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

Agree with everything that has been said.

even if the contracts don`t materialise ,or they only get one of them.the western desert exploration is risk sharing so if they hit oil the price could go through the roof.
remember the samples etc they are taking is being done from the safety of jordan

Only a week left to the hand over and then positive contract news!!!

We can but hope!!

goodluck all

pretty positive statement from PET today

Petrel Resources PLC
24 June 2004


PETREL RESOURCES PLC

CHAIRMAN'S STATEMENT


In the period under review, Petrel has made significant progress toward the goal
of becoming an Iraqi oil producer. We have submitted tenders to develop
significant oil fields in the Kirkuk area of Northern Iraq and in the Hamrin
area of Central Iraq. The final tender, to redevelop and refurbish the Subba and
Luhais fields in Southern Iraq was submitted in June. Each project envisages oil
production in excess of 100,000 barrels a day.

We have continued to analyse available data on our Block 6 exploration project.
Block 6 is a 10,000 sq km block in the Western Desert between Baghdad and
Jordan. Petrel has an agreed work program with the Oil Ministry in Baghdad and
awaits final approval to commence fieldwork. All of this has been achieved in
the midst of almost total chaos and at significant personal risk to our
directors, David Horgan and Guy Delbes, who travel to Baghdad on a frequent
basis. Two senior geological consultants to Petrel, Munim Al-Rawi and David
Naylor, have also visited Iraq a number of times during the period under review.
Through the war and the aftermath we have maintained a strong technical presence
in Baghdad.

Let me put our operation in the context of developments in Iraq and the oil
industry.

IRAQ

The outcome of the invasion of Iraq was predictable. There may be a greater
longer-term geo-political strategy but Iraq and its people are paying a high
price. Wrecking the infrastructure and dissolving the entire bureaucracy of
soldiers, police and civil servants could only have one outcome - chaos. So it
has turned out. Who was going to run the country? Who was going to fix the
water, power, medical and transport systems? Recent months have seen the
re-employment of bureaucrats. The process will continue. Experienced
administrators, trained police and army personnel will bring some semblance of
order. The lights will come back on, roads will re-open and hospitals will get
supplies. The financial situation is, and will remain, in crisis. Oil revenue
from 2 million barrels a day is not adequate to fund the current needs of the
country, to repair and expand infrastructure, to service more than $100 US
billion in external debt and to develop the only productive asset in the country
- oil. The external debt will have to be written off and massive aid injected to
kick start the rehabilitation process.

Social and economic progress requires a stable political structure. It is hoped
that the provisional government taking power in July can establish a
constitution and a forum acceptable to the differing views in the country. Iraq
is a beautiful country, the cradle of civilisation. The people are
sophisticated, educated and cultured befitting a civilization with thousands of
years of history. The country has a pivotal role to play in the development of
world oil and in the political evolution of the Middle East.

OIL

In recent years even a casual observer of world oil would have noted the coming
crunch in supply. Why is the world so surprised at high oil prices? If demand is
strong and supply weak, prices rise. US and Chinese demand, the principal
driving forces, are expected to continue to grow. World supply is tight.
Difficulties in major producers such as Nigeria and Venezuela add to short-term
pressures but the longer-term picture should be of concern to the Western world.
Production has peaked and is already declining in most of the world's oil
provinces yet demand continues to grow. New sources in the Caspian and Offshore
West Africa are not sufficient to offset the decline. At $40 US a barrel a range
of alternative supplies become profitable, shale oil, marginal fields in the
North Sea, mothballed projects in the Gulf of Mexico, among other sources. None
of these sources can compete with the economics of Middle East oil that has
lifting costs of $1 a barrel. Therein lies the opportunity and the risk. Over
time, Iraq can contribute up to 6 million extra barrels a day. Other Middle East
countries can also expand production. But one attack on the big 4m barrel a day
Saudi Arabian oil refinery can plunge the oil market into crisis and threaten
the world economy.

