The hcl looks likely to come into operation over the next few months, will this improve the share price or will we have to wait for an actual PSA before any increase takes place? It looks like the UK and the US will wait until the HCL is in place first before they decide to start the pull out. I have also heard news that the contracts signed during the Saddam regime are now definitely going to be honoured. I`m not sure if this includes PET as there seems to be some doubt as to whether they qualify as their agreement wasn`t signed off by Saddam. A Swiss company has announced that they expect to be producing 200,000 barrels/pd by 2009 from their PSA with the Kurds. They have struck oil first time and have five more drills left to complete their programme. Nice if PET were in that position! Our time will come though, just a matter of hanging on in there!!

Hatto - 13 Aug'07 - 22:59 - 90512 of 90513


Good evening everone from a wet & extremely windy Blackpool.

I'm staying in a very pleasant B&B with my elderly disabled friend. It's not how he remembered it.....Its a real dump.

We are here for 4 days....not sure that we will last the course.

A good day for PET, although I cannot for the life of me see anything to justify the MM's knocking the BID from 92p to 91p late on.

There was fairly substantial buying above the 92p level throughout the day.

Perhaps they were just playing it safe or maybe trying to shake a few holders out.

I'd expect the SP to continue North tomorrow & maybe even test 100p (again) later on this week.

The AGM is only 8 trading days away & I would expect PIs to be buying in expectation/anticipation of a positive statement from the PET board on that day.

Hatto - 13 Aug'07 - 23:01 - 90513 of 90513


Just a reminder here was last years statement that came out pre AGM.

Petrel Resources AGM Statement


RNS Number:7654G
Petrel Resources PLC
26 July 2006


Petrel Resources plc


Highlights of statement made by David Horgan, Managing Director Petrel
Resources, at the AGM Wednesday 26th July 2006


We remain focused on our long-standing objective of building an Iraq-centred oil
and gas independent.


The Subba & Luhais project is on track. So far there have been no insuperable
security problems. Suppliers continue to give strong support. Staff morale and
commitment are excellent. International groups are interested in partnering
with Petrel.


Rising tensions in the Middle East have created problems - but they are
difficulties we prepared for and are better positioned for than are other
western companies. We expected recent events and anticipate further challenges.


The commitment of industry players to Iraqi oil development has been tested.
Most have folded. We continue to expand and deepen our involvement. What
others see as difficulty, we see as opportunity.


Events have driven the oil price to historic highs - increasing the potential
value of our investment."


Iraqi oil field development contract

Petrel's priority is the $197 million Subba & Luhais oil field development
services contract in southern Iraq. This is the biggest contract awarded by the
Iraqi Ministry of Oil since 2003.


The project is on track and on budget:

1. Engineering Design is underway - 75% of the Basic Design Package is complete
- we expect a final review in late August, triggering a second milestone
payment.

2. Our design focus is now switching to technical data for major equipment
orders. We are finalising a key order representing about 20% of the
material supply budget.

3. We will shortly survey field and pipeline routes. This will enable us to
finalise steel pipe quantities and secure payment for an additional 20% of
the materials supply budget.

4. The Joint Venture with our Iraqi partner is running well: all bonds are in
place. We have agreed processing site layouts.

5. We have established excellent relations with the Trade Bank of Iraq. Funds
drawdown has started. TBI confirmed they will issue Letters of Credit -
subject to finalising terms. This augurs well for future business.


Iraqi oil exploration

Petrel signed a Technical Cooperation Agreement on the Merjan oil field, in
central Iraq, with the Ministry of Oil in October 2005. The Merjan oil field
was discovered in 1983, but has not yet been brought into production because of
extraneous circumstances, including OPEC ceilings.


The work programme formally kicked-off in May 2006. Petrel has now received the
data package and our technical staff and contractors have processed the seismic
data. It is now being reinterpreted. We hope to complete the study by end
year.


Hydrocarbon Law review

A fully sovereign government has taken office following successful elections
with a high participation rate. A priority is to review the Hydrocarbon Law,
establishing the basis for foreign participation in Iraqi oil & gas. Policy for
downstream investment has been agreed, subject to parliamentary approval. The
Iraqi Minister has stated his desire to establish a legal framework for upstream
investments by end 2006.


