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

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?

Tokyo: Glad to read you are AOK, otherwise we would have lost a great PET investor and supporter before the real action gets underway!!!!!!!!

Have not been able to find any newspaper coverage about PET in today's papers (Sat) but did find an interesting article in the 'Money Secton' of the Torygraph about Cairn...with the headline///Be a wildcat - you could strike it lucky....

The gist of the article is that Cairn has drilled 22 exploration wells, 10 of which have been successful. The company estimates it has found 2bln - 5bln b of oil of which 400m to 1.25bln could be recoverable. Cairn currently has a 40% concession from the Indian Gov and wants to increase it. So lots of activity between now and April next year...drill, drill, drill...

Next to the article is a nice picture of the share price vs time...it just goes up and up and up...........

Have a great Sunday. John

Good evening, all. A new reader to MoneyAM - Investors'Room calling. Several years experience in oil-tanker shipping business, but, miserable experience with oil company share trading to date e.g. Bula & Tuskar to name but a few. Very impressed with contributions on this site, but still trying to work out some of the abbreviations / terminology (would like to become more involved as big interast in Oil E+P / Mining. Any help ? ). Thanks in advance.

Bought PET.L * 2000 shares @ 0.35 Jan 2004, and wondering if experts reading herein would buy in again early Monday morning - qty / price ???????

Another provoking post from the other side, very similiar thoughts to the one I posted here earlier in the week, glad to see most people/investors are thinking along the same lines, perhaps now only a matter of time.....wish they would hurry up, as not sure how long the fingernails have left???? -

The oil minister refused to name the other companies going for the two tenders, why....?

IMO there is no other companies running for these tenders....reason being if there was, the minister would have named them has he named PET....

However the oil minister couldn't exactly say there was no other companies running for the tenders....reason...it would be as good as saying yes pet have won the tenders....and this can't be done until there is an official announcement.....

There was also two delegations....Iraqi and Jordanian...reason....the block 6 western desert....IMO this will be a joint venture including the Jordanians
It dosnt add up going to Jordan because its to dangerous in iraq.....

"We continue to drive forward our Iraqi western desert exploration work. Much of the seismic and well core data was destroyed during the 2003 war. Accordingly, we concluded a joint venture with the Jordanian government to take new geological samples on the western side of the basin. Existing Jordanian well
cores and chippings have been shared with us. Petrel has conducted fission-track and other state of the art techniques to enhance our knowledge. We will commence work on the ground in Block 6 in the Western Desert as soon as it is legally and practically feasible."

Block 6 is worth 30% of all oil uptake to PET....PET have not commented much about block 6......reason... keep the majors out of the way until PET get themselves established within Iraq

Could we see PET active in Jordan in the near future....?

guys...there was an interesting article on iraqenergy.com yesterday

It referred to Iraq wanting to get the oil gushing as soon as possible and several Oil Majors are sniffing. Initially I thought it was bad news for PET until I read further and found
1. the Iraq Oil Ministry said that it would be a year at least before any tenders could be submitted.
2.They refer to different fields
3.And finally I thought even more reasons to hold PET as these majors may even want to buy in.

As PET is primarily an exlorer, for all we know there could even be something rumbling along in the background that saitisfies the critics, and determines should PET win contracts they would later downstream sell to a major who may be better equipped to get oil out. This is without prejudice and is only another angle, but whichever angle you come from, PET is a logical choice for the Iraqis at present, whereas the majors are not.

Could it be that the other companys tending do not wish to be named.

Morning everyone.

Found this on a website.


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Petrel continues talks on Iraqi oil

24/10/04 00:00

By Eamon Quinn
Petrel Resources, the Irish oil explorer, was this weekend continuing talks with senior officials of the Iraqi oil ministry about contracts to restore the country's oil facilities.

David Horgan, managing director of the AIM-listed company, said the ministry had sent 22 officials to meet with Petrel in Jordan and that progress had been made in the talks.

Petrel has bid on two contracts to refurbish and develop oil installations around Tikrit, the hometown of Saddam Hussein, and in Kirkuk, in the north-east of the country.

Speaking from Jordan, Horgan told The Sunday Business Post that he had been advised against hosting the talks in Baghdad because of the mounting violence in the Iraqi capital.





Horgan, who has been a frequent traveller to Baghdad for the Irish oil company in the past, expected to travel there again later this year if Petrel succeeded in winning the contracts.

"Negotiations are continuing. It is not a done deal," he said. The Iraqi officials, who had made huge progress in streamlining the bidding process, are expected to make a decision on the bids next month.

Shares in Petrel have soared 368 per cent this year amid hopes that the Irish company is well placed to help Iraq to restore oil pipelines and facilities in existing oil fields.

The shares were trading on Friday at 112.5 pence, down from an all-time high of 133 pence, which hit earlier this month. Iraqi oil officials had visited Ireland for talks with senior Petrel managers in recent weeks.

http://www.sbpost.ie/web/DocumentView/did-904625-pageUrl--2FThe-Newspaper-2FSundays-Paper-2FThe-Market.asp


Regards,

wilbs

Petrel continues talks on Iraqi oil

24/10/04 00:00

By Eamon Quinn
Petrel Resources, the Irish oil explorer, was this weekend continuing talks with senior officials of the Iraqi oil ministry about contracts to restore the country's oil facilities.

