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

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

I heard about this company D1oils plc on the radio last night,they are listing on AIM end of october i think,might be worth noting in light of high oil prices etc,


IEA calls for tariffs to be dropped on biofuels (published on 14-May-2004)

The International Energy Agency has called for tariffs to be dropped on biofuels worldwide. It says that this would encourage their use, reduce the demand for conventional fuels and be an environmental and economic benefit to many countries.


Current tariffs are a significant barrier to trade, the report says.

On the benefits of biofuels, the report states: "Increasing the use of biofuels can improve energy security, reduce greenhouse gas and pollutant emissions, improve vehicle performance, enhance rural economic development and, under the right circumstances, protect ecosystems and soils. Because these benefits are difficult to quantify, the market price of biofuels does not adequately reflect them. This disadvantages biofuels relative to petroleum fuels."

Speaking at the launch of Biofuels for transport: An international perspective, a publication looking at trends in biofuel production, Claude Manil, Executive Director of the IEA said: "In the absence of strong government policies, we project that the worldwide use of oil in transport will nearly double between 2000 and 2030, leading to a similar increase in greenhouse gas emissions. Biofuels, such as ethanol, biodiesel and other fuels derived from biomass could help change this picture, by offering an important low-greenhouse-gas alternative to petroleum over this time frame."

The report claims that biodiesel and ethanol could displace up to 5% of motor gasoline fuel by 2010 if current policies are fully implemented. If production is concentrated on low-cost sugar cane to ethanol processes, up to 10% of world gasoline use by 2020 could be displaced and up to 50% by 2050, the report claims.

It highlights the fact that countries such as Brazil and India already produce relatively low-cost bio-ethanol from sugar cane, and could become net exporters over the next two decades, making the need for import tariff reduction more pressing. At present only Japan and New Zealand have no import duty on ethanol.

Biofuel producers Greenergy welcomed the call for import reductions saying it would be good for business.

Marcus Quinn, Managing Director of D1Oils plc, said he also agreed with the idea of lowering the tariffs. He told edie this would especially benefit Europe as it focuses on using rapeseed as a principal feedstock.

"The economics of using rapeseed don't add up. It's only viable through the use of subsidy," he said, adding that the continent would have to rely on imports to meet demand.

Mr Quinn said that current land use in Europe for crops such as rapeseed are at capacity and expected to see rapeseed prices increase by 30 - 40% over the next few years. This would make biodiesel production from rapeseed highly unproductive.

Instead, his company has been using a range of energy crops with far higher yields, such as the Jatropha tree. This has a high oil yield, is extremely durable, has a long production life and can be grown even on poor stony soils.

D1 is growing this, and other high yield plants, at various points around the world, for use within those locations, but mainly for export to Europe, the US and Japan. Mr Quinn said the company's long term plan was to use non-prime land and irrigate through the use of waste water for its plantations.

Whether the future is rapeseed or Jatropha, the outlook for biofuels in general looks bright. Europe currently has a target of raising biofuel use to 5.75% of motor fuel consumption by 2010, and although there is no direct legislation in the US, the IEA report says the direct subsidies will drive sales of bio-ethanol.

By David Hopkins

Email this story to a friend Link to this story Print this story

Source: edie newsroom

Yacoub Oweis

BAGHDAD (Reuters) - Scores of Iraqi oil workers have been killed or maimed since last year's invasion after they defied death threats and remained in their posts, Oil Minister Thamir al-Ghadhban says.

"Personal threats are regularly made against us and many people have been lost, but we will not raise the white flag. We are raising output and fixing every pipeline that is blown up," Ghadhban told a news conference on Thursday.

Among those killed were truck drivers distributing refined products and pipeline security guards. Several guards at the Basra refinery had their legs amputated earlier this month when rockets fell near their post, the minister said.

"I don't think that there is an oil industry in the world that faces so much difficulty. Our headquarters alone have had several mortar rounds a day fall on it over the past two months," said Ghadhban, a geologist who started working for the ministry more than 30 years ago.

Illustrating the reach of the attacks, Ghadhban said the 110,000 barrel per day (bpd) Dora refinery on the edge of Baghdad sometimes does not receive a drop of crude oil because the three pipelines feeding it from the east, north and south are blown up.

"We found 70 holes dug by thieves in one products pipeline in the south the other day," he said.

