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!!

Kurdish deals need changes
Dubai: 6 hours and 40 minutes ago
Iraq's oil minister said oil contracts concluded by the Kurdish regional government must be amended to conform with a controversial new draft oil law approved by the Baghdad cabinet.

'There is a clear provision in the draft law stating that the contracts concluded either by the former regime (of Saddam Hussein) or in Kurdistan must be reviewed and amended in keeping with the new oil and gas law,' Hussein Shahristani told the Al Arabiya news channel.

He said that once reviewed, the contracts must be put to a federal oil and gas council envisaged in the legislation 'or to the council's consultancy office.

'If they (the deals) conform with the provisions of the law, they will be approved. If they violate them they will have to be amended to become compatible with the law,' Shahristani said.

His remarks appeared to represent a climbdown from a warning he issued in May that any oil contracts signed by northern Iraq's Kurdish regional government before the new law is passed would be considered invalid.

They came amid a chorus of Sunni Arab, Kurdish and Shiite opposition to the draft oil law backed by Washington, an amended version of which was approved by the Iraqi cabinet and sent to parliament.

The proposed legislation has sparked a heated debate among Iraq's warring communities over provisions opening the oil sector to foreign investors and allowing regional authorities to negotiate contracts.

The Kurds have demanded that the law accommodate contracts they have already signed with foreign companies to exploit oil in northern Iraq.

Iraq has proven reserves of some 115 billion barrels, but since the US-led invasion which toppled Saddam Hussein in 2003 production has tumbled from 3.5 million barrels per day to around two million.

http://www.tradearabia.com/news/newsdetails.asp?Sn=OGN&artid=126767

Read posts 8 & 9 and consider:

" Ratification of Petrel's concessionary rights over Block 6 awaits the
passing of the country's new hydrocarbon laws. "

Gartmore sale caused overhang of shares and provided golden opportunity to buy @ 61p.Overhang cleared last week and sp on the move north again.Huge potential with known oil reserves.It has been a long wait for passing HCL needed before awards of contracts however 2007 looks to be the year for PET.Worth placing PET on your watch list.aimvho.dyor.

Anyone who invests in any share must accept element risk be it low to high.Speculating to accumulate.If Petrel were trading @ 80p would say risks priced in until passing of HCL. Preferring to be in rather than risk not holding as and when any news breaks.In view of huge potential personally see these levels low risk high reward.Below are some of the reasons why have invested in PET buying shares 60p to 70p.Preferring to be in rather than risk not holding. aimvho.dyor.

PET has the advantage of being in & working with "Iraqis" and very closely with Ministry of Oil over eight years.

The IFs and WHENs

-HCL passed?
-S&L converted to PSA?
-PSAs awarded: Block 6? Merjan? Halfya? Iraq/Iran border?
-PET becomes an oil producer?
-Booking of oil reserves iro of above 3-5 billions? 750 millions? 10
billions?.....???
-PETREL given time becomes the next Tullow,Cairn Energy with sp to match?
- One of majors/giants makes bid for PET-how much sp?

Added to potential of PET awarded any or all of the above, PET has agreed PSA at East Safawi,Jordan.The best bit is there are 'known' oil reserves in Iraq.

Finals empathised PET partnership with Japanese giant ITOCHU.

John Teeling, Executive Chairman of Petrel Resources, Commented:

"The imminent passing of the Hydrocarbon Law will offer numerous development
opportunities. With the backing of our partner, the Japanese giant ITOCHU, we
hope to participate in these developments, delivering considerable value to our
shareholders"
.................

"Petrel will aggressively expand and deepen its exploration and development activities in Iraq as quickly as possible."

David Horgan

dogico - 8 Jul'07 - 21:43 - 83555 of 83578


No major changes made to oil draft law accepted by Kurdistan government -spokesman

Arbil - Voices of Iraq
Sunday , 08 /07 /2007 Time 11:39:31




Arbil, Jul 8, (VOI)- The spokesman for the Iraqi government Ali al-Dabbagh said on Sunday no major changes were made to the draft law ratified last week by the Iraqi cabinet as he handed over a copy of the law to the Kurdistan government, while the Kurdish House Speaker voiced support to a possible reshuffle in the central government.