Petrel is well placed to seize the opportunities which will open up.

superpete - 13 Aug'07 - 23:35 - 90514 of 90517 edit


Heading north.Time to fill yer boots.imo

jecs - 14 Aug'07 - 00:11 - 90515 of 90517


Looks like the MOI is prepared to get things moving as soon as the HCL is ratified. (Some of the translation is rather funny / or perhaps appropriate)

From alsabaah today:

The first political : to identify priorities for the development of the fields after ratification of the Law of Oil

Baghdad morning
The Ministry of Oil priority in the development of oilfields through investment after the law of oil and gas by the Iraqi Parliament with international companies intend to submit their offers to invest portions of the field after the ratification of the insane law.

An official source at the Oil Ministry told (morning) : The ministry controls identified a number of priorities for the development of oil fields in various parts of the country through investment after the law oil and gas fields but it is hoped that the development through investment and the importance placed by perceived as a madman, Ahdab The West Qurna well as a number of other oil fields in the southern region and the Middle Euphrates regions.
He added : that the ministry is now waiting for approval of oil and gas law by Parliament in order to raise the process of developing these fields for investment by international companies adopted, which contributed to increasing the production capacity of crude oil from Iraq.
The source said that American and French companies have agreed to make presentations to invest parts of the field crazy especially since the two companies have work in this field during the former regime. He said the American company has a memorandum of understanding with the Ministry of Oil to provide oil studies and the training of Iraqi Cadres not conclude reduce this moment any contract with the Oil Ministry to develop the fields.
It is noteworthy that the Oil Ministry is waiting for approval of oil and gas law before Parliament to enable it to the announcement of oil fields which it is hoped that the evolution of oil companies to develop the oil industry in the country and increase the volume of oil exports to world markets and that the ministry had stressed the need to reconsider the all contracts with international companies before April 9, 2003, examination, in accordance with the interests of the Iraqi people.

Source - Google translation of :
http://www.alsabaah.com/paper.php?source=akbar&mlf=interpage&sid=47455

Up just a little bit - 14 Aug'07 - 00:50 - 90516 of 90517


jecs - 14 Aug'07 - 00:11 - 90515 of 90515
*************************************************
Jecs,
I am getting more convinced that the negotiations have already been done on deals for the fields that have been talked about recently on here.
Exciting couple of weeks ahead prior to AGM.


Up just a little bit - 14 Aug'07 - 06:33 - 90517 of 90517


Good morning all!!!
What are the odds that Mr 25k buys within first 5 mins??

UK market after stock much of the day yesterday. Bid max limits at times 50k-75k.

GSE opens positive.Zero trades. Approx Bid 95.9p v Offer 99.3p.These may change.

Frankfurt
1,42
1,47

Berlin-Bremen
1,40
1,46

Stuttgart
1,42
1,47

Mchen
1,42
1,47

Open 91p-95p compared to GSE 95.9p-99.3p

melfaraj - 14 Aug'07 - 08:56 - 4644 of 4654

pet

last i lookde there were 10 trades executed. 2 unkown, one sell and the rest buy trades. volume of buy 37357, vol of sells 5077. you might say this speaks volume of the stance of the stock

there seem no stopping to this stock hitting its 100p target and going beyond.

note the buildup of volume mass lately.
note the rising indicators, the macd simple appear to have developed a shark like mouth ready to gobble all.
note the near 100% bullish intrady performance of yesterday and 100% intraday bullish performance of this morning! no back steps, just rises!!


Link to text and charts

http://www.advfn.com/cmn/fbb/thread.php3?id=13457053&from=4644

Cynic,PET on the move 95p-98p.Remember this is in your fantasy portfolio.Possibly one of the best investments around........add in the words of another poster 'in 20 years of stockbroking.'