DISRUPTIONS

The identity of the attackers remain vague and they have rarely been caught. Security officials say they include former Baath party members and foreign zealots.

The attacks have concentrated in Sunni Muslim areas, such as the northern city of Mosul, and the mixed Latifiya region south of Baghdad, where storage depots are located.

Jordanian militant Abu Mussab al-Zarqawi has threatened to attack foreign trucks carrying gasoline imports from the north.

The ministry halted operations temporarily in the Mosul storage centre after several truck drivers were killed or abducted, oil officials said.

The attacks have disrupted refinery operations and lack of security hampered distribution. Iraq, home to one of the world's largest oil reserves, used to export refined products before the 2003 Iraq war.

It now imports up to half its 20,000 litre a day gasoline requirement, Ghadhban said, adding it uses imports to cover 20 million litres a day of gas oil consumption, 8,000 litres a day of kerosene and 5,000 tonnes a day of liquefied petroleum gas.

The imports cost Iraq $200 million (109 million pounds) a month with product coming by truck from Turkey, Iran, Jordan and Syria, and through the Khor al-Zubeir terminal on the Gulf, he added.

On crude, Ghadhban said Iraq has the capacity to produce 2.8 million bpd, including 700,000 bpd from the northern Kirkuk fields, but actual output depends on the condition of the refineries and the pipeline network.

The minister said he expected capacity to rise to three million bpd next year.

We can buy biodiesel locally but the bio part only makes up 5% of the mix .Is the govt tax cut different on bio products as opposed to oil? I somehow got the idea that it was and that accounted for the measly 5% when a vehicle could be run entirely on the bio product.

Should the US army be helping to patrol these pipelines ect:

Another bit of good news from the Economist


Iraq industry: Petrel homes in on Iraq oil deal

567 words
20 October 2004
Economist Intelligence Unit - ViewsWire
EIU ViewsWire
22
Number 301
English
(C) 2004 The Economist Intelligence Unit Ltd.

COUNTRY BRIEFING

FROM THE ECONOMIST INTELLIGENCE UNIT

Petrel Resources, a small independent Irish oil company, is poised to win the first major oilfield development contract to be tendered by the Iraqi Ministry of Oil since the overthrow of the Saddam Hussein regime. The deal would be a reward for the persistence of Petrel's executives, who have calculated that smaller companies stand a good chance of picking up work in Iraq because of the reluctance of major oil firms to commit resources there owing to concerns about security and political uncertainty.

Petrel announced on September 27th that it had been called to Baghdad for "an urgent and direct discussion to finalise all technical and commercial matters" relating to a contract to develop the Khurmala Dome oilfield in the Kirkuk region. The contract entails installing production facilities for 120,000 barrels/day of oil and 80m cu ft/day of gas. Khurmala Dome is one of three schemes put out to tender by the oil ministry. Petrel has bid for all three. The others are Hamrin (north of Baghdad; 100,000 b/d) and Subba/Luhais, in the south (200,000 b/d).

The bid deadlines for the three contracts were put back several times earlier this year. However, the projects have made better progress since the formation of the interim Iraqi government at the end of June, with Thamer Ghadhban, one of Iraq's most experienced oil officials, appointed as minister.

Petrel's managing director, David Horgan, said that most of the discussions the company has held so far have been over the technical aspects of the projects, in particular the procurement of equipment such as valves and electric turbines. The commercial aspects have been left to the final stages. The contracts will be cash-based, although Petrel has offered to furnish financing on a risk-sharing basis. Petrel's primary interest is in oil exploration and production, and the company has made clear that it envisages these initial engineering, procurement and construction contracts as a means to establish a presence in the market with a view to deeper involvement in the future. Petrel holds an exploration concession in Iraq's western region, and is currently reviewing seismic data.

If Petrel is awarded the Khurmala Dome contract, it will spend the initial ten months or so completing designs and fabricating the necessary equipment outside Iraq. That means that substantial operations on site would not start until late 2005. The three contracts are expected to take about three years to complete.

Mr Ghadhban said at the recent OPEC meeting in Vienna that Iraq is currently producing 2.5m b/d. However, production is frequently interrupted by sabotage attacks on Iraq's oil pipeline infrastructure. A number of major oil companies have bid for a contract to review data on Iraq's two principal oil reservoirs, Kirkuk and Rumaila. However, this project will not entail doing substantial work in Iraq itself.

The award of the Khurmala Dome contract would signal that Iraq is on the way to increasing production in line with its substantial reserves (the third-largest in the world, after Saudi Arabia and Iran). However, it will still be some time before the extra barrels start to flow, even if security and political conditions improve.

SOURCE: Business Middle East

EIU ViewsWire 20 Oct 2004, Part 22 of 33

Document EIUCP00020041021e0ak00024

Dexter- sorry I can not find the addresses of Dome and Everasia, as I deleted a few things my bookmarks this morning, sorry, ask citywhispers think he has them

Tokyo

Tokyo: Good post taken from the Economist...tks. So let's suppose for a moment that PET is awarded a cash contract, with of course a clear indication that once they move forward on those, they will be in a strong position to be awarded more. What is the base value of cash deals to the SP...taking away sentiment...do I recall 90p per deal?

aldwickk: Re security. See earlier post, the Iraqi Oil Minisrty is taking it back in house, as the US Security Company they has been using to protect the pipes did not seem to be doing a very good job! A good sign, I think that they are starting to take control of these matters themselves!

Taken from another board, as one of the posters who regularly posts has just called Petrel....

"Just spoke with James Finn and David Horgan is still in the midle east...he sounded quite upbeat....!!!!"


my thoughts below

CW - James Finn is a senior member of Petrel, was he part of the team that went to Iraq I wonder, If so DH stayed behind? To sign the contracts????

Oh too much to wonder about......my head hurts..........

For those who don't know who James Finn is -

"James Finn has been the senior financial executive of a group of resource companies since 1988. He holds a degree in management and an accounting qualification. He also holds a main board directorship of Cooley Distillery, Minco and Pan Andean Resources."

It is looking more and more like PET have got at least one contract, can't waiti until they release that RNS!!!!!!


Tokyo

Tokyo,i know others have already said this but your input has been great,much appreciated.I have been amazed this week just how stable the price has been considering the hype that surrounds it.Feel optomistic but i certainly feel its a sink or swim share . when the outcomeis known there will not be any safe corners to hide in . Itll be champagne or cry in your beer time(if you can find a very cheap beer!)

Tokyo,did you suffer from Typhoon Tokage?,your input since you had your casts removed has been phenomenal,all good exercise for your arms!!,
Dexter

Hey Dexter - Yeah need the exercise for the arms!!!

Wow the Typhoon was amazing, normally they are nothing more than heavy rain showers (nothing a British man with an umbrella can't handle), but this week's one was phenomenal rain, gale force winds, and that was only in the city, god knows what it must have been like for the poor buggers up in the mountains, a few of my old uni mates live out in the sticks and they said it was unbelievable.

Can't wait to pop home for a good old British winter!!!!!

Tokyo

Tokyo

Would like to add my appreciation, on behalf of a large and active readership of this bb, to yours and dexter's contributions. The Economist article strikes one as a good impartial assessment. I take jgt's view that Petrel likely to just get one contract as that will stretch them - why would Iraq ministry need to put all eggs in one basket. It appears that it would be a year or so before drilling starts. However, and this may all be in earlier posts of which there are an awful lot, the NPV of the Kirkuk field can probably be calculated pretty accurately. 90p per share sounds very low when you compare it with the 4 per share quoted for PCI from an obviously much smaller field (also more shares). Interesting that Shares gave Petrel a round blob, i.e. holding steady, yesterday. That is one thing they will not do: into the sunset, or down the nearest black hole!

Eric

Thanks Eric - PET are admitedly small, but a point that has been raised over on other threads is that if Iraq wants to protect itself against the big oil giants(remember or look back at records from the 1970's), they will need to build up a smaller company that can compete with the likes of Halliburton, and yet stay loyal to Iraq. PET look like the ideal company for Iraq to raise, these tenders & block 6 will go a long way to turning PET into a giant. Will it happen, who knows probably not, but whatever PET get it is going to have a huge influence on the SP. I have given up trying to work out the potential SP until we see what kind of contract they are awarded and the scope of it, if you try to work it out on the info to date, then you come up with silly figures of 5,10, 20 pounds, until we know more more, I'll stay away from speculating on the SP, I think the one thing we can say, is that we are all gonna be pretty happy if PET get 1,2 or 3 tenders, and over the moon when block 6 info starts coming in, imagine new wells dug every other week or so, that could put Cairn to shame!!!!!

All IMHO


Tokyo

Here is the post Eric, as Bahouse puts it alot better than I can, enjoy and tell us what you think....


Now the Iraqi, the Arab and the Muslim world hates the American government and, after this second Iraq war, the British governments, but not the American or British people. They make a very clear distinction between these governments and their people. Anyone who lived in the middle east can confirm this. If you need proof, just read the Observer interview 2 weeks ago with one of the leaders of the Iraqi insurgency groups. This leader says he knows the British and the American people are good people, but that he was fighting the Americans for what they have done to his country. More relevant to my argument (see below), this same fighter says he first supported the American toppling of Sadam, but turned against them when he saw the deliberate destruction of his country.

While almost all Iraqis are happy to see the back of Sadam, equally almost all Iraqis want to see the back of the Americans and their allies. They know America is in Iraq to grab the oil and not spread democracy. They know too Sadam was put in control of Iraq by the CIA. Even Prime Minister Allawi knows that, when sadam killed many communist-baathist parliamentarian like himself, he was again helped by the CIA. Allawi was lucky to have escaped to Britain 26 years ago. And much luckier to be a live after a Sadam killer left him for dead in his house in London.

They know too that America was behind Sadam invasion of Iran to stop Khomeini Islamic revolution spreading to the rest of the middle east; and the ensuing 8 years of a disastrous and senseless war, as far as the Iraqis are concerned.

They also know America encouraged Iraqis to rise up against Sadam after the 1st Gulf war only, to let Sadam exact revenge on thousands of them while the Americans sat idle nearby in the No-fly Zone. They know too, that when Sadam gazed the Iranians soldiers in Iraq Kurdish villages, killing thousands innocent Kurdish people in the process, it was America who vetoed the UN resolution condemning such barbaric acts.

They know too that the same Ramsfield who declared this last war on Iraq, is Ramsfield who flew to Iraq as Regans special envoy to reassure Sadam of Americas support and its vetoing of the said UN resolution; and to sell him more chemicals weapons in return for contracts for the likes of Halliburtons.

They know too when Sadam was running Iraq with an iron fist, the US administration said we know he is bastard but at least he is our bastard.

And the biggest crime of all the Iraqis will not forget for a very long time to come is the 12 years sanctions deliberately engineered to destroy Iraq as a state and society on behalf of Israel. 2 western directors responsible for administering the Iraq UN Food for Oil program resigned when they realised what they had been party to was genocide as they called it themdelves.

Before the sanctions, Iraq had become the most advanced and powerful country in the middle eastern after Israel and was, given its wealth, on the brink of surpassing Israel oily country versus $3 billion yearly hands out from the US country. Now you understand why Israel feared Iraq most and had as a documented state policy the destruction of Iraq since the 70s.

In 1990 the UN produced a report ranking Iraq in par with western countries and declaring it no longer a developing country. Iraq standard of living was higher than the best in the western world. As Pets investors I am sure you understand why. A country awash with oil where 8 out of 10 times you drill a hole, oil gushes out. If you are surprised why the western desert, where our cuddly pet, has the huge Block6, has remained unexplored, it is simply because the Iraqis were not in hurry. The oil they were producing was enough to give them a very comfortable life. Now they need to pump out as much oil as they can and as quickly as they can in order to rebuild their shattered country. There in comes Pet.

I am sorry if I have bored you with this and I appreciate people may have different political views. But I believe some understanding of the politics of Iraq (and the middle east in general) may help those who think pet is only about cash contracts or those who think the Americans will just grab all the oil and leave poor pet huddled in a small sandy corner in Iraq. I strongly believe PET is a big beast in the making. And here is my argument:

Now does anyone really think that a people who have suffered so much for so long from the same tormentor (the Americans), as outlined above, will be happy handing this tormentor their oil? Wouldnt they seek to exact revenge, instead ?

The Iraqis are not in a position to take revenge on America by military means. But they will do it, I can assure you, through their oil; and in this case through our Pet and other pets, too. They took revenge on western oil companies who gave them a pitiful 4% and kept to themselves 96% of the profit, by kicking them out of Iraq in 1972 and nationalised Iraqi oil resources.