"A copy of the ratified oil law was handed over to Kurdistan government. The amendments were only concerning legal wording and not affecting the general context of the law. It never touched on central issues in the law," Al-Dabbagh told the independent news agency Voices of Iraq (VOI) after a meeting with Kurdistan Parliament Speaker Adnan al-Mufti.
The Iraqi government spokesman added "The Kurdish officials did not reject the law and they are expected to announce their stand vis-vis the law."
Iraqi cabinet ratified on Tuesday the draft oil and gas law after some amendments were made by the cabinet legal committee to the draft before sending it to the parliament, leading Iraq' Kurdistan prime minister Negervan al-Barazani to talk about a possible Kurdish rejection of the law if major changes were introduced to the initial draft that the Kurds accepted.
Al-Dabbagh ruled out a possible rejection of the law by the parliamentary blocs, saying "I do not think that the law will be rejected by parliamentary blocs as it has many positive points making it one of the most progressive laws badly needed for the economy of Iraq."

11% rise and very quiet here.
2517

A good days work. Do we have news soon? It could be HCL nearing agreement. When it does its going to blow big time.

Yippee!
2517

Does anyone know why this has moved today? Hope this isn't a false dawn I could do with some good news!

Heavy buying on German Stock Exchange two consequetive mondays & and of course here in the UK.

doing the obvious and watching for some time now having brought above 100p and again at 62p..any calculated opinions that things will turn out positive this time with PET

watcher

Just a matter of time watcher

I never thought it would happen, but it looks like it will.

I wont come in, but I wish holders well.

The Kurds are issuing thier own 'Oil Laws' in their parliament today and the sp moving fast on this news, breakout at last for PET holders.

Huge potential here which some have yet to pick up on.PET well placed immediately benefit following approval of HCL

for would-be investors, there will be plenty of time to get in ...... sp is surely rushing upwards on the hype of the news laws being enacted rather than on any discovery ...... furthermore, if the markets remain unsettled for the next month or two as is a racing certainty or even fall quite substantially (my feeling) then sp will retrace sharply (along with many many others)

cynic, links for research purposes for from your post it would appear that you have not done so,yet? More substance to PET than just short term sp prediciting.Long term hold for me.PET worthy of full in depth DYOR and then you will "know."

PET websited just updated.

http://www.petrelresources.com/

PET presentation also referred to as MAY 2007

http://www.petrelresources.com/investor/files/Petrel_presentation_April_2007.pdf

cynic, links for research purposes.Video link. IRAQI OIL the world needs and IRAQ needs as oil forms 93% of their income.

The War for Oil 58 min - 1 Aug 2007
video.google.com

A brilliant documentary broadast by the BBC about a week after the US and UK invaded Iraq in 2003, explaining why it was all about peak oil.

http://video.google.com/videoplay?docid=8162244809649380953

cynic, links for research purposes.Video link.

4th Hearing: 8 June 2007
Part 4 David Horgan


http://www.channel4.com/news/microsites/I/the_iraq_commission/video.html

Cynic,First mentioned PET here on money am 7/7/2007 sp @ 66p closed friday 84p-87p. Factual information in subsequent posts (i.e post7 onwards) may also be used for researched purposes.

lex1000 - 07 Jul 2007 15:29 - 8 of 27
Petrel Resources says Iraq oil projects on track despite turmoil UPDATE
Date : 28/06/2007 @ 14:18
Source : TFN
Stock : Petrel Resources (PET)
Quote : 66.0 3.0 (4.76%) @ 13:19

Take the view would rather be in than risk being out.Added more on recent dips @ 60.5p.

PET has been working in Iraq ten years.Working on the ground,working on contracts,close working relationships with Ministry of Oil from SH and five successive governments.See presentation.Huge potential here and there's 100% guarantee billions barrels oil in Iraq cheap to produce.Massive reserves of oil.As soon as HCL approved;PET awarded PSA (Block 6 awarded under SH)and possible includes giant oilfield then sp rises along the lines of CNE et seq is a real possibility.PET also have PSA in Jordan which imo supports sp higher thena we are today.

All is in public domain clear for all to see.

Video link reposted below provides excellent background to Petrel Resources and why company busy working in Iraq.

"A brilliant documentary broadast by the BBC about a week after the US and UK invaded Iraq in 2003, explaining why it was all about peak oil.

http://video.google.com/videoplay?docid=8162244809649380953"

"Twighlight in the desert" and "Peak Oil." Without Iraqi Oil, predicted World cannot keep pace with demand by 2010-2017 ish permanent global oil decline without Iraqs oil.

Pays your money and makes your choices.

You say peeps will have plenty of time to get in but @ what price?