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

Hey Tojo resident expert of the bb where are your manners I was not deramping and as far as the work force goes you still need people to show the locals what is required they need supervising. I take it you are white collar man and presume the rest of us are not on your intellectual level, as you say idiots well just let me say this thats ok while you are in the land of the rising sun but when you return to dear old blighty, myself I am 5'3" tall of average build dont live far from heathrow and quite willing to meet you on your return at xmas please do leave details of your arrival look forward to seeing you

Mort
Without wishing to become embroiled in your dispute... I for one,and I am sure I am not alone,really appreciate Tokyo's opinions and input on this thread .
I'm sure we all understood the point you were making on your last post,re: the security situation in Iraq and you are entitled to your opinions,.....BUT please do NOT use this thread to make personal attacks on it's members. If you have something constructive and useful to add fair enough, if not why bother?!?
S.

Final top up done today, although on-line max was only 1500

as for Mort......not even gonna bother

Tokyo: Well done...close shave for you! The price certainly has an upward momentum today! John

Thanks John, thought I'd missed out on the drop, but if news from the other side proves to be true, i.e. the city rumour that DH is now back in London with 2 contracts and news on block 6 (Only still a rumour in my eyes, but if it is confirmed, can you imagine the effect on the Share price - This was posted over there

Regarding your post that someone called the company and they confirmed that Horgan was in the office. I confirm this was me, however i did not speak to DH, only the secretary. I then asked my brother to call them back 20 mins later and he was told that he, DH, had now left and would not be back until friday.
Presumably he is arriving in heathrow aor gatwick and will be in london for the PRE meeting

Hope this clarifies things

Dont think i will be able to sleep tonight without a decent bottle of wine. Are you for real implying 2 contracts block 6 and other goodies as well?


This may help explain some of the upward momentum this morning, although I would still expect the MM's to try a little shake to get some more stock today, could be another day of ups and downs

Tokyo

Tokyo: When I posted the Cairn comments last weekend, it was really to remind everyone how a share price can go into a vertical drive even with a 1 in 2 hit rate on drilling and exploration! Like all believers I await developments with keen interest and unlike Sandra my nails are still in good shape, but my stomach may be a little tight!! John

hahaha yeah mine too

Tokyo you got through the latest tremor then!?

Wow how do you hear about these so quickly? This mornings one was nothng really, not really worthy of a sky news report, duration was only a couple of seconds about 10.30 this morning, bit worrying though as haven't had this many all together before

The wonder of modern communications! At least it wasnt the biggie this time. Are you there permanently or is this a shorter term thing? It makes coming into work exciting waiting for this news!!

No over here permanently

Isnt it a bit worrying what with the wobbly ground? Never been in one myself so I dont have a clue!

The de-rampers lead by MM's are not going to keep this stock down! been playing catch up for a few days away and those that did sell be kick themselves all over their portfolios when the RNS is released. To all those that held tight, like me, enjoy and prosper!!!!!!!!!!!!!!!!!!!!!!!!

I think this is worth another read,IMO an rns will be released when they have 2 contracts and block 6, done as a package....Just in case somehave`nt seen it, it`s from oilbarrel.com


30.09.2004
Petrel Hopeful As It Gets The Call From Baghdad For Urgent Project Talks
Petrel Resources, a long time player in Iraq, has been summoned by the oil ministry in Baghdad for an urgent and direct discussion to finalise all technical and commercial matters. Its the call the management team at the Irish oil junior have been waiting for. The discussions relate to the three tenders submitted by Petrel between April and June of this year for three major oil development projects: the Khurmala Dome, Hamrin and Subba/Luhais oil fields.

Petrel, which has been committed to building a position in the oil-rich country throughout the troubled years of sanctions and the turmoil of the past eighteen months, may now be on the brink of being one of the first western companies to secure access to Iraqs massive upstream oil base.

We will be finalizing the negotiations on the first of the developments next week, Petrels managing director David Horgan told oilbarrel.com. This could be really huge. Theres huge potential in Iraq.

The three projects are likely to be among the first to be sanctioned for development by the Iraqi government because, in the words of Petrel chairman John Teeling, they are proven, ready to go and all the preliminary work has been done.

The Subba/Luhais project in southern Iraq envisages daily production of 200,000 barrels while Khurmala, in the Kirkuk area in the north of Iraq, and Hamrin in central Iraq, are each targeted to produce in excess of 100,000 barrels of oil per day. The three oil fields may hold in excess of 2 billion barrels and could be onstream within 24 months.

Geologically its a good play for a company with big ambitions to target. Iraq has known resources of 115 billion barrels - a number that could be a mere fraction of the actual resource base. Much of the country remains unexplored at surface and at depth.

Theres a tremendous opportunity in the Jurassic, for example, which is productive in Saudi Arabia but which has never produced in Iraq, said Horgan. And thats not because its not there - there are some big structures on the seismic.

These are big fields and its quite important for the ministry to show that western companies can work in Iraq. None of the majors want to get involved in the short term because of the security situation which leaves the door open for people like us who are below the radar screen, said Horgan referring to his companys Irish base and small size.

Before any drilling takes place, the contracts must be finalized and issues about physical security on the ground settled. Horgan, a regular traveler to and from Baghdad, is more optimistic than most.

There was a great leap forward with the appointment of the new minister, said Horgan. Hes showing clear leadership and hes cleared the decks. The restoration of morale has been tremendous and the engineers on the ground are so much more content and getting on with the job.

He added: We are in and out of Iraq almost every week and weve not had any security problems. Its a bit chaotic but there havent been any major problems. Only one of our partners - a minor contractor - has got cold feet because of the security situation. All the big contractors are still there.

The outcome of next weeks talks could mark a major transformation for Petrel.

patients fellow jedi's, patterns appear to point to MM's control being tight as ticks again.

martiglover ,
please expand ,
Dexter

i think marti must have been watching all day, and is perhaps learning the ways. The daily pattern is same though, he has got that right. It's the news that we want not another ground hogger.

Dexter perhaps i should have and gone and played golf after all, I've hit a rich vain of form at the mo. Didn't mean to get you excited or for you to think I would not share any knowledge, looking back on the predictions I might go and play thursday and friday.

It is gonna be hard to get any news out of PET at the moment, not only as they've been told to say "no comment" by their advisors, but also as there is an AFG AGM today and a PRE AGM tomorrow, Horgan & Teeling companies of course, so the bosses will not even be in the office until Friday I would think.

My opinion on these contracts is that, they are waiting for a rubber stamp from the oil minister, and can not release an RNS until then, as until it has been stamped there is indeed "NO contract", so PET are not breaking any rules

The FSA office this morning confirmed any price sensitive information must be released immediately by the company, and a decision, either way for or against PET would have to be released, as there has been no RNS I can only assume that the contracts are not final yet.(this atleast takes away the possibility that they were not awarded anything)

I find it strange that David Horgan would be back in the UK for the AGM's if he did not feel confident about the potentially life changing talks going on over in Iraq, unless the talks are over and now all he can do is wait for a decision or a rubber stamp

As with the Sonoran accouncement, Iraq announced it first and then the company followed with an RNS, this will hopefully follow true with PET

Well just my humble ramblings and opinions, feel free to disagree with them

Tokyo

Tokyo: I appreciate this is all speculative, but for what it is worth I agree with you. It is almost certain that any agreement with PET would have to be endorsed by the Oil Minister and possibly the Interim Iraqi Authority leaders as well. What we do know is that the Oil Minister is well thought of, and in a hurry to get these important administrative deals done. So early November might well be the focus!! We would have heard by know if it all had all gone pear shaped. John