Petrel committed to Iraq in 1998. We have maintained this commitment through
sanctions, the war, its aftermath and more importantly, we have remained
steadfast in the face of shareholder and investor disbelief. This is now
changing. Our share has been one of the best performing on AIM in the last 18
months - rising 10 fold in price. Financial institutions and multinational oil
companies now request an audience. Our tenders have involvement from a number of
large companies.

Shareholders, investors and oil industry competitors realise that we are one of
the few, if not the only Western oil company, to have maintained an ongoing
dialogue with the Iraq Oil Ministry. Over the years we have not only developed a
good working relationship with officials but we have also learned a great deal
about Iraqi oil. Simply put, we believe that Iraq is the best oil province in
the world. Known resources of 115 billion barrels are only a fraction of what
might be there. Much of the country remains unexplored at surface and at depth.
The three oil fields, for which we have prepared tenders, may contain in excess
of 2 billion barrels. Each of the projects will have daily production in excess
of 100,000 barrels with low operating costs. Capital costs are roughly $2,000 US
per daily barrel. Our current proposals are to act as a contractor. We will
develop and operate the projects in return for a cost plus fee. Our remit has
recently been extended to seek out the capital to undertake the projects. Over
the coming months we anticipate detailed discussions on the technical and
financial aspects of each tender.

Iraq badly needs revenue to reconstruct. The only source is oil. Our three
projects could be in production within 24 months. The sovereign government
taking control from July 1st 2004 will have the authority to undertake oil field
development as well as to grant exploration concessions. Petrel is well placed
to be an early beneficiary of the new regime.

OTHER PROJECTS

While Petrel is acutely focused on Iraq, we have kept a weather eye on other
areas. We continue to maintain an interest in Sudanese oil. Sudan is a large
country. The main political problem is being slowly resolved, though this
initiative sparked new problems in Darfur. Our interest has moved from a block
in the East to a large concession in the North-West. Our activities in Iraq have
not gone unnoticed in the Arab world. We are at an early stage in looking at oil
/gas projects in other Middle East Countries.

FINANCE

We have adequate finance to continue in our present manner but one successful
tender or the finalisation of the Western Desert exploration contract will see
an immediate increase in work and expenditure. We believe that financing success
in Iraq will not be a problem.

FUTURE

After years in the desert, literally and metaphorically, our time is coming. The
world needs more oil, Iraq has the oil. Political and social stability in Iraq
now look possible. In the past 5 years we have invested substantial financial
and human capital into maintaining a presence in the country. A growing oil
industry will be the engine of Iraqi development. I fully expect Petrel to
participate in this development.

John J. Teeling
Chairman
23 June 2004


CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the year ended 31 December 2003

2003 2002


Administrative expenses (244,638) (238,080)

LOSS ON ORDINARY ACTIVITIES BEFORE INTEREST (244,638) (238,080)
Interest income 573 -

LOSS FOR THE YEAR BEFORE TAXATION (244,065) (238,080)

Taxation - -

LOSS FOR THE YEAR AFTER TAXATION (244,065) (238,080)

Profit and loss account : opening - (deficit) (1,856,424) (1,618,344)

Profit and loss account : closing - (deficit) (2,100,489) (1,856,424)

Loss per share - basic (0.48c) (0.54c)

Loss per share - fully diluted (0.48c) (0.54c)



All gains and losses are dealt with through the profit and loss account. Results
derive from continuing operations.

