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 got this back from PET,to me it means something is about to happen, otherwise why not comment on at least the point about sampling in Jordan


Roger we cannot comment.

-----Original Message-----
From: petrel@hub03.mail.esat.net [mailto:petrel@hub03.mail.esat.net] On
Behalf Of ***********@btopenworld.com
Sent: 20 October 2004 09:13
To: petrel@iol.ie; *************@btopenworld.com
Subject: Contact Petrel Resources : contract talks

Name -***************
Message :
Dear sir/madam,
I have a few points that i would like you clarify if
possible please.

1) Is it correct that you have a team in Amman at the moment?

2) If so are you still meeting with the Iraqi people that were in Dublin
the last 2 weeks ?
3) The exploration you have been doing in the western desert, is that
risk sharing with the Iraqi ministry,and do you still plan to drill a
well,as stated in your annual report ?
4) the JV that you have with the Jordanians,is that just for sam pling
or full exploration in Jordan ?
5) If you are meeting with the Iraqi people,is this for the contracts to
develope the oilfields, if so, is this still a cash contract or will it
be converted to risk sharing ?

Many thanks for your time,
regards,
*************

Wide (ish)spread and very light trading so far today. Seems we are all waiting for that info to come thru.

Certainly does feel like the end is near on this one, a few more days perhaps and most of us on this thread will be a lot richer than before.

Tokyo

Everythings crossed!

Dexter, I am sure you will find it price sensitive information, but never mind, Good Try. z Ps See more buyers than sellers are willing to accept the risk

Again, they are trying to push the offer price lower, panic tactics, perhaps, to snatch some more shares at a lower price before offering them onward.

Just had my last top-up,`til next time anyway!!!!!!!!.
Ziblot,they did`nt even answer a question to which the answer is in the annual report!,so something is going to happen IMO.
goodnight all,
Dexter

Petrel Resources PLC
20 October 2004




Petrel Resources announces that it received confirmation on 19 October 2004 that funds managed by Gartmore Investment Management plc are now interested in 2,706,881 ordinary shares in the Company, representing approximately 4.53% of the issued share capital of the Company.


This information is provided by RNS
The company news service from the London Stock Exchange

gra1969 - read my post from this morning on MM scare tactics it pretty much mirrored what happened today

Hi Pets....I see that Gartmore have just announced a major investment of 2 and 3/4 million shares in Petrel, so they obviously think there is some good news around the corner...be lucky guys...piston broke

Guys if you go though the old RNS announcements you will see that at one point Gartmore held 4,000,000 shares in PET, over the last year or so they have sold off a few to lock in profit (as any fund management company has to), I'm afraid today's RNS was not reporting a buy, but a sell, although as Gartmore have been selling chucks off at regular intervals there doesn't seem like anything to be worried about, they still hold a pretty impressive stake in PET, I would however start to worry if they released another RNS tomorrow to say they had dumped another 570k, but as they know about as much as we do, I still feel that nothing has changed and the next RNS we read will be the one we have all been waiting for, and then here comes 4 pounds+


IMHO

Tokyo

large 50,000 buy reported after close, they had to pay outside the offer price for it as well

Hi all, found this on BBC.

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

Iraqi oil experts visit Aberdeen


Oil production in Iraq has been stagnant for years
A high-powered delegation from the oil ministry in Iraq is spending a week in Aberdeen.
A group of the country's top engineers, geologists and geophysicists are keen to learn how their industry can benefit from North Sea expertise.

The visit - the first of its kind to the UK since the fall of Saddam Hussein - was arranged through Blackwatch Petroleum Services.

The oil and gas consultancy has offices in Aberdeenshire.

The company's deputy managing director is an Iraqi.

The visitors from Iraq's state-owned Oil Exploration Company are keen to learn as much as possible about advances in computer software and technology.

They say oil production in Iraq has been stagnant for years and are keen to catch up.

They have acknowledged that the security situation will deter many companies from investing in their country.

However, they said UK firms could still become involved without sending staff to Iraq because so much of the exploration work is computer-based.


http://news.bbc.co.uk/1/hi/scotland/3757392.stm


wilbs

Tokyo, referred to your post again,thanks. Seems like we had all better keep our nerve and not get the jitters. Im convinced that this will rocket soon despite all the 'tree shaking'.

I think the consensus among holders is for an RNS on Monday

Bring on monday morning in that case. Where did you glean that info Tokyo?

Tokyo: I do not think we can read anything one way or another into the fact that PET had no comment to the recent enquiry. The person left behind to man the Office was probably left with one instruction to outside requests for information...don't say anything! I also believe that we will hear something when there is something positive to say...but these sort of agreements by their nature are complex...so we may hear something today or next week. If we are keeping close tabs on where PET executives are...waht about the flight manifests?

Other posts seem to suggest that the Iraqi Oil Ministry is in a real hurry to extract the 'Black Gold' from the sand. I await developments with keen interest. How much confidence do we have to increase holdings at these price levels?

It is as always risky and speculative. At these price levels one may make a killing once the deal(s) are signed. Even if it only tops the previous high of circa 160 you would still be well up. I think any price under 140 to 150 is still a bargain for this one, obviously the cheaper the better. Probably not much more to drop though before news. Agree?

John - If I had the cash I would definetly increase my holdings, but as Dexter calls me "top up Tokyo", I'm afriad I topped up for the last time last week. Again the general thought is that an RNS will be released on Monday, but it is only that, these negioations may go on longer, or they may already be over, who knows? I think one positive thing is that the management team are there, and are still there, after the Iraqis came to Ireland for urgent discussions on finalising financial details, this I have read alot into, meaning the tenders are in the bag (to coin a phrase), and that they are working out the financial details, hopefully a date when the Risk/Sharing agreement can be legally implemented.

All IMHO

Tokyo

Not really a chartist myself but this was posted on another board by a chartist guru, everyone seems to have alot of respect for him, and he has been right on the money so far, with his calls about PET, he predicited it would go over 125 pence before announcements back in June

Here is his post, perhaps the chartists amongst you can explain this to us all


pet,

up some 6% and rising. the march goes on.
once falougah has been cleared then we can see pet hit near 2

very interesting technical things are happening.

- 9 day and 18 day mas are converging
- 9 day ma is providing support to the daily movement cycle to the stock
-18 day moving average is providing support to the mid term movement of the stock price
- all this convergence is happening at the apex of a large 10 month span triangle that started with the start of this year and have now reached the apex.

ALL FORCES ARE CONVERGING AT THE EYE OF THE PET STORM AND WE ARY SITTING RIGHT THERE THESE DAYS. EXPECT CONFLAGRATIONS, FIREWORKS AND EXPLOSIONS, OIL AND GAS ANY DAY!!