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

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

I believe that it will be 2 or 3 weeks before anything really happens contract wise, and the SP down about 90-80 to much speculation here on them getting the contract and if they get it what then. who wants to risk their life for that little bit extra tax free would you, dont think about it I will answer for you no you would not.You want to sit in your front room with your computer and play the stocks and shares and make megga bucks on speculation and somebody elses life on the line. Think about it if they get the contract will they get the work force I hold my hand up I would not go should you disagree with me thats ok

mort - Do some research before you post - PET will be hiring Iraqi workers, even if they get the contracts signed this week, it will still take about 10 months of preparation before they step foot on Iraqi soil, amybe you should read a few of the past posts to get up to date on the subject you are trying to sound all knowledgable on!!!

all others check out yesterday's news @ http://www.iraqprocurement.com/docs/new522.htm

Morning tokyo,
BUY! BUY! BUY!.


1 last top-up !!!!!!!!!!!!!!!!!

have a nice day.
Dexter

dexter, even my misses has got in on the act, she calls it shopping (for PET shares), because when the news breaks thats what she is going to do. another ground hogger coming up.

Just found this,at least it prove Sonoran are not in the frame for these tenders.

Press Release Source: Sonoran Energy, Inc.


Sonoran Energy Forms Partnership to Develop Oil and Gas Opportunities in Iraq
Tuesday October 26, 1:15 am ET


LONDON--(BUSINESS WIRE)--Oct. 26, 2004--Sonoran Energy, Inc. (OTCBB:SNRN - News) President and CEO Peter Ostenfeld-Rosenthal announced today that the Company has signed a Memorandum of Understanding ("MOU") with a company operating in Iraq to develop oil and gas opportunities in Iraq. The initial MOU with Al Azharan Group will lead to the establishment of a partnership operation specializing in the oil and gas exploration and production activities within this lucrative Iraqi market.
Al Azharan ("AZI") is a well-established company in Iraq with over 28 staff located at its main office in Baghdad, and a further 350 employees present at the Company's various projects throughout the country. AZI brings to the table an extensive network of high-level contacts in Iraq's Oil and Gas sector, as well as within the local government. Currently, AZI has over US$ 40 million in contracts in progress, with an additional potential of $130 Million under current negotiations.

"The experienced team at AZI shall play a vital role in assembling a portfolio of oil and gas assets for Sonoran to firmly establish our presence in the Iraqi market," said Ala Nuseibeh, Sonoran Energy Executive Vice President, Middle East, North Africa, and Caspian. "There are significant opportunities in Iraq that the Company can tackle, and our MOU agreement with a strong local player with proven record of delivering results shall prove necessary to the success of Sonoran Energy in that Country."

"We look forward to our association with the Sonoran Energy management team to develop mutual oil and gas opportunities in Iraq," said Majdi Khayyat, Al Azharan Country Manager. "The Iraqi oil sector is a perfect fit to Sonoran's technical know-how and experience."

"We are very excited about being strongly represented in such a lucrative oil and gas market, which is a first step and important catalyst to the successful identification and winning of major projects in Iraq. We truly believe that AZI, with their strong local ties, to be the ideal partner to build a successful operation in the region. We believe that this shall be accomplished through working closely together in targeting the most interesting and profitable oil and gas projects available, thus setting Sonoran Energy to be an important player in the Iraqi oil industry once the political and security vision clears for international investments," said Peter Ostenfeld-Rosenthal, Sonoran Energy President and CEO.

Tokyo: you were a little tough on MORT - its bound to be a common attitude; the share price could be held back somewhat, even with the contract, until drilling has started. Interesting plan of Iraq a week or so ago which showed that the main problems are confined to three districts/provinces - we get such a distorted view over here with the focus all one way. What is also clear is that the interim government are getting on with running the country, including boosting oil production. I liked maddoctor's quote earlier that anyone must be mad to work in Iraq. Either mad or Irish!

Eric

Was that a 100,000 buy .?

WOW' it was.

EWRobson - 26 Oct'04 - 09:16 - 790 of 790

Tokyo: you were a little tough on MORT


Not really NO - too many idiots are appearing on PET boards, it maybe a common attitude but a little research would give you your answer, instead of preaching it on a BB. This BB has been free of idiots de-ramping away, and I for one would like to keep it about news and backed up opinions instead of rants (positive or negative)

Tokyo

not one to speculate on security or troop movements. The Black Watch have been relocated, to cover a major road route to enable much needed supplies and frieght flow around the big city. The american services have clearly failed to do this. The progress of the feel good factor will make the locals appreciate that progress is being made and the elections can't come fast enough after that. The security implications after a stable period of time are fundamental to industrial improvement for management and work force. Sorry to woffle on, but hip hip horray for the professional british army and the bussiness implications thereafter.

marti

Marti,

Without doubt the British Army are miles ahead of the US in 'policing' through hearts and minds, afterall we have had plenty of practise. But I would countenance against believing for one moment that they will change things around in the short term. Don't forget that the coalition is an occupying army and that they will now be up against Shia rather then the Sunni population. You don't have to be a rocket scientist to realise that the Black Watch are now up against a significant minority who will unfortunately inflict casualties on our troops. I just hope and pray that these will be minimal, or even better nil

Tokyo,

Yes you were rough on Mort. If PET do get their contract(s), I am sure that PET personnel will have to be employed on the ground. You can't have an interest and not be represented. So, I think Mort has a fair point. Just because, not everyone agrees with your perspective, doesn't mean they are not allowed an opinion, even if in your view, it is ill researched. Posters who are critical of PET, (or any other stock), are not necessarily derampers, so rather than believe that you are always right, accept your view will not always be unequivocal.

Regards

PTH

PS. Pleased you survived the earthquake!

Let me make something clear, I'm not opposed to anyone having different opinions to my own - that is what these BB's are for, what I am against is having it turn into something like advfn, where uninformed people are posting such rubbish in numbers that it is becoming ridiculous, and we have to go through 500 posts to find some useful information.(Why buy into PET if you think they will fail, even if they get the contracts, that is how I read his post, and there have been to many of those on advfn) If Morts post was done with good intentions, then to him I apologise, but PET have already made it clear they will use local staff where possible, they will of course use their own geologists and those from the Jordian side, these people are already out there and have been from quite a while now, a quick look through their website and e-mails posted here would have told you that.

anyway enough on the subject I look forward to reading well informed posts/opinions from the rest of you, as I believe we are not far away from an announcement.

PRE another Teeling/Horgan company have their AGM on Thursday, it will be interesting to see if DH is able to come back for this, a city rumour is that he is already on his way back with good news, but phone calls to PET about this have been met with "No comment", be interesting to see as a few large buys went through today, but the price has stayed low...................

good luck to all PET holders

Tokyo