The financial statements were approved by the Board of Directors on 23 June 2004
and signed on its behalf by:


John Teeling

David Horgan

DIRECTORS



CONSOLIDATED BALANCE SHEET
as at 31 December 2003
2003 2002


FIXED ASSETS
Tangible assets 3,011 5,426
Intangible assets 1,373,863 1,081,085
Financial assets - -
1,376,874 1,086,511

CURRENT ASSETS
Debtors 50,281 27,260
Cash at bank 958,308 6,645
1,008,589 33,905

CREDITORS : (Amounts falling due within one year) (183,140) (152,826)

NET CURRENT ASSETS/ (LIABILITIES) 825,449 (118,921)

TOTAL ASSETS LESS CURRENT ASSETS 2,202,323 967,590

CAPITAL AND RESERVES
Called-up share capital 727,690 601,055
Capital conversion reserve fund 7,694 7,694
Share premium 3,567,428 2,215,265
Profit and loss account - (deficit) (2,100,489) (1,856,424)

EQUITY SHAREHOLDERS' FUNDS 2,202,323 967,590

The financial statements were approved by the Board of Directors on 23 June 2004
and signed on its behalf by:

John Teeling

David Horgan

DIRECTORS


CONSOLIDATED CASH FLOW STATEMENT
as at 31 December 2003

2003 2002


NET CASH OUTFLOW FROM OPERATING ACTIVITIES (68,811) (406,812)

RETURNS ON INVESTMENT AND SERVICING OF FINANCE
Interest received 573 -

NET CASH INFLOW FROM RETURNS ON INVESTMENTS AND SERVICING OF FINANCE 573 -

TAXATION
Corporation tax paid - -

CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Payments to acquire intangible fixed assets (292,778) (168,273)
Payment to acquire tangible fixed asset - (1,264)

NET CASH OUTFLOW BEFORE FINANCING (361,016) (576,349)

FINANCING
Issue of ordinary share capital 1,390,263 569,232
Share issue expenses (77,584) -

NET CASH INFLOW FROM FINANCING 1,312,679 569,232

INCREASE/(DECREASE) IN CASH 951,663 (7,117)


Notes:

The financial information set out above does not constitute the Company's
financial statements for the years ended 31 December 2003 or 2002. The
financial information for 2002 is derived from the financial statements for 2002
which have been delivered to the Registrar of Companies. The auditors have
reported on the 2002 statements; their report was unqualified and did not
contain a statement under section 237(2) or (3) of the Companies Act 1985. The
financial statements for 2003 have been audited and will be delivered to the
Registrar of Companies following the Company's Annual General Meeting. The
auditors have reported on the 2003 statements; their report was unqualified and
did not contain a statement under section 237(2) or (3) of the Companies Act
1985.

A copy of the Company's annual report and accounts for 2003 will be mailed to
shareholders shortly and will also be available for collection from the
Company's registered office.


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

at last some really positive news! Whilst still very speculative - I will be adding to my holding. Antje

fall in the price today, if this continues then I'll be topping up next week. The financial figures were never going to be fantastic, but as antje said very speculative but positive statement from the chairman, only 4 minnows have bid for these tenders, and petrel looks to be in the strongest position. There is no way I'm putting everything into to this, but it is worth a punt in my humble opinion, one contract could send it north towards 2 pounds, even three or four.

Am I missing something here, anyone with any different views, as I by no means feel this is a dead certainty, but as feel that the possible rewards out weigh the risks.

again I agree we previous comments on this thread that it must be money that you are willing to lose if it comes to it

Hi Tokyo...I got out on the way down thinking that the uncertainty would bring about a fall( that is the way the market usually reacts to uncertainty) ...I took some profits which in hindsight was a mistake and bought back in yesterday and have lost about 5 p per share...however when they dropped to 36.5 to 38p this morning I was about to get in again and they went up a penny whilst I was weighing it all up....I personally liked the look of the report today and feel pretty good about this one...rgds..piston broke

Does anyone know when will we find out about the contract, if Petrel have got it or not?????

rkausar - When we see 435p, sorry could not resist that one lol :o)
Within 2/3 weeks imho

Handover has just happened 2 days early!!!

lets hope the contracts start rolling in for PET now

Anyone nervous about this one yet???

