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

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

Tokyo

Just a slightly cautionary note. We discussed earlier whether we were down to a single tender. Looking at Dexter's quotes (902,904) al Shammai is quoted as saying 'companies will submit new offers'; also there is the reference to contracts being awarded in November and signed in December. An interpretation could be that up to 3 companies/consortia have been asked to submit new offers against a defined spec.; in parallel the oil Ministry will be finalising the contract. The preferred offer for each field will then be announced during November, the contracts handed to the successful tenderer(s) and then signed in December, with any minor amendments agreed with the bidder. That sounds a reasonable process. I suspect that, even if the Oil Ministry want to award the contract(s) to Petrel, they need to have the competitive bids on the table to avoid any repetition of the furore over the Halliburton contract(s). Petrel will now be beavering away - so it is reasonable that they should be aware that they do have to put their best bid on the table and therefore they need to be aware that they are still in a competitive position; also needing to keep their mouths shut!

Eric

Eric - That may well be true, we have no evidence to the contary, but I would assume that companies resubmitting would be the ones that were around the table discussing the tenders and agreeing on what needed to be changed (i.e cash to risk sharing), the only company we have knowledge on, that were indeed around the table with the Iraqi officals was PET.

Afraid it is nail bitting time again, PET are giving nothing away (which is probably a good sign), I for one will be checking everyday this month, until we know one way or the other.

tokyo

there is so little activity today and the majority of the
is week. I have searched high and low for anything that would give a little or further insight, but nothing. I know u come up with good info, tokyo, but i have searched everywhere to add to yours and come up with nothing thus far!!!!!!!!!!!!

Tokyo
Agree those round the table would be those selected through the previous tendering process. Probably best to assume, until we know to the contrary, that there were three bidders still in and that there will be three tenders. That seems to fit the comments made and I think is what I would do in their situation. Baseline odds therefore of 1 in 3 for two contracts, 1 in 2 for two. Still got my money on it and may just top up via a CFD!

Eric

Agreed Eric - I'm not assuming PET have won anything until they say so via an RNS.

gra1969 - I'm afraid there is very little info out there at the moment, everyone is keeping very tight lipped about these contracts, afraid it is just wait and see. I tried e-mailing PET again, but got no reply. We will just have to go on what we have available, the message for everyone is play with what you can afford to lose.

Tokyo


p.s. If you would all like to sell today, then buy back after my top up tomorrow, that would be very nice!!!(only joking for anyone who takes it seriously)

Eric: I do think you are brave to cover PET via a CFD. Still no risk no gain!

John

Tokyo, By not getting a responce, it makes me wonder when, not if, we will hear and get the RNS that we are waiting for. Normally you would have had some sort of reply? Very shy on info all round then.

John. Probably not a cfd on PET (spur of the moment comment); risk is big enough anyway. But cfd on ASC could free up some funds to increase the PET stake.

gra1969. I expect November means the end of November. Final tenders have to be prepared, submitted and evaluated. The Oil Ministry has said contract awarded November and signed December. They are working to a pre-determined schedule which is clearly geared to the elections; movement on oil contracts will demonstrate a return towards normality. The personal question which needs to be answered is whether the stake placed is big enough; the extended hiatus period should give opportunities to increase the stake.

Eric

Eric: Very sensible. John

This just posted over the other side(not my e-mail I'm afraid), DH seems to be the only one that actually answers any e-mails from PET at the moment, as they all seem to be pretty busy.......wonder what they are doing?

From : David Horgan
Sent : 02 November 2004 12:53:59
To : *****@hotmail.com
Subject : RE: Contract for Petrel :
| | | Inbox


*******,

Sorry I haven't replied to your last 2 e-mails. We are working very hard. These things take time but we are confident. The share price will take care of itself.

Patience pays.


Regards,

David

TOKYO

having just cleared my PC clitch (techno term) I felt the same as watcher and must admit admired his description with wind and sails. Perhaps he pushed you into yