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

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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

A few de-rampers have been appearing yet again over the weekend, causing one exteremly respected poster from another thread who rarely posts nowadays to come out with the post below - makes interesting reading


The recent press statement amounts to NOTHING. Unfortunately there a several people here who have, if not a vested interest, then a DESIRE to see Petrel fail. The fact is PETREL have not failed they have in FACT trumped the whole oil sector. The reason why this is not being actively reported is a combination of factors:

This is not a ramp but just the result of a tremendous amount of research.

1) Several of the larger influential Oil companies and Oil service providers namely; Halliburton & Shell to name a few are quite content with watching the developments from the sidelines. The fact is WHEN the news is reported that PETREL has won the first of many contracts. Two and possibly three oil companies will launch a hostile takeover. Now the intellectually retarded amongst you will now ask the inevitable: Well if this is true why havent they already launched a takeover bid for this small and relatively new company. Well my moronic amateur investors the fact is they cant. Buying Petrel now what render its most valuable commodity useless: its independence. In fact Petrel will not be absorbed into one of the majors until it has secured its second contract. And the price that the majors will be willing to pay not only for the contracts but the relationship the current company heads has managed to development. Well that truly is guesswork. But if I were to take a stab I would say GBP7.00 - 10.00 per share.

2) Horgan cannot state that the deal is done to a newspaper journalist over the phone. Has any one thought of the possibility that his regulatory advisors have told him to be careful this close to announcements. That before he flew out they gave him strict instructions that he was not to leak any news that gave the impression the contract(s) had been awarded.


I must thank you retards, because tomorrow morning the price will most probably fall due to the more intellectually challenged amongst us reading too much into a press statement. Giving me the opportunity to increase my holding throughout the day.

This company will be trading between 3-4 pounds before the end of the year. Before the bidding war begins!!!!!
DYOR because I have and the outlook is good to fantastic purely and simply an astonishing stock.

moronically, a very happy investor. If this insight proves to be the case. the fact is in a good position to watch things unfold

Tokyo,

Just thought I'd pipe up again to say I am very happy to hold as the positive news and speculation holds a lot more sway with me than the negative. News will come and when it does we will be laughing. May well see it drop below 100p before hand, and hey that will be no great problem for us longer term holders, indeed it will be a nother chance to top up (especially for you Tokyo!).

All the best, and get more blu tac, works wonders on keeping things still in earthquakes!

JJ

JJ - funnily enough last time I came back to the UK (June this year), I did buy a load of blu tack, I should start going around the house & office sticking things down!!!

I have indeed sent some more money to my comdirect account, but it won't clear until wednesday, by then I don't think the price will be below 117 as next Monday is the start of November, and people will start piling back in again soon, I'd expect to see 125 by Friday close. I'm also happy to hold as no-one really knows when this RNS is coming, but 99% of the people I talk to think PET are gonna walk away with at least one contract, and this will make today's SP look like chicken feed

IMHO

Tokyo

ground hog day, or to be more topical ramadan is certainly in vogue. Have just topped up. I suppose its like being on the the way to a parachute jump, you know whats gonna happen, you know when its gonna happen, you have the equipment to get you through the experience and you wait for the green light.

watcher: Love the analogy except that in a parachute jump...don't you normally go down!

or does the earth come up to you?

Wonderful, and so will the Oil out of the desert, hopefully with PET's assistance!!

Well the Sunday newspaper article didn't have that much of an effect on the SP, nothing really damaging in the article, I think a few people may have got out as it said that the contracts were not going to be awarded until November, so perhaps thinking another possibility to get out and then in again at a lower price, but that wasn't to be, as the MM's marked it down pre-market, we should see blue for the rest of the week, as people start to come back into this stock on the hope of the impending RNS.

IMHO
Tokyo

Tokyo,
bet you can`t wait for your dosh to clear !!,i think you will probably be able to buy at sub 1, good luck.

JT, the first few thousand feet is down,but the last 20 feet the ground definitely comes up to meet you!!
Dexter

Buy between 90 to 100p tomorrow I suspect, or at least before news. Any one got any spare cash?

I wish i had, suppose i could send the wife to Kings Lynn docks tonight!!!!

Evening all,
It realy does`nt matter one iota if the price is up 10 or 20%, or even down 10 or 20%. The thing, the only thing, that matters is an RNS saying PET has got the contract(s).If you had asked any investor on this bb 3-4 weeks ago if they would be happy with a sp of 1 or so, it would have been a resounding YES!.
The price we are seeing day to day is fluctuating due to MM manipulation and nervous sellers, then day traders jumping on the bandwagon.When PET get the contracts the price will go into orbit!!,IMO probably spiking at 3-4 ,then profit taking,then a situation much the same as now, up and down 10%or so, but at a much higher level. I think that this trend will then continue until just before the oil starts flowing.

If on the other hand they get Block 6 as well(excuse the pun!)then that is a whole different ball game,again IMO i think the sp could double the figure above!.

One other point regarding security, i don`t think that PET being Irish matters at all, because their are some groups kiddnapping purely for financial gain, they don`t care what passport they have got. Obviously PET`s management take every reasonable precaution to minimise risks, but the nature of the business is risky, and that is why the upside potential is so huge. Lets face it none of us are here for 20-30 or even 40% gain, are we?.

regards,
Dexter

Regarding dh saying it "wasn't a done deal" I honestly have to say he should have said " no comment" I still hold.z