Actually thinking of topping up

Could be 2/3 weeks away from a 10 bagger, only time will tell

hi tokyo,
that 2/3 weeks, is is that informed in any way or hope?,what does anyone think of their other activities in africa?
dexter

dexter01 I'm afriad it is only hope!, but I had a good feeling from the directors report earlier and have just topped up with a little more

good luck to all PET holders and may the good times roll

Tokyo

Petrel Resources (PET.L) the Irish based oil exploration company is likely to set the blood racing through your veins at a pace. Petrel Resources established in the early 1980s has a duel listing on the Irish and London stock exchanges. The Company moved from Londons Ofex Market to the LSEs AIM in August 2000. Its major interest is in war torn Iraq. Headed by 43 year old David Horgan who strongly opposed the war in Iraq. Opportunities arose for Petrel with the imposition of sanctions but there was no legal way to conduct much serious work until the UN oil for food program in 1997.

Horgan, the oil executive freely admits that he is in the bombed-out country "for greed and glory." His goal is a mammoth oil deal for the small Irish company he works for, a little more truthful than western governments one may think.

Petrel has access to some seismic information that would make an oilman's nose twitch. These include the Sedementology of the Euphrates Formation and Floraminera and Biostratratology of Some Late Cretacean Sediment of Northern Iraq. All data and maps of these area`s were closely guarded military secrets. The fact that Horgan takes this data back to Ireland for further analysis is astonishing.

The company raised c1m from a share placing to finance the development of oil fields in Iraq last November. Petrel. Private investor Douglas Wright, who owns c2% of the company, estimates the shares could be worth 10 each. Thats some mark up at todays 36p.

This tiny 15m cap company has been in Iraq well ahead of any other western oil company, amassing a wealth of drilling, seismic data. Petrel has developed an excellent working relationship with the Iraq authorities before and after the invasion. Commenting on the potential awaiting his company, Horgan says he will be satisfied with even crumbs. "A crumb in Iraq," he says eagerly, "would be hundreds of millions of dollars at present value. It is high risk, in every sense, but it is an excellent play." Horgan, hopes his company will able to develop three fields in Kirkuk in the north, Hamrin in central Iraq and the Subba and Luhais fields to the south of the country. Petrel also has rights to prospect in the deserts to the west of Baghdad.

February 18 Petrel announced that it intends to put out tenders by the end of March, the second in the middle of April, and the third in the middle of May. Officials say they will decide within a matter of weeks, but nothing happens that quickly in the Middle East. Within about two months following each tender submited we anticipate decision, because the overwhelming priority for Iraqi authorities is to generate revenue. Without oil revenue, there is nothing. Horgan estimates the company has a 1 in 3 chance of gaining approval for at least one of the tenders.

Horgan is no newcomer to Iraq. He has the experience in dealing with the administration of Saddam Hussein. Dealing with a western administration will be a far more comfortable. However, he is willing to do business with whoever comes next, even a US puppet, as he believes it will be.
New exploration of Iraq's untapped fields is at a virtual standstill; the repair of the old fields has been notoriously slow. His first priority is to get the oil flowing. There is no guarantee that Petrel will be successful with its tendering. However, they are a better bet than some given that they have had their feet under the Iraq table since 1978.

It is unclear whether any existing contracts would be recognized by a new regime. In addition, if U.S. and British companies also are in the game, Petrel could be out of luck. However, Petrel has an all-important head start..data. So, one can assume that even the big boys will need Petrels help. Another important advantage for Petrel, is the experience with negotiating with the Iraq Oil Administration, who will have a hand in any issuing of contracts, even if the western governments are pulling strings. In any event, the expected stampede of western oil giants stamping through Iraqs oil rich fields has not come to pass as widely predicted. The main reason for this is the obvious danger to western companies. This is clearly a prize advantage to Petrel.

