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

dexter01 - Sorry to hear that mate I remember you saying last week you had sold some, Really sorry because you and I kept this thread going for quite a while by ourselves, you sold @82p, not bad considering you originally bought @ 29p, 300+% is not bad on an investment lets hope you get the same 300+% on this lot you bought @ 112pence.

Wishing you the best of luck pal

Tokyo Nick

Im sure that you will recoup your losses and significantly increase your worth in the next few weeks. It's not really twat of the week, cos we have all done stoopid things havent we, so there are loads of em! Best of luck...JJ

Dexter. You took a chance but we've all done it. Only hope your bad luck is over. I have placed stops on Pet incase things go belly up but Comdirect only allowing tranches of 2500 a time so not only will we take a hiding on bad news, the brokers will take their bit as well. z

One of the biggest reasons for being positive as to the outcome in my mind is that the consultants asked for their fees to be paid in shares. Who (particularly consultants) would ask for payment of your hard earned cash in shares if there was any risk that this would disappear into the ether?
For these shares to be in a company like PET is incredible to my mind. Its hardly your "steady as she goes" stock is it? On a risk scale of 1 - 10 this must be at least 11.Most of us will probably suffer from nightmares this weekend (except the consultants)!
I have asked myself time and time again over the last few months whether I am going potty having invested into PET when the SP is see-sawing like the South Atlantic in a full gale but the fact that the consultants are in on this is like "oil on troubled waters"!
Wishing all PET holders the best.

SALKELDJP/Tokyo: I have seen many references to the Consultants being paid in shares of the company. I may have missed it, so apologies in advance if I have, but can someone please indicate the actual source for this information? Tks John

Petrel Resources PLC
27 September 2004

Petrel Resources announces that it has issued and allotted 400,000 new ordinary
shares to a consultant to the Company in lieu of fees. Application has been made
for the shares to be admitted to trading on AIM and it is expected that
admission will take place and dealings will commence on 30 September 2004.




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

The fact that the consultantsd didn't sell out when the SP reached 155 pence, was a great sign for me, as they would have a better idea than must as to the potential that these tenders would have on the SP of PET, I've had a target price of 4 pounds from the beginning, lets hope its' time is near.

tokyo

Some more positive news

http://www.rigzone.com/news/article.asp?a_id=17384

"We are making miracles here," Ghadhban said. "Despite all the sabotage of our oil installations our competent technicians have been able to raise our production capacity back to 2.8 million b/d," he added.

In the period since the war ended and Iraq resumed crude oil exports, the country has earned $17 billion in revenues, he said.

Later, the minister told Dow Jones Newswires that two upstream contracts to develop the Khormala Dome in northern Iraq near Kirkuk and Hemrin near Baghdad were going to be finalized soon.

"There are two delegations in Jordan now in discussions with international oil companies to finalize the Khormala and Hemrin contracts," Ghadhban said.


Meanwhile, a third upstream contract for Subba and Luhais fields in southern Iraq has been delayed as the technical and economic aspects of the deals aren't yet ready, he added.

Last year Ghadhban said the ministry would start development of the fields this year. Production from all the fields would reach 300,000-350,000 b/d within two years from the start of development.

Oil ministry officials have estimated investment on the fields around $500 million to $600 million.

Tiny Irish oil independent Petrel Resources (PET.LN) is one of the companies bidding for the contracts.

The minister declined to name the other companies.

Hi Tokyo, do you have any idea who we are up against with regards to the above. How much chance do you think we have , is it 50 / 50 or better.
Thanks Graeme.

Today is gonna be a long one fellow PET's! More sideways low volume trading with the MM's shaking that tree again.

i see from previous poster that 2 contrcts are being finalised so maybe only pet will win 1 but hopefully 2.

Morning all,
good post Tokyo,i can`t see that there are any other bidders,if there were why did`nt he name them,he named PET!.it is of no advantage or disadvantage to name the others,if they exist,think about it.
Dexter
PS, thanks for your kind words of comfort!!!

Hey Graeme - it was reported before that everasia (Turkish) & Dome (Arabic) were Petrels competitors, if so I think under the current political situation Petrel have the strongest chance of winning both tenders. Remember we know for a fact that Petrel are there

Tokyo

hopefully we will get some conclusion over the weekend to allow a nice mark up next Monday!!

Tokyo

Why the confidence (as opposed to hope) that Petrel will win one or both contracts? Surely their 'tininess' counts against them. I think it is clear from earlier posts that they are spreading any risk with partners. Are partners bidding with them to give added clout? What do we know about the competition? I suspect I am basically looking for comfort; with a nagging doubt that if neither contract is won it may be because of lack of confidence in dealing with a minnow. I do accept that an Irish company should be an acceptable front for dealing with a western consortium.

Eric

Eric - If you are looking for confidence, just do a bit of research!!, this is not a critism, you'll understand when you do it.
The competitors were Dome (UAE) & Everasia (Turkey), try searching their websites there is nothing about the tenders on there, the only company to release any sort of positive news is PET. Now this does not mean that PET have 100% got the contracts, but it is looking a lot stronger for PET than the others, this has been a tendering process so other outside companies are not in the running, i.e. the big boys, The only way the big boys (BP, Shell, etc) are getting in on this one would be by buying up the shares or a merger, again very good for us as the SP will rocket even further. Look back through this BB, you'll see that dexter and myself have been posting things for a while there is a lot of old news and links on here.

Tokyo

Back to the charting thing......

Charting is generally a valuable tool when looking at company's price movements over a much longer period of time, typically 18 months to 3 years. By using this info you can spot trends developing/about to develop. In PET's case the charts pointed to a screaming buy around late Apr/early May.

After mid Sept the whole charting situation got thrown out the window as other (much more fundamental) factors came into play. This was when all the MM/day trader funny business started to rear its ugly head. But hey, I'm not complaining, my av price is 34p.

Chin up Dexter, there's a lot of us twats about!!!

i dont think the iraqi oil ministers will say to pet thanks for all your help over the past 9 years goodbye you can go home now, its the terms of the contract/s that are going to be scrutinised

Tokyo: Thanks your post on the Consultant share options. The only other point I wish to make on this is that as the Consultants are not Director's of the company there is no requirement for them to post any sale of the shares either.

Re Eric's post: I think it is very unlikely that PET will get both contract's because of their size and resources etc. On the other hand there may be other forces at work in regard to tie-up's JV's etc. On the latter you do not normally post that you are thinking of a JV until it is tied up. So IMO I think there is a good chance of a deal of some sort...all the rest is and can only be 'speculation'.

Finally a thanks for all the links you have provided with Dexter...very useful.

John

Johngtudor, We try our best,thanks.
Tokyo,what are the web addresses for Dome and Everasia ?, i can`t find them anywhere,
cheers,
Dexter