Pet being Irish and having helped them during their hour of needs, the Iraqis will do their utmost to repay the favour and at the same time hit back at the Americans and their allies . Strategically speaking, it also makes sense. Why have the sole superpower controlling your oil? Wouldnt you have more independence if companies from other countries were involved, thus establishing a balance of power and sometimes using it to your advantage by playing one country against another?

Is the best way of doing that by giving your oil to the biggest oil companies from hostile countries? Or the only way to do that is help small companies from friendly countries grow into giants to serve as bulkhead against the Halliburtons who orders their country president to have a war somewhere in the glob to sell weaponry or grab oil?

I hear people say but the American went to war for oil and have put in control of Iraq their puppet regime who will hand all or most of Iraqi oil to America. First, even the puppet regime depends for its survival and the functioning of the state on the juniors Iraqi government officials, who by the way were all sacked by the Americans in the aftermath of Sadam demise because they were baathist and then..yes youve guessed it... were all brought back, including the notorious secret service El Mukhabarat, because the country just couldnt function without them. It is these junior officials who will exact their revenge on the Americans and they are doing so as I write. In fact the leader of the insurgency group interviewed by the Observer works in one of the Iraqi government ministries. He further states that there are other colleagues in other government departments providing them with vital information. Havent you heard of American trained Iraqis soldiers/police turning against them and joining the resistance to the point where only recently the American authorities dismantled a whole Iraqis military regiment because they suspected them of working for the rebellion. If it wasnt sad, it would be comic.

Now could this or that leader involved in the insurgency, be working in the Iraqi Ministry of Oil?

Granted the answer is No. However, if government officials are risking their lives fighting the American occupation in spite of all the privileges that go with the job, I am sure we can easily imagine what revenge the Iraqis Oil Ministry officials in Ireland today are taking against America as we read this post. No! I am not talking about the signing of the 1st, 2nd or even the 3rd contracts. These are already in the bag, in my view and next mid-week the ball start rolling. Didnt David Horgan say recently that Pet has no other competitor for the 3 tenders? Yet until his announcement, we were in the belief that Pet had 2 other competitors, one Turkish and the other from the UAE. The Iraqis must have dispensed with the other 2 competitors, because you cannot take your revenge on the USA/Halliburtons monsters with a small Turkish pet, a small UAE pet and a small Irish pet, even with their combined strength. You want to rear and groom a small pet so that it grows loyal to you and turn it into a big beastly beast to take your revenge on your tormentor or at least protect you from your tormentor Halliburtons monsters. Because for sure, they will never leave you alone, even if they have to cook stories such as WMD and Al Kaida link, as long as you have oil.

That is why I believe very strongly that Pet will end up with the more lucrative risk-sharing oil revenue arrangement in the not too distant future. Because the iraqis wil want to SEE A small Pet turn into a BIG BEAST for obvious reasons. We might even have some hints to this effect, once the contract(s) regarding the 3 tenders are announced.


As for those who believe that America will prevail and control the Iraqi oil using its awesome might. Why are the Iraqi oil officials in Dublin and not in New York this evening?

More to the point, Britain was the sole superpower controlling the middle east early this century- with France having only Lebanon and Syria and North Africa. Britain lost Iraq through rebellion despite its desperate attempt to hold on to the country; to the extent that even the use of chemical weapons against civilian population did not stop the Iraqis continuing the fight for independence. Britain then installed a puppet king Faisal, who the Iraqis got rid off in no time. Iraqis are very proud and tough people as well as very sophisticated. That is why they will not allow the US government get away with their oil.

I think most of what I said is summed up in David Horgan Investors will make it happen, respecting laws and local sensitivities.. (interims rns 30/09/04)

Pets lovers, WE HAVE A BIG BEAST IN THE MAKING AND SOONER THAN SOME THINK.

NB: I am sorry about this very long post. As an Arab and investor I thought a bit of a local knowledge and an investment perspective seen from local eyes, may help us understand the story unfolding in front of our eyes. And it's a bit SCARY.

WATCH OUT HALLIBURTON!!!! HERE COMES PET!