The Exxons and the Shells and BPs rightly don` have the stomach todeal with the physical risk to their executives. Horgan is one of the few Western oilmen to be found in Iraq who is seen as friendly. An even more significant reason the big boys from the oil industry are staying clear is the legal black hole into which they'd be stepping. After all, until there is a legitimate sovereign government in Iraq, it is unclear whether any new long-term oil exploration. That means most of that untouched oil underneath the desert sand is off-limits--and all the oil giants can only stare, like alcoholics looking at liquor bottles in a shuttered shop. No one, at present, has the shop keys.

In the last three or four years, most of the world's oil companies have either visited Iraq or opened offices or had representatives there. They have no choice given that Iraqi oil is miraculously cheap to pump out of the ground, costing about a dollar a barrel. The chief wells are to the North, near Kirkuk, where sabotage keeps production down, and to the South, near Basra. The Western Desert offers untold riches.

Petrel reached an agreement under Saddam to explore a chunk of the Western Desert known as Block 6. A high-ranking Iraqi official he says, signed it, although, crucially, it was not ratified by Saddam Hussein. "We think it's a valid agreement," he insists. Iraq's current American rulers are studiously noncommittal about contracts signed under Saddam. For to understand Iraqi oil development, it's clear that there is not just the one Iraqi Oil Ministry but a parallel "shadow" ministry run by American advisers.

"We've done some very good work, but we can't compete with the multinationals," said Petrel Chairman John Teeling. "They'll crunch us and jump on us as much as they can."
The reason: Only Saudi Arabia has more oil than Iraq. Iraq's proven reserves total about 112 billion barrels, and industry experts figure as many as 250 billion more await discovery. To develop the proven reserves to their full potential over the next 10 years or so will cost as much as $40 billion, according to think tanks and petroleum consultants.

Iraq is regarded as the most attractive place to produce oil, with vast reserves and low production costs. "No mineral has better economics than oil and no country has better oil economics than Iraq. To put this in to perspective, Only 2,300 oil wells have been drilled in Iraq compared to a million in Texas, but those wells generate about 12-15 percent of the worlds proven reserves. Eight in every 10 wells drilled in Iraq have struck oil; in Saudi Arabia the success rate is less than half. Some prize! Each of these is multibillion-barrel fields and each of them has very large multibillion-barrel potential at greater depths. That is the real prize here. You could clear a net present value of $30 million or more in each of these cash contracts, but the reason why oil companies have been working so hard for so long is the ability to add reserves. These are certainly multibillion barrel and there are not many structures this straightforward anywhere in the world that comes even close.


Something to think about for those of you with nerves of steel. The risk reward is high. Some of you would rather roll the dice. I do not hold any as yet. I do expect this to change soon. I will of course keep you posted on this front.

http://www.lemminginvestor.com/PetrelResources.html

Thanks Elrico, many buy trades today, this stock I feel will be like watching a volcano erupt when they do the deal.....IMHO!

Great posting found on the iii website


Petrel Resources Summary
29th June 2004


Petrel concentrates on the Iraqi oil opportunity: the development of existing oil fields as well as the exploration and development of new areas in cooperation with the proper Iraqi authorities.

Accelerating activity

Our work continued uninterrupted through recent challenges. We were in Baghdad shortly before the war. Our Iraqi staff remained in place during the conflict. We were the first foreign company to return to Baghdad soon after the war. Petrel was the first company to return to the Ministry copies of their data which had been destroyed. I have been to Baghdad nine times since January 2003, most recently in May 2004. I and other Petrel staff have spent time in the western desert, visited the oilfields under tender in the north and centre of the country and travelled extensively building relationships with people throughout Iraq. We are deeply entrenched in, and fully committed to Iraq, notwithstanding current challenges.

Why Iraq?

Iraq is critical to the worlds energy future. Iraq is the second largest oil province worldwide, with 115 billion barrels of proven reserves and up to 300 billion barrels of possible reserves. The industry suffered from severe under-investment during the past 24 years. Post-war production collapsed to less than 2 million barrels daily, despite the lifting of United Nations sanctions, but may rise to 9 million barrels within a decade. This will require extensive international investment and transfer of technology. Typical Iraqi operating costs are about $1 per barrel. Oil finding costs have typically been the same.

