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

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

The new mercedes benz mclaren SLR. Thats my tip. You wont need any other share tips if your holding is big enough... Positive thinking, it does the world of good!

107606,
What would i do with 2!!!!!!

LOL... I reiterate dexters question, does anyone have any surefire (like they exist!) tips for the post PET era?

Trouble is everything looks like small fry compared to PET. Have a look at the ASC thread as we have a competition going to see what will double in value before ASC with some really good picks.

Interesting!!!


Do we know if the western desert area mentioned is the license that Petrel held
prior to the War , and may still have an interst in??

Shell buy out of Petrel or Silent partner???




Royal Dutch/Shell to provide technical assistance for Iraqi gas projects
AFX


LONDON (AFX) - Royal Dutch/Shell Group said it is to provide technical assistance to help Iraq develop its gas industry.

'We have been invited to provide assistance to the Iraqi Ministry of Oil's ongoing gas planning efforts,' said Shell spokesman Andy Corrigan, adding 'It's just technical assistance.'

Iraq's oil minister, Thamir Ghadban, had earlier told an in-house magazine, Shell in the Middle East, that the Anglo-Dutch group had provided help in the past 'and we are now working on an arrangement whereby Shell will provide technical assistance to Iraq's oil industry.'

He added: 'Shell has also put forward a proposal to help Iraq develop a Gas Master Plan, and I have given the go-ahead for this study to get under way'.

'Gas is very important to Iraq today and will be even more important in the future. It is unfortunate that in the past the value of gas was not recognised and during oil exploration and production activities gas was considered to be an inconvenience and was flared off.'

He said several gas fields had been discovered in Iraq, some of them more than 50 years ago, but not yet developed.

Starting next year, Iraq plans to develop two of these fields and to carry out studies on another gas field in the Western Desert, close to the Syrian border, Ghadban said.

'In fact, we believe that Iraq could be one of the region's big gas exporting countries and that Iraq might be able to contribute to the supply of gas to southern Europe in the future.'

Shell does not have any workers in Iraq and its management has stressed that it will not send staff to the country until their security can be assured.

morning all, hoping for another great day for PET as news can not be too far off now, someone reported on another thread that they had called PET yesterday and DH was not there, only JT answering the phones as they are understaffed in the dublin office at the moment, wonder where 8 of their staff are at the moment?

Tokyo

Let's hope out buying the champagne for when the celebrations begin!