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

"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

Dexter this was posted over the other side for you

Is what I can find on Dome Oil...

: Dome Oil Field Equipment and Services
: Mr Najir Shaikh
: 1701, Butti Al Otaiba Building, Khalifa Street, PO Box-6924, Abu Dhbai, UAE
: Abu Dhabi
: UAE
:
: 0097126273100

plus a little humour about SCP's digging

I believe SCP knows something but has been sworn to secrecy.

Reckon you've got something there.

This is how I imagined the conversation went between SCP shouting through the

letterbox of Clontarf Road.

SCP:- J.T./J.T. I know you're in there.

J.T.to D.H. Don't answer her/him

D.H.to J.T. She'll/He'll never go away if we don't

J.T. to D.H. OK then, let's drip feed him/her

D.H. Shouts to SCP Promise not to tell those Feckers on ADVFN

SCP Shouts to D.H/J.T Promise, as sure as my names not A/R,
Master Douglas or Douglas Wright

D.H. to SCP O.K. We got a contract.

SCP to D.H. ONLY ONE

D.H.to SCP O.K. then we got two.

SCP to D.H. ONLY TWO

D.H. to SCP NO we got the Feckin' Lot. Now will you put
your clothes back on, you're causing a
feckin' traffic jam.

The 3rd positive e-mail posted over the other side, shows pet are back to being as helpful as possible, without breaking any promises or laws, really looks more and more like WHEN not if!!!

----- Original Message -----
From: David Horgan
To: ************
Sent: 29 October 2004 10:36
Subject: RE: Petrel Resources


The Ministry's comments are self-evident. It is better that they speak than we. Iraq To Sign 2 Oil Deals With Intl Cos Next Mo - Official

David Horgan



--------------------------------------------------------------------------------
From: *******/[*******@hotmail.com]
Sent: 28 October 2004 16:18
To: David Horgan; petrel@iol.ie
Subject: Re: Petrel Resources


Dear Mr Horgan

Please could you comment on the following article as it is in the public domain



274 words
28 October 2004
13:32
Dow Jones Emerging Markets Report
English
(c) 2004 Dow Jones & Company, Inc.

BAGHDAD (Dow Jones)--Iraq will sign oil contracts with international companies next month for the development of two oil fields, a senior Iraqi oil official said Thursday.

Head of the State Company for Oil Projects, Ahmed al-Shammaa, said two upstream contracts for the development of the Khormala Dome, in northern Iraq near Kirkuk, and Hemrin, northeast of Baghdad, were discussed in Amman this week with international energy firms.

"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," al-Shammaa told Dow Jones Newswires.

Al-Shammaa, who headed Iraq's negotiating team in Jordan, declined to name the companies involved in the talks.

Irish independent Petrel Resources (PET.LN) is known to be one of the companies bidding for the contracts.

Last week, Iraq's Oil Minister Thamer al-Ghadhban said the two contracts would be ready to sign soon.

He said a third upstream contract for Subba & Luhais in southern Iraq has been delayed as the technical and economic aspects of the deals weren't yet ready.

Production from all these fields is expected to reach 300,000-350,000 barrels a day within two years from the start of development.

Oil ministry officials have estimated investment needed in the fields will amount to around $500 million to $600 million.

Last year, Ghadhban said the ministry would start to develop these fields this year.


-By Hassan Hafidh; Dow Jones Newswires; +964 7901 912 214; hafidh8@hotmail.com

there is a pause now! seems all are awaiting an RNS or something. Very low volume again so far

Afternoon all,
Bloody hell Tokyo,you`ve been putting yourself about !!,great work and good posts though.I must admit when i first saw that about resubmitting offers i was worried and did`nt know what to make of them,but, like you, i do lean to the contracts being risk sharing. Remember a "spokesman" did say that PET had no competitors for at least one of the contracts, and no other co. has been named for quite a while, not even on the grapevine.

I checked on Sonorans website today and there is no mention of oilfield tenders since 27th May 2004, so they definitely are out of the picture, you only have to look at the sp since the start of the year $3.60 down to $0.65 (as Milldog pointed out, might be worth keeping an eye on to invest some of our PET profits!).

107606,sorry to hear about your job situation, i know this is dragging on a bit, just keep your nerve and IMHO you will be laughing all tha way to the bank!, did you say that you are from sunny Norfolk?. Glad to see you`ve posted again Wilbs, how are the nerves?.

I e-mailed PET some while back about their work in Sudan and was told that at present they are not carry out any work there, due to the humanitarian crisis out there. If you read my post yesterday re. China imports about 5%( i think) from Sudan, when all is well there and sanctions etc are no longer a problem, PET could be onto another winner!.

have a good weekend one and all,

Dexter

Thanks dexter. I read every post on this BB and used to on the iii and advfn BB's but they both seem to just want to attack each other with insults(i would of stayed married if i wanted to be insulted) and not stick to the reason why we all are here. I don't post much as I can no way keep up with Tokyo, yourself and a few others. The nerves are only just holding up. Lets hope we have some good news soon.


wilbs

Tokyo

Brilliant stuff! Worth stuffing a few more shares under the mattress. I believe we know enough, all in the public domain, and can play it quietly from here on. Consistent readers of this bb will get the message and know what to do. Others can fret. Lots of work to be done on the contracts and making sure everyone is happy. Don't want the CIA to blow a hole in it all - literally! Being a new boy on the block, may I say that this shows the ultimate value of a good bb, well conducted. The only one to compete is that of ASC: take a look; PET is likely winner, in my view, in the ASC Competition to double value but ASC is a sure fire, negligible risk, doubler within six months! Thanks again.