Consumers need Iraqi oil. Iraq needs to sell oil. Friendly foreign companies are needed to help develop Iraqs proven reserves.

Short term chaos, long term opportunity

Oil combines economics, science and politics together with sometimes hypocrisy and even blood. The shortcomings of recent international policy are apparent in the high oil price, and worries over supply reliability - apart from the human costs of sanctions, war and terrorism. The major oil exporters and location of oil reserves, Saudi Arabia, is under pressure.

It doesnt have to be this way. Though they disagree about many things, Iraqi officials are wholeheartedly committed to the lawful development of their oil resources. The task is too gigantic to achieve without huge foreign investment in capital, technology and people. Many excellent Iraqi officials have been purged or left the country. Uncertainty works against investment. No major western oil company is now active in Iraq. Contractors like Halliburton and Bechtel work on military contracts and are effectively part of the Coalition military. Recent excesses have exacerbated tensions and complicate the lives of Coalition nationals.

So far such concerns have had little impact on Petrel. We are blessed with excellent apolitical technical people in our staff and at the Ministry of Oil. This was true before, during and after the war. We returned to Baghdad as quickly as we could and are working more vigorously since.

The end of sanctions has opened up the oil opportunity. Yet the oil majors are standing off: Shells representative is based in Dubai and has not visited Iraq since 2002. ChevronTexacos representative turns out to be an ex-Army officer on secondment from a mercenary firm. This isnt the best way of dealing with current realities on the ground.

For legal reasons, immediate developments will be as contractor to the Ministry of Oil - the legitimate and recognized authority. Ongoing negotiations and technical work are justified in their own right but also driven by the expectation that an elected Iraqi government will permit transition of such contracts to risk-sharing arrangements, whereby Petrel could earn a percentage of new oil discovered.

Meanwhile Petrel advances its programme to explore and develop Block 6 in the Iraqi western desert. Petrel signed an exploration and development contract with the Iraqi Ministry of Oil in March 2002 (subject to Presidential signature). We believe that the proper authorities stand over their commitments.


Petrel has encountered no hostility

Petrel has been warmly received by Iraqi people of all sects, political views and positions. We have no enemies, no non-commercial agenda and will continue to work irrespective of how current developments pan out. We do not know what the ultimate political arrangements will be, nor does it matter to us as partners and investors.
The international gentlemans understanding was that the UN emissary would select a provisional government of professional technocrats, credible because free of undue influence. They would be acceptable both domestically and internationally. Some intelligent appointments were made, particularly the oil minister: a respected positive-thinker from the old technocracy. He immediately restored proper tendering procedures, securing funding for oil development projects and promoted competent managers, shunting political appointees aside.
Recent economic appointments are positive. The interim governments political appointments are transitory. We work closely with professional technocrats and managers in the Iraqi Ministry of Oil and international partners.

In particular, the Ministrys State Company for Oil Projects (SCOP) and Oil Exploration Company have encouraged, guided and helped us throughout the past year. Without their professional direction and support our work in recent months would have been more difficult and dangerous. We are finalising arrangements for joint training arrangements in Iraq and elsewhere over the coming months and look forward to working closely with the Ministry on the many exciting projects they are determined to bring to early development. International analysts under-estimate the skills, patriotism and commitment of Iraqi public servants. We have close relationships of friendship and trust throughout the industry and entrust our efforts and safety to their guidance. Life is sometimes hazardous for civilians in Iraq, but neither employees nor consultants have experienced unwelcome attention because of their work with Petrel. So far we have experienced no insuperable problems and enjoy consistent courtesy and hospitality throughout Iraq. The difficulties experienced by military contractors have not impacted us materially.

