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 bet the CEO had a good lunch.

Probably started a mini buying frenzy.......

See things are still uncertain here.

Still interested and still watching.

Good luck all.

:-)

Lot of late sellers went thro', must be wanting to relax over the w/e. z

Has anyone heard any new re; visit to iraq????

Tokyo and Dexter, after a very tensed week are you two calming your nerves down this weekend, nobody posted anything on Pet yesterday, where has everyone gone?, or have they given up due to the stress it's causing!!!

Rkausar - Must admit there is a fair amount of stress involved with this share, thankfully Dexter and myself got in quite early, so although our profit was being eaten away last week, not really losing any of our initial investment, although seeing your paper profits disappear is not on my list of favourite things to do. In the e-mail one poster received from DH it simply said "KEEP THE FAITH", sounds like excellent advice to me, I haven't posted for a while on here as nothing really to post, there was the stories I found on Friday, but nothing yesterday, although here is the story that we have been waiting for, from the Sunday Times - looks like the Share price is ready for another lift this week.

enjoy people

Tokyo

http://www.timesonline.co.uk/article/0,,2095-1312761,00.html


Anxious Petrel officials oil cogs of Iraqi ministry

RECENT volatility in the Petrel share price indicates the degree of nervousness surrounding the stock as it awaits a decision from the Iraqi oil ministry on its bid for a licence in the war-ravaged country.

The nail-biting, however, is almost over.

David Horgan, Petrels managing director, is leading a team of seven executives to Amman in Jordan this week to thrash out final details with 11 Iraqi officials who were in Dublin for the past three weeks.

But even if Petrel is successful what kind of contract is on offer? The first option is a cash contract, under which Petrel will be paid by the Iraqis to build and operate a site with a fixed profit from the deal.

The second option is a risk-sharing arrangement which will see Petrel supply the finance in return for a profit share. This is the one investors are waiting for as Petrel has already secured a $250m line of credit from a Japanese trading house.

Thanks Tokyo....by the end of the week maybe?

I was too busy playing with money on Friday to post, bought early and sold at the close. About 12% in a day, not a bad return at all. Nerves shot to bits though! More rises this week one hopes...

Thanx Tokyo, nice to see your still around, well guys, lets see what next week holds for us!!!

107606, nice to hear your playing with money, I have'nt had such luck since the day I started trading, for some reason I always get my timing wrong!!! Never mind hopefully Pet should make up for all the dissapointments I've had in the past!!!

Well I have to say PET has been my first goodun. First bought at 50p, and topped up along the way. I have a feeling this could be a good week. More day trades possible, definitely possible on news if you get there for the open and sell when youre happy. Thats the key, if you want to make money in a day, dont hold and hold for the promise of more, if youre happy, sell. And as the name suggests, never hold over night! Youre in more control if you do it all intraday...

107606 - true buying a selling pet this week could be profitable as a day trade stock, but with all the stamp duty and the potential for this to rocket very soon why bother?, surely the smart money will be staying in for the major prize? Not that I like telling people how to trade, if you have been in and out of PET over the last couple of weeks, I'm sure you have done very well and taken a bit of profit, as you say, set a level of the amount of profit you wish to take, excellent advice for everyone on any stock, as I'm sure we have all lost, not taking profits when we should have.

I would suggest that as the meeting is taking place in Amman and not baghdad, that the oil ministry is looking for a place where they can discuss whatever is left to discuss and then have a quiet place where the contracts can be signed, without having anything interupt this historical moment. - What are your views on this?

I have kept hold of all my shares and added where possible, hopefully very soon I'm gonna be very glad I did so.

I have also kept hold of all my original shares, and topped up along the way. My trade the other day was not with money available to trade by me, but with funds from my funding account (a credit account). I therefore at no point spent any of my own money, so I could do bigger trades than normal knowing I would sell by the end of the day.

Risky if the price drops, but the loss I could absorb if it went pear shaped. So they were never shares that I could have kept anyway, as after the three days at which point the funds are taken from my account, I would have been skint!

It worked so I'm happy.

But holding tight for news now, the nerves couldnt do another day trade! Just wish I had enough real funds to top up a bit more while its still a reasonable price. I pulled my holding of ACE (a nice steady increase for the last few months so came out with a bit of profit, would be nice to get back in soon...) to buy more PET as the short term potential is far greater.

All the best peeps...

Was there anything in the weekend papers? thought there would be.

Yes, read post 634 sent by Tokyo this morning!!!

Cheers rKausar.

Trawling through the Sunday Papers I found this in the Independent:

Iraq



THE country has issued an open invitation to the world's biggest oil companies to help exploit its vast resources. The interim government believes it can double oil production by 2010 if it exploits existing facilities and develops new fields.


....................

So the question is will PET tie up quickly with a big player...otherwise their experience of handling big fields (do they have any?) may not be sufficient to win all the key contracts!

PET have stated that they wish to remain an independant, which can only bode well for us investors.

Nice tick up so far today

Ticking up again this am nice string of buys in last 1/2 hour + 9.43% - 120 by bell?
M

117 bid - 122 offer, at close, is my guess chartist

Tokyo - I'll be happy with that, then 122/3 bid 2morrow will do 4 me :o) been trading tis a number of times over the last 2/3 weeks , down @ the mo !

Afternoon all,
I personally don`t take much notice of the ST article because,1) it says the Iraqi delegation has been in Dublinfor THREE weeks, we all know it`s only TWO, and secondly it did`nt say anything we did`nt already know,except worded differently.

Once PET has these contracts,has anyone got any other tips up their sleeves?.
regards
Dexter