October 2004 slides (on the website), you will see that PET are excatly at this stage, or atleast were 2 weeks ago, it may have already been finalised now, this coupled with the news that a risk/sharing agreement was given out yesterday makes for excellent reading, as far as the other international companies go, there is no news what so ever about Iraqis visit them or them even being considered in stage 3 of the tenders (not conculsive I admit, but it is not looking good for them, and looking more and more like PET are victorious!!!)

As for the date I can't really see it taking until the end of the year, not with the oil officals being in Ireland for the last two weeks for final contractual, commercial & technical discussions.
Why would them come all the way to Ireland and then make PET go over to Iraq to discuss the same things, I feel the PET visit to Iraq is more to put pen to paper on Iraqi soil!!!!

Well all IMHO, What do you guys think?

Tokyo