Petrel was pre-qualified and encouraged to tender for three existing oilfields, each with dozens of shut-in wells and over a billion barrels of proven reserves. The Iraqi Ministry of Oils cash funding for the first stages of these projects is already in place; this covers necessary expenditure during 2004 and well into 2005. The remainder of the funding is expected to be released from frozen UN accounts in due course. In the absence of a recognised government the contracts awarded will be cash contracts.

Given the size of the opportunity and resources needed, we hope and expect that agreements concluded may evolve, in the course of the roughly three year development time, into risk-sharing contracts. Such hydrocarbon law reforms must take into account the sensitivities of oil and foreign investment given historical Iraqi experiences. Soon after the 2003 conflict there was some lobbying by US corporations and officials for reforms to bring Iraq into line with current Texan practice. This would permit international oil groups to book reserves on their balance sheets. Petrel does not believe that such measures will be democratically acceptable in Iraq or elsewhere in the Middle East. We would welcome such terms but expect that the future model is more likely to reflect Iraqi aspirations and traditions.

The most likely outcome is for implementation of the Iraqi Model Contract developed during the 1990s; this is the basis of the agreement Petrel concluded with the Oil Exploration Company of the Ministry of Oil in March 2002 for the exploration and development of Western Desert block 6. The contract envisages an Internal Rate of Return of circa 20%. In addition there is a bonus arrangement which may increase the IRR up to a ceiling of approximately 40%. The international contractor recovers cost oil after which oil is available for profit. A portion of the extra barrels added to reserves by the contractor is available to the contractor at a specified discount for a prescribed period. These terms adequately reflect the risks and uncertainties of the business and offer fair incentives to international investors.


Petrel is backed by a world class team of partners and suppliers

In submitting tender proposals for the first of three oil field development projects to the Ministry, we are working with, among others,
Hanover Group on major oil & gas processing equipment;
Another household name has proposed to supply rotating equipment and pump units;
Weatherford (part of Halliburton) on oil & gas processing equipment;
Enereco on design of degassing stations, central treatment facilities and interface engineering;
Solar Turbines (part of Caterpillar Group) for Turbines and Packages for Power Generation and Gas Compression Units;
Pegasus Engineering for specialist pipeline design engineering;
Tarpon Energy Services for integrated systems Fire & Gas and Communications systems;
Nessco on telecommunications;
as well as our in-house project management partner, Oilfield Development Resources.
These partners offer the best engineering practice and technology available worldwide. Our Iraqi representative, Mahmoud Ahmed, is highly regarded throughout the industry. He formerly ran the North Oil Company of the Iraqi state-owned petroleum industry and is one of the most successful drillers worldwide, with some of the worlds premier fields among his discoveries.

Exploration of Block 6, western desert

We push on with our work, though sensitive to the delicate security situation in the area. Petrel has concluded a joint venture with the Jordanian Natural Resources Authority that has allowed us access to the Jordanian part of the western desert for geological sampling as well as access to the extensive NRA database of well core and other priceless samples.

Soon after June 2003, we gained access for the first time to extensive databanks that had previously been confidential to state departments of the Iraqi government: large scale maps including geological maps and detailed back-up became available from the Iraqi Geological Survey. We integrated this with the existing data available from the Baghdad Ministry of Oil, as well as interpreted Landsat and other satellite imagery as well as regional data we had collected from Syria, Jordan and Saudi Arabia. Much of the necessary preparatory work on structural analysis is now largely completed, enabling the development of a regional structural framework. Though much of this detailed work is sensitive, it has generally enhanced the prospectivity of Block 6 and surrounding areas. In particular we believe that the target levels may be oil-prone.

There are few more promising frontier areas anywhere than the Iraqi western desert.

David Horgan
Managing Director
Petrel Resources plc

good research elrico,where did you unearth all this info?
dexter

again from iii website, just a rumour but an interesting one

From another bb...

"Just had an e-mail from Horgan who said he expects news of contracts imminently and hostilities at this stage will not delay this part of the process"

Just a rumour but thought it worth passing on.
And a little late interest today including 140k + BUY @ 39p.