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 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

Tokyo: Thanks for your research and comments. Firstly the Iraqi folks in Ireland are, I believe, on a training mission from earlier Petrel comments. They are also probably undertaking some due diligence on Pet's capabilities and those of any sub-contractors that may be involved. If as we believe PET are in the running for a major contract, you would expect a lot of communication taking place between PET senior management and Oil Ministry Officials via other forms of electronic communications as well. However a trip to Baghdad suggests that the exchanges are/have reached the stage of direct to direct meetings...which is a very good sign...IMO. Of course you would also expect other potential contractors to be involved so until there is real INK on the key papers. then there is always a risk! But all in all, still very promising. John

Morning Tokyo(afternoon),
Good research mate,the only thing i don`t quite follow is the risk sharing contract bit ,it`s about Iran and not Iraq.PLease correct me if i`m wrong.
Dexter.

ps.glad the casts are off.

Just found this, might be of interest;
14. Oktober 2004

Oil & Gas: Iraq looks to Norway

In a letter to Norway's Oil and Energy Minister, Thorild Widwey, her Iraqi counterpart, Thamir Ghadhban writes that Iraq wants to learn from Norway, how to manage the nation's oil wealth.

The Iraqi oil minister would is also like to enter an agreement for Norwegian technical assistance, according to Dagens Naeringsliv.

The letter may mean great opportunities for the Norwegian oil industry in Iraq, the newspaper writes.

The enquiry comes after a delegation from the Iraqi Department of Oil visited the Norwegian Oil and Energy Department as well as Staoil last summer.

-We are positive to cooperating with Iraq when conditions are right, with regard to security and also politically, says political adviser Bjoern Kjetil Mauritzen to the newspaper.

(NRK)

Great research!!! keep up the good work!!!
Just sit back and enjoy the ride!!!

dexter - oops made a mistake on the 1st article this morning it was Iran and not Iraq, the perils of researching, before I've had tea or coffee!!!
cheers for the correction

Hi all,
just got this in my inbox from the Telegraph web site.

Petrel Resources tumbled to 76.5p in early dealings on rumours that managing director David Horgan had died in Iraq while visiting the Ministry of Oil.

He later denied the rumours on a bulletin board, causing the shares to rally, closing 20.5 higher at 108.5p.

Volume was a hefty 3.7m shares

wilbs

Has anyone noticed regular buys of 10000 coming through, the same thing seemed to be happening yesterday, or is it just me.

The 10000 buys will be the Bots.

Interesting that they are in on this share, normally only operate on the FTSE100
top 6 companies.

I will watch this closely as they can be manipulated .

Need to find out which Index they are following , as this is the Norm.

But who knows with PET !!!!!