We're going to see a David & Golliath play once more!

bahouse

Eric: My figure of 90p was based on the award of cash contracts rather than risk sharing agreements - clearly the latter would cause 'heart tremors'! John

Tokyo

Thanks! Very worthwhile post. The scenario makes sense. I suspect that PET is seen as a front to a powerful consortium which is neutral in relation to Iraq history; clearly there is a Japanese link; Ireland is an excellent entree to Europe given the use of the international language of english; they are a relational type of race who generally enjoy a bit of a laugh, including at themeselves. So, if I were an Iraqi in the oil ministry, yes, PET could make a lot of sense. It seems that it is going towards a risk-sharing agreement, probably with two, rather than three, fields (recalling earlier post re delay in southern field). So thanks, again. Will enjoy a more peacful weekend. Obviously, I am altruistic, really wanting to help the Iraqis; what better way than making a lot of money yourself!

Eric

Afternoon all,
Are you and yours ok Tokyo?,
found this on iii bb,have`nt read his/her posts before(don`t think so anyway!)

I haven't read this message board for about a week. So I maybe telling this board information they already know, but I thought this might be quite useful.
I spoke to a senior member of Petrel Resources' management last weekend, and he imparted to me that he would be having discussions this week with the Iraqi Oil Ministry, in Jordan, (because Baghdad is too dangerous, but business must go on!). They have in fact been discussing it today. I spoke to a member of staff at Petrel Resources yesterday and she confirmed that the management have travelled to the middle east.
The first telephone conversation I had (with the senior member of management), lasted a long time and through the course of it, I gleaned that although he couldn't say, from his manner that it was 'almost' in the bag (to coin a bad phrase).
Previous information has said that the Oil Ministry's meetings with bidding companies would take place towards the end of this month/the beginning of next. It appears to me that Petrel Resources, are the top to the queue, read from this what you will.

I am sorry to hear that people are leaving this message board, I don't necessarily sway on the side of blind optimism, and I can understand peoples hesitancy about this share, as it is to be honest high risk. But I cannot understand why one would write more than one or two messages warning against a share, and not exchange more information than just, the Americans rule Iraq. Most of the civilised world know that, but the Americans for all their faults do hold some sense of public relations, who best to give one of the first oil contracts to than a small Irish based firm. The Irish are seen as a trustworthy nation amongst the Middle East, partly why they tried to intervene in the sad Ken Bigley affair.
It might just be seen as salt in the wounds if it were a large American or English based Oil company who were awarded it.
(The last is pure speculation which I cannot back up with fact, sorry.)
Monday morning will be very interesting.

Tokyo: Like dexter01 I do hope you are all OK in Tokyo. I know from experience that these tremors can be uncomfortable. Presumably now that your arms are OK you can at least steady yourself if you have to! Let us know how bad it is when you can?

Interesting post from iii bb. Clearly things are pretty bad in Iraq, I was reading that it costs 2,750 to hire a Taxi to take you from the airport to the 'Green Zone' combine that cost with personal safety and no wonder companies want to meet up somewhere else! With the price of Oil still set to rise (China still import less Oil than Mexico..think about that...and Chinese growth set for 10% next year), just think what the announcement of a new Oil deal will have on the value of PET..there is still of course the tricky bit of extracting and transporting the Oil, but that can wait for now. All we want is an announcement...positive of course!

John

Thanks guys - Yeah Pretty big Earthquake today, and unusually long, there were about 5 after shocks today, a little worrying as they are always saying that Tokyo is overdue a big one. It was the worst I have experienced for a while, glass and wine rack was shaking, but managed to save the alcohol, so no worries there!!!!As I live in the suburbs not in too much danger really, as it is the falling glass in Tokyo that is likely to do the most damage, I'm 10 minutes away from the center of Tokyo, so pretty much out of harms way!(fingers crossed)

Typhoons, earthquakes, not having much luck with the weather recently, will be so glad to get back for UK winter, where they will just be rain and snow to deal with. If any of you guys are up for a piss up in December, I'll try to organise something with the other BB's, for a kind of PET celebration (If it all comes off of course!!)

Dexter - Yeah I saw that post on iii, although it was longer and went into a tiny bit more detail than city whispers posts, it pretty much mirrored what he had posted earlier on advfn, what we don't know is if that PET offical had been with DH in Iraq or not, if so and only DH is left in Iraq, then it is extremly promising as DH must have been left behind to sign the contracts over the weekend, if not then the wait goes on.

Thanks all

Tokyo


p.s. nothing in the weekend papers?