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

The delay created by resubmission of bids will only fuel more uncertainty short term but the risk sharing part longer term is a clear opportunity. Also bear in mind that a lot can happen in a month, especially in Iraq and I think that the sp will be impacted by a drift downwards on this news and the speculation (re. competition)it will inevitably create. For those of us into PET early, holding on for the big prize still seems like the right decision but we could be in for a very bumpy ride, especially in the absence of an interim RNS from PET. A positive statement to help calm the nerves would be more than welcome.

Eric/Tokyo: I do believe that if PET were out of the bidding process we would by now have had an RNS. At this stage and I agree 100% with Eric on this, there is only time to finalise contracts if they plan to announce in November. So it certainly looks as though PET have something...we just do not know what at this stage. Patience is called for and I do believe we can expect very good news in due course. John

Eric - here is the name of the company and the web site address

Heritage Oil
www.heritageoilcorp.com

I think the best option is to close ones eyes and hope for the best, watching the price drop and rise will unnerve even the most steely of us!

guys...as the Iraq Oil Ministry said contracts will be signed next month, that in itself is a positive sign as I believe that is the first time they have actually made a statement as positive as that. All other statements have come from websites or news releases without actually putting the name of the Iraq Oil Ministry against them...correct me if I am wrong.

Another positive is that next month is just a couple of days away.

Sure we do not enjoy reading todays statement , but it could be taken as news in the right direction.

be lucky piston broke

This stock did the same last week! the tree shaking will continue as long as there is no RNS and conjecture. I an holding and taking each down turn as a sign to add, i am as so many are, waiting with baited breath.

definately over sold today! mostly on low volume too!!!!!!!!!!!

Tokyo et al

My argument for it being down to a single tender was based partly on the time factor, as per johngtudor, and partly on their preferred risk-sharing approach. If they are sharing the risk, and therefore the revenue and profits, then I would have thought Petrel would have fielded the team last week in Iraq. I can't recall any post that implies that but Horgan seems a shrewd cookie and he is going to play his strongest hand.

Eric

Evening all
Regarding Tokyo`s post from Dow Jones newswire,although it said "companies",the article only mentioned PET by name, although the ministry spokesman declined to name anyone. The thing i find strange is that no news co. seems to know who the other bidders are, nothing can be found on the web re; Dome and Everasia, and pet have told me that they officially don`t know who the competition is.So i think it could be a case of PET and possibly Heritage oil going in together IMO only.
goodnight ,
Dexter

Hi all.

107606

It was me, wilbs who lives and went to school in Diss.

Does anyone think that maybe Panandean maybe involves with pet in Iraq as they said in their AGM that they had interests in the middle east? Block 6?

Maybe im barking up the wrong tree?

Any thoughts?

wilbs

I wondered if they knew their feet were firmly under the table with PET, so began discussions on future projects including PRE as well.

I agree sandrew64.

I posted a post some time ago on this or another BB(I cant remember which as it was a while ago) about PET maybe using PRE in Iraq. It makes sence to keep it in the family as so to speak.

Any thoughts Toyko, dexter, 107606, sandrew64 and anybody else????

wilbs

"http://www.moneyam.com/action/news/showArticle?id=489554"> AFX NEWS.
This is a link to an article about investigations by the FBI to do with the award of the contract to restore oil to Iraq being awarded to Halliburton He was referring to the so-called 'Restore Iraqi Oil' contract, a no-bid contract worth up to 7 bln usd that was secretly awarded to Halliburton subsidiary Kellog Brown and Root before the Iraq war.
.
Could this be more news in our favor.Its now even more important to be seen to do the right thing..........
Any one care to pass comment with regards to if this is good or not relevent for PETs chances........Graeme.

thought this may be of interest guys.

Sonoran Energy Forms Partnership in Iraq
Sonoran Energy 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.
more...
28 October 2004 from oilvoice.com

Any relevance gained im not sure, but may be of use!

I contacted Heritage oil about a joint venture with Petrel, and it appears that they do not have a relationship with Petrel anymore, here is the reply, so it looks highly probable that it is a straight JV with the company they are already sharing information with from Jordan

We do not have any joint ventures with Petrel. A number of year's ago they acquired an interest in Uganda and Namibia from Heritage and part of the consideration was in cash and part in shares.

We sold our holding many year's ago and at the same time bought back
their 10% interest in Uganda. As to the licence in Namibia, from memory, this withered and was not renewed by them.

Kind regards,

Paul Atherton

gra1969

Your post re Sonoran's MOU with Al Azharan seems more a case of vultures gathering for future kills. Wouldn't be relevant to a contract in final negotiation.

Tokyo

A straight joint venture with the Jordan company could still explain the plural use of companies in the Oil Minister's statement. So a single tender situation still appears to fit the bill.

Eric

Eric my feelings exactly, but didn't want to send anyone done the wrong path, now I know that the canadian firm are out of the picture.

Still looks very good for PET

Tokyo

Just a thought but perhaps the Iraqi Oil Ministry want to have more involvement in the deal than we have speculated! The other factor due consideration is how 'friendly' are they now with near neighbours or likely to be in the future, because politics is bound to come into it when ink flows on paper! John

morning all,

I`ve been doing some digging :
There is not a company called Dome in UAE, i`ve loked on www.zawya.com/cm/companylookup.there is not aDome listed
Dexter

Well just to clear up any confusion and cut the de-rampers off at the knees I sent David horgan the e-mail below and he has just answered, IT WOULD BE ILLEGAL FOR ANY OTHER COMPANY (I.E THE BIG BOYS) TO BE INVOLVED IN THE TENDERING PROCESS NOW. It is looking more and more like we are looking at both tenders or a risk sharing agreement, I for one will be sleeping alot better this weekend knowing this.


Tokyo

e-mail below


Subject: RE: Contact Petrel Resources :
Date: Fri, 29 Oct 2004 11:16:13 +0100
From: "David Horgan" | 迷惑メールとして対処 | アドレスブックに追加
To:


Yes

-----Original Message-----
From:
Sent: 29 October 2004 10:27
To: David Horgan
Subject: RE: Contact Petrel Resources :

In regards to this statement,
"In light of these discussions, companies will submit new offers concerning
the development of the two fields and we are expected to sign contracts
next month,",

am I correct in thinking as it was a tender process, it would now be
illegal for another company such as BP, to try and submit a new offer?

A simple Yes or No will be greatly appreicated

thanks