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

Some great posts above and i agree only invest what you can afford to lose. I bought well above 1 so have quite a to lose but know the risks.

Im not in business so do not really have a clue how it works but had a thought (owh!); lets the say its agreed and they now are dotting the i's and crossing the t's. How many peole will know apart from DH. I presume solicitors, secretaries, consultants and advisors would be involved. Knowing human nature would not be impossible to advice family and friends (though illegal i presume) to get in and have punt. Should we be looking for sudden rise in buying. Sorry if i sound a little niave. Perhaps the more informed could enlighten me.

Kivver: In answer to your post on this angle...a lot of people will be involved in drawing up the paperwork etc, but only when ink flows on the contract can anyone be sure. Now it is what happens betwen the signing and the consequent RNS telling us that a deal has been agreed that will be interesting. Suggest you closely watch Time & Sales data, and if the volume of trades increases and the SP starts moving up you will have a good idea that something possitive is afoot, equally the converse is the case. Hope that helps.

Morning all,
Just found this on another bb,might be of interest.

Dexter



Iraq to award oilfield development contacts in November: official
Dubai (Platts)--1Nov2004/110 am EST/610 GMT
Iraq has plans to award oilfield development contracts to multinational oil
companies in November, the head of the State Company for Oil Projects Ahmed
al-Shammaa told Platts Monday. The contracts are for the development of the
Khormala Dome in northern Iraq near Kirkuk and Hemrin located northeast of
Baghdad. "We expect to award the contracts in November and sign them in
December," Shammaa said. The contracts were discussed during a meeting between
oil companies and Iraqi oil officials, including a delegation from the State
Oil Marketing Organization, during a three-day meeting in Amman last week. He
also said there was some expectations that oil field development contracts in
the south could be finalized before the end of the year. Iraq's oil ministry
had received in August separate offers for technical studies on the Rumaila in
the south and Kirkuk oilfields in the north. The ministry had expected to
award the contact in late September to one of 14 companies bidding on the
deal, but security concerns pushed back the contacts award date indefinitely.

dexter01: Good post: Platts - are a very reputable information source. So we can take it as read that the contracts will be awarded in this month and signed next (December). So we just have to be patient now! John

Thanks John,
I see this Dow Jones article has made it into the Tehran Times, so we might now get the British press to pick up on it and start more fishing .




Iraq to sign 2 oil deals with intl companies next month: official


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, and 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 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.





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well that links nicely with wind and sails. 14 other companies hey, tokyo has gone quite, bet he wishes his latest bundle hadn't been so easly available.
or just maybe he believes that he had better not press another key till it goes skywards and his efforts turn into bank notes. Personally having watched him chase his tail for weeks on end, i for one an buckling up and checking my groin is made of steel.

Tokyo lets take this moment to draw breathe and state IMO i am now glad that i made the effort cose i'm in and staying in.

There was a 100.000 buy in the last 24 hours. no reply expected

watcher

Am I reading Dexter's post(902)correctly? The 14 other companies relate to the other fields and not our contracts....correct?

Tokyo
Hope you are well.

watcher

Since you don't wish to have reply from Tokyo, allow me to answer you.

Tokyo is by far one of the best poster I have come cross on bbs and a sensible investor at that - go against his advice and you will lose your knickers!

And please don't compare your drivel with his well argued posts!

Bahouse (Tokyo). Shame, my first post is directed to a tosser!

Hey Watcher

Before you get attacked anymore, I should state that I didn't see your post as negative or an attack against me (although bahouse thanks for the back up while I was sleeping), back to watcher I saw your post as mearly just something we were all thinking, when I read it for the first time a little feeling of panic rose up through my body too, but after looking at it more carefully it seemed to be talking about two different sets of contracts.

Before I explain, let me say this, anyone who wants an answer from me, must remember that Tokyo is 9 hours ahead of the UK, I'll try to answer any questions I can, providing I researched it before, it helps that we all keep this thread about the facts!!!

Now onto the other 14 bidders -

Iraq's oil ministry had received in August separate offers for technical studies on the RUMAILA in the south and Kirkuk OILFIELDS(notice the plural) in the north. The ministry had expected to award the contact in late September to one of 14 companies bidding on the deal, but security concerns pushed back the contacts award date indefinitely.


Firstly Petrel has NO interest in the RUMAILA area, the part that probably scared us all the most (and yes even me) was see the Kirkuk name there, as that is of course the 1st tender, although stated in the article is "Iraq's oil ministry had received in August separate offers for technical studies", just one quick look at Petrel's website would show you that "The Kirkuk tender to develop the Khurmala dome will be submitted by the end of March", so PET's tenders were submitted in at the end of March and are for Development not techinical studies, add this to the e-mail I received from David Horgan about other companies not being able to legally join in the tender process(as the article states the Iraqi ministry received tenders for these back in August), and it clearly shows that these tenders are for techinical studies on another oil field in Kirkuk, PET's tender is to develop the Khurmala dome. There have been so many articles written about this tender process by all the financial and investing newsletters/websites, etc, and they only ever quoted three 3 companies as making it into the 2nd stage of the tendering process, now out of thin air there are supposed to be 14, that would be completly illegal, The Iraqis are going to keep these tenders above board.


To summarise, YES I am very happy with my investment, and will actually be buying more on Wednesday (the absolute final top up). Other articles have stated that the tenders are to be awarded by the end of this month, from all the information available, and by PET being sworn to secretcy to the Iraqi oil ministery - hence the news black out. The only company we have ever heard of having anythig to do with the 3rd stage of the tender process (the final stage) is PET, the other companies the minister refused to name I think were the Jordanian company which actually have the JV with PET, hence I think they have won both of the tenders.



So watcher I am drawing breathe, and in my humble opinion I am VERY glad I'm staying in.


Tokyo

p.s. I checked and they are indeed made of steel for the moment at least

Following Tokyo clarifying your post, Please accept my apologies Watcher!

Thanks Tokyo!

Watcher, what colour are your knickers?

Hey Hemacik16 (bahouse)

One of your legendery insights perhaps on the possible JV between the Jordanian group and PET would benefit this board alot

tokyo

Tokyo

thats no problem, trying to get a check on friends and reading skills has proved to be a positive thing. Now that the steel is checked in your regions, I would re-iterate I am in and i know you are too

watcher

watcher how long have you been in? Do you agree with my post?

Morning all,
Another top-up Tokyo !!!!!!!!!!?,good post by the way.
Dexter

this one is most certainly the Final one!!!!!! only a couple of thousand

Tokyo,
So are you hoping for a drop to 80p ish today and then a rise tomorrow from about 8.30am ?.

knickers are things girls wear, I'm a boxer man myself. Go from grey to black but never brown.

Tokyo The post is as ever (not a liker) insightful and informative, you definately have got this story covered from every angle, even sometimes outpacing the whole shooting match. We, I am sure are all glad of that. You keep beavering away and I might go the whole hog and put me christmas budget in. I have been in for a while now and riveted, from the terraces "keep right on till the end of the road."

watcher ps work is calling