Bid 96p v Offer 98p

bahouse - 14 Aug'07 - 11:13 - 90586 of 90589


Dipbob - 14 Aug'07 - 10:11 - 90553 of 90557


Looking good for PET (1ST MOVER ADVANTAGE)

Key points from article below........

"And buyouts of smaller companies already operating in Iraq were also possible once the security situation improved, industry sources said"

"Some companies may be positioning to buy others"

Dipbob

Youre an excellent poster/researcher, the best on here I would say. But I take issue with your point above.

a) Its not good news for Pet to be taken over. Would you be happy with 5 a share or independent Pet 50 a share, eventually? Do you think DH/JT would be happy with that, too?

b) Pet, despite being liked by all Iraqis of every persuasion, it is nevertheless being backed by some powerful Iraqis group. Put yourself in their shoes: would you let another company take over oil-cow-Pet and see wealth generated for others or yourself, especially when the oil is YOURS, as an Iraqi?

c) Recall Pet had many approaches from big cos,including Shell. Yet Pet chose neutral Japanese ITOCHU, as big as other multinational and better since ITOCHU will provide EVERYTHING, INCLUDING HARDWARE AS IT MANUFACTURES THEM ITSELF?

Lastly Pet management say We remain focused on our long-standing objective of building Iraq-centred oil and gas independent.

The reality in a nutshell is: We remain focused on our long-standing objective of building an IraqIS-centred oil and gas DEPENDENT. But they cant say that, can they?

Here is the western desert pipeline for you, LOL it will be nice to have your expert comment:

American military officials, in interviews this week, spoke of maintaining perhaps four bases in Iraq that could be used in the future: one at the international airport just outside Baghdad; another at Tallil, near Nasiriya in the south; the third at an isolated airstrip called H-1 in the WESTERN DESERT, ALONG THE OLD OIL PIPELINE THAT RUNS TO JORDAN; and the last at the Bashur air field in the Kurdish north.
http://www.truthout.org/docs_03/042103B.shtml


unimog - 14 Aug'07 - 11:13 - 90587 of 90589


Puppy.agree I could sell now and realise 84.3% profit, I've not waited 3 years
for that. Pet is my biggest investment and certainly the biggest gamble I have ever made in my 47 years. I've already won (15% if in Buiding soc)so any more is a bonus.

pixi - 14 Aug'07 - 11:13 - 90588 of 90589


Top Of The Morning Petrel Poppets!

I am on the move and will not be back until next week.

Just remember that there are only around 69 million Pet shares in circulation and most of those are tightly held by the directors, financial institutions and the long-term shareholders.

Any loose shares in play today came from weak holders who sold and are in short supply. If demand exceeds supply the price will rise.

Keep up the good work.

bahouse - 14 Aug'07 - 11:18 - 90590 of 90590


Fig1

My pleasure!

To continue on my point, if we look at the volumes these last few weeks, you will notice its far far higher than we have been accustomed to, irrespective of the sudden buying in Germany. We have been seeing average of 500K shares. Plus a lot of it is small investors. Which all goes to show people are starting to come to stocks with fundamentals because of the market downturn, indeed. Note how others such VOG. EME etchave been falling while Pet has taken the opposite direction, with no apparent reason such as news. We will see more of this in the coming days/weeks, imo.

14CHWAY - 14 Aug'07 - 11:21 - 90591 of 90592


Bahouse
We certainly do not want PET to be bought out at this stage.
Perhaps if the sp.were around 30 then it would be a different situation.
In the meantime,I am holding onto my shares for long term,as PET could pull
back some of my losses over the years.

On line quotes: Bid 97.1p v Offer 99p

Tick up^ 96p-100p

On line 1,750 available @ 99p.

On line quotes: Bid 97.6p max-37.5k v Offer 100p max-1.5k

Simon K - 14 Aug'07 - 12:00 - 90625 of 90625


The world needs oil, as if we did not know it........
Just out , a few momintes ago........