David Horgan, managing director of the AIM-listed company, said the ministry had sent 22 officials to meet with Petrel in Jordan and that progress had been made in the talks.

Petrel has bid on two contracts to refurbish and develop oil installations around Tikrit, the hometown of Saddam Hussein, and in Kirkuk, in the north-east of the country.

Speaking from Jordan, Horgan told The Sunday Business Post that he had been advised against hosting the talks in Baghdad because of the mounting violence in the Iraqi capital.

SNAP!!

Snap again, this is the text people would be scouring through the Sunday papers for, really doesn't give any new information and a bit for each side really, the de-rampers are gonna "It's not a done deal" equals that PET are not gonna get the contract, and the more positive amongst us, are gonna say, "What else can Horgan say to a reporter?", If he says yes we are actually the only ones here, and contracts look like they will be signed next week, he'll be up infront of a commission for giving out insider info, take this info as you will -

"David Horgan, managing director of the AIM-listed company, said the ministry had sent 22 officials to meet with Petrel in Jordan and that progress had been made in the talks."

For those thinking that the major oil companies could take away the business from PET, just remember they are not even in this tender process, what they are going for is completly different and to quote the reuters article "more than a year away!"

from the article - "We have already given them some data. The process of exchanging information and deciding on the best offers could take a year, a senior oil official told Reuters."

full article here - http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/business/2004/October/business_October460.xml&section=business

I don't think 22 oil officals would be sent to Jordan, just to tell PET - "Sorry no contract for you", the quote of progress has been made in the talks, signifies something good is going on, perhaps on one tender will be awarded, but hey that is still great!!!


http://www.sbpost.ie/web/DocumentView/did-904625-pageUrl--2FThe-Newspaper-2FSundays-Paper-2FThe-Market.asp

Petrel continues talks on Iraqi oil

24/10/04 00:00

By Eamon Quinn
Petrel Resources, the Irish oil explorer, was this weekend continuing talks with senior officials of the Iraqi oil ministry about contracts to restore the country's oil facilities.

David Horgan, managing director of the AIM-listed company, said the ministry had sent 22 officials to meet with Petrel in Jordan and that progress had been made in the talks.

Petrel has bid on two contracts to refurbish and develop oil installations around Tikrit, the hometown of Saddam Hussein, and in Kirkuk, in the north-east of the country.

Speaking from Jordan, Horgan told The Sunday Business Post that he had been advised against hosting the talks in Baghdad because of the mounting violence in the Iraqi capital.

Horgan, who has been a frequent traveller to Baghdad for the Irish oil company in the past, expected to travel there again later this year if Petrel succeeded in winning the contracts.

"Negotiations are continuing. It is not a done deal," he said. The Iraqi officials, who had made huge progress in streamlining the bidding process, are expected to make a decision on the bids next month.

Shares in Petrel have soared 368 per cent this year amid hopes that the Irish company is well placed to help Iraq to restore oil pipelines and facilities in existing oil fields.

The shares were trading on Friday at 112.5 pence, down from an all-time high of 133 pence, which hit earlier this month. Iraqi oil officials had visited Ireland for talks with senior Petrel managers in recent weeks.

Hooray! Its a trinity - the same post three times; so clearly the divine will! I particularly liked: "The Iraqi officials had made huge progress in stramlining the bidding process". Shorthand for its down to them and us, they know what they want and its just what we would like to give them. I suspect that any agreement would need to go above the ministry so just a little patience for a few days. Do you see it that way, Tokyo - glad your sound of limb and, obviously, also of mind!

Eric

Could be another week or so, but we have waited this long, so what is a little longer (for those with no finger nails left, time to invest in a pack of gum!) The article quoted DH as saying November, which is of course next week, but thinking back to the hand over of power, that happened a few days early.......I for one will still be checking everyday for an RNS just in case.

Quote
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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
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Surely contracts like this require more than one persons signature on the dotted line

Feel very happy to be holding PET, recent news suggests there's certainly something going on (22 people sent to jorden.....etc). Expect news next month though:

"Negotiations are continuing. It is not a done deal," he said. The Iraqi officials, who had made huge progress in streamlining the bidding process, are expected to make a decision on the bids next month.

Time will tell!

could somebody on this thread tell me who in their right mind would go anywhere near Iraq to work at the mo and if they did could guarantee they would stay alive more than three days!!!

time to get real

security costs and local workers will have a tendency to help security companies find the threat quicker than let it evolve around their future employers. who will have the biggest budgets to cover the cost of the security workers, the oil merchants, oil ministry types.

Morning one and all,
Glad you are all ok Tokyo,the way i see the business post article is this. Last week i and others spoke to and e-mailed pet,my answer was simply"we cannot comment"and other were in much the same vein.Then a reporter contacts DH and gets some insight into what`s happening in Jordan,even allowing for the press`s artistic licence!.I know not much ,if anything, new was said ,it does show that at least the news "blackout" seems to be lifted. Let`s face it, if things were going bad they would`nt have said or hinted to a reporter!!.

IMO this is the week!!,

regards,
Dexter