Eric

Reading this BB back over agin reminded me of the halcyon days of the dot coms...before the crash that is....shares held up on nothing but speculation of future growth and no robust financials whatsoever. I hold a lot of these so don't want to rain on the parade but I think we should be less bullish and more realistic about the real growth opprtunity here. The more balanced opinions (and their posters) who dare to introduce a less than favourable perspective are consistently rubbished as "de-rampers" ...the reality is we are in a high risk stock with a lot of bumps in the road...many of them behind us now but most of them still ahead.

I realise I'm going to be unpopular but there are still so many ifs and buts ahead and it's going to take several weeks longer to get clarity...if indeed we do even get an RNS even in November, given that there is still much to be agreed with the Iraqi Ministry (could easily push back further and I would bet on a further delay for second phase due dilligence)... as we've all said before don't put a penny more on PET than you can afford to lose. We can all do very nicely if things go well but no guarantees and we're no longer in an advantaged position re the sp(e.g. everyone and their great aunt is now aware of PET). Anyone getting in now at anything above 100p needs to be careful as I would be counsel prudence. Also I'd have a healthy cynicism of the blarney from DH (or his many aliases qouted on these pages)...I'm half Irish myself so I know what my compatriots are capable of! Good luck to all PET investors.

joehargan1

You may only be half irish but that's better than being all/not-at-all irish (delete whichever seems appropraite to the reader!) My wife is all Irish given that both her parents were Irish but, since she was born in England and doesn't have an Irish accent, she claims to be all English. I confess to really loving my mother-in-law who had all the blarney in the world!

However, the point is your contribution whilst Tokyo is asleep and everyone else is having a night out so I am left holding the fort. My points are: (1) compared to a number of other threads which are either inane, off-the-point or whistling to keep their spirits up, I have found this thread balanced, insightful and informative; (2) your point about the value of PET stands or falls against the cap. of 60m: if the Iraqi contract(s) is won then this figure has to be rediculously low; if they are not won or if there is a significant delay the value must be much less than the sister company PRE or a small fraction of the current price; (3) it doesn't appear wise to question the likelihood of the November date given that the source is the Iraqi oil ministry - I have been impressed with the maturity of the interim administration; more so than with the USA bombastic efforts; (4) the comparison with the dot comms appears somewhat fatuous: a lot of money is being made in energy shares; when oil is struck you can compute the value; the dot comms were on a wish and a prayer, the likes of lastminute.com have made it though the bear market but hardly impress; ASC is an example of a new breed internet share which is properly focused and shrewdly managed. I hope these comments may leave you feeling taken seriously although they refute your attitude.

All the best, Eric

Very nicely put Eric, thanks for humouring me and all your points are impeccable and intelligent arguments...I buy all that you say and of course the dotcom point was a bit tongue in cheek as the mkt cap. value (if realised) will be real and immediate. The key word here being if. You are also right in that the quality of insights and research shown here is remarkably good..much better that the usual and I'm truly impressed with the quality of the posts and perspectives esp Tokya, Dexter and the other usual suspects (outstanding work). I'll even buy some of the verbatim quoted Horgan/PET emails that were a feature of early posts when only a few of us were posting here...I'll also accept that many are legitimate. My principle concern is that anyone new to this game might get carried away and risk their shirt on PET....look at the Ramco experience, different in some respects I know but the eggs in one basket...nascent oil company with a streched balance sheet and non-diversified interests...the similarity is worth at least a cursory thought. Thanks for a very balanced posting...I'll now get back to my Guinness to calm my nerves and the Aston Martin catalogue in anticipation of my impending fortune...

joehargan1

Well put and thankyou! Agree the comments re taking care: should carry a Government Health Warning; all at your own risk and not to use money which may be important in your old age, etc. My own holding is 10% of my portfolio and is that part reserved for 'shit or bust', if you will excuse the language. If its bust, you just say, 'oh, well', avoid 'wells' in future and suddenly produce another 10% for another high risk situation - I justify that as being true to myself! Having said that, why not put a wee 10% on them yourself, no! 5%, as you're only half Irish!

Eric

joehargan1

So are you holding anything in PET? I have been in since 50p, and it has been a very bumpy and often tortuous ride. But I agree that it is a very speculative share, with the result being nothing or a very large lump of all! But the news, or substantiated rumour as we will call it until an RNS comes out, is in my opinion positive and getting moreso. But I would also agree that it is far too dangerous to put your house, car and girlfriend (or boyfriend!) on this one is just a little risky. I have enough so that if it goes I will still be able to buy some bread, but so that if it flies I will have enough for a thousand loaves of bread, but not a house and an Aston (or maybe a TVR Griffith in my case, despite now being Russian...). Erring on the side of caution. But hey, if I'm there early enough on that fateful day, a little side bet might be wagered...

Thank you for such a balanced and informed argument, its a relief, nice not to have those that just type SELL SELL SELL over and over again!

Good luck all,

JJ

Some good posts last night, as Per joehargan1's post, I have said throughout this thread that I would not bet any money on this than you can afford to lose, i.e. don't borrow any money to place on this share (or any others for that matter), I'm afriad for all my advice though, my portfolio is highly weighted with PET(oops), I feel that I have done as much research as I can into this one,what little news that has been available recently out of PET has been very positive in my opinion and I feel fairly confident with my decision. I do feel that November is the month that we will hear something from PET about these contracts, remember the first tender was submitted back in April. This is again just my feeling (and of course eternal wish!!), no investment advice is meant by it, there is plently of information for all on this thread for anyone to make up their own mind.(again I agree with you all, it has been very well kept with informative posts from everyone, compared to the other BB's I have seen, although Fillyaboots is quite a good one too)

Good luck all as I think we shall all be smiling one fine day in November, just wish it would hurry up!!!!!


Good luck to all PET holders

Tokyo