Global oil demand in 2007 will exceed initial OPEC expectations partly because a Japanese earthquake forced power plants to close earlier this year, said the cartel in a monthly report.
OPEC added, however, that recent broader market turbulence could hurt demand
growth in the final half of this year.
OPEC pegged world oil demand at 85.72 mln bpd, up from a previous estimate
of 85.60 mln bpd.
"Given current world economic growth along with the anticipation of normal
winter, world oil demand growth for 2007 is forecast at 1.3 mln bpd, or 1.5 pct,
a slight upward revision from the last monthly report, reflecting additional oil
needs for Japanese power plants," said the report.

bahouse - 14 Aug'07 - 12:52 - 90648 of 90648


Dipbob - 14 Aug'07 - 12:13 - 90629 of 90630


Bahouse,

I thank you personally for your kind comments about postings.

Its good to operate in a marketplace where there is a lot of potential for merger/acquisition isnt it as it values everything else so much more.

Just an observation....I didnt say I wanted PET to sell out did I ;-)

Like you, I want PET to:-

We remain focused on our long-standing objective of building Iraq-centred oil and gas independent.

As for the H-1 airfield...
Its very near to Haditha (major hydro-electric dam for power)
It will be used to protect the pipeline.
It will act as a defence against Syria.
It follows the vision of Henry Kissinger to pipe oil west from Iraq by running an oil pipeline from Iraq to Aqaba in Jordan (opposite the Israeli port of Eilat).
I believe this was previously promoted as well by Donald Rumsfeld.

PET are strategically very WELL PLACED are they not?

Dipbob

I am sure you would want to exchange 50 for 5 note, LOL!

Very good point there re the pipeline.

I would add ITOCHU would be the prefered contractor for rebuilding the western desert pipeline ...... add Block6 to the equation and all will come handy for everyone concerned. If US cos get involved, the pipeline rebuilding will be disrupted by the insurgency, especially as you say Israel will be the beneficiary. But the US has lost the war, see below, and thus it is not and will not be really in control on the ground. So the only option for the western desert is for a neutral cos to operate there. Recalll DH in the CH4 debate stating insurgency/tribes asking him to not to bring in mercenaries if he wanted to be left alone to work, LOL!

"Harry Reid, the Democratic Senate leader, provoked accusations of treason when he said only a few months ago that Bush knew the war was lost." http://www.timesonline.co.uk/tol/news/world/us_and_americas/article2076032.ece

Coalition should 'admit defeat and leave Iraq'
http://www.telegraph.co.uk/news/main.jhtml;jsessionid=GXJYNWTYYZLZXQFIQMFSFFOAVCBQ0IV0?xml=/news/2007/05/03/nrose103.xml

Washington's War by Michael Rose
http://news.bbc.co.uk/1/hi/programmes/newsnight/6616465.stm

'Invaders' must leave Iraq, says SAS general http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2007/05/04/narmy04.xml

Tick up^ UK & GERMANY

Whoooooooosh 100p-102p

Cynic,your fantasy portfolio doing ok. Remember you are risk averse.Do not buy any PET potential to make you seriously wealthy.lol


lex1000 - 06 Aug 2007 22:04 - 60 of 101
Cynic,

Let's see how PET trades.

10k bought @ 87.6p this morning total 8,860.10 gross - your fantasy portfolio.

PET - breaking out on GSE.150-155 euros converts 101.3p-104.7p approx.

http://www.finanztreff.de/ftreff/kurse_einzelkurs_alle.htm?u=0&k=0&s=694395&b=0&l=276&n=PETREL%20RESOURCES%20PLC%20Registered%20Shares%20E

bahouse - 14 Aug'07 - 13:40 - 90697 of 90698


bigboots

We all know Pet has some contracts under its wings. But 60p would be for a co producing olive oil, LOL, NOT FOR BLOODY BLACK-GOLD FROM LOWEST IRAQ OILY OCEAN!

Finn says 5 for one contract...and I believe him to be conservative, as any responssible director would be. And having met him and spoken to him on the phone, he certainly seems to be a responsible guy.

I have never seen you before, so if I want to be cynical I would say you're ramping for a quick profit! Sorry but a bit of cynicysm is a healthy thing! Because a good stock doesn't need ramping..for ramping destroys a good stock!