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

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

I tried to go the other route to find out if DH is back, i sent an e-mail to PRE and got this reply. They seem to be playing every very cagey, otherwise why would`nt they say if he is in the ofice next week?, because in the past PET have been very forthcoming with info.,albeit brief sometimes!,

Tokyo, how are you and mort?, have you kissed and made up yet ?!!,by the way i agree with your humble ramblings, as usual the make sense.

The AGM is taking place in London tomorrow 28th October in Deloittes
offices as per annual report.

-----Original Message-----
From: panand@hub02.mail.esat.net [mailto:panand@hub02.mail.esat.net] On
Behalf Of Pan Andean Resources
Sent: 27 October 2004 13:05
To: panand@iol.ie; roger@btopenworld.com
Subject: Contact Pan Andean Resources - AGM

Name:
Email: .roger@btopenworld.com
Subject: AGM
Message: Dear sir/madam,
I am a shareholder and i understand that
your AGM is in london thursday 28/10/04, please could you confirm, also
will David Horgan be in the offices for any comments on Pan Andean next
week, if so what would be the best day to contact by phone ?, many
thanks,

The posts today are encouraging. Decision bound to go to top people but may not be a rubber-stamping operation. All involved in sales management will know that there are so many ways a contract can slip up at the last minute. Good procedure is to call it an A1 prospect and weight it at 90%. Of course, 90% of a large figure is still a large figure. At the end of the day it is either 100% or nil (or postponement which is effectively the same thing in this case). The critical factor must be that the administration really need a decision because this is clearly their best potential source of funds. So it is certainly a win forecast but not to spend the winnings yet! Congratulations again on the quality of research on this column. Many postings tend to sign off with DYOR - I view this column as being quality research, whatever the outcome.

Eric

Just received the e-mail below, yet again no comment, they are keeping tight lipped about every aspect, which I still see as being rather positive



We are unable to comment at the moment.

-----Original Message-----
From:
Sent: 27 October 2004 11:48
To: John Teeling (Petrel Resources)
Subject: PRE / PET

Dear Dr. Teeling

The city rumour mill has been working over time, saying that David Horgan is now back in the UK, he has been back to the office and is now in london.
I understand that PRE is to have it's AGM tomorrow, will you and Mr. Horgan be in attendance.

Also in respects to releasing an RNS, am I correct in that you can legally withold price sensitive information for up to 3 days?

Hope everything is well with you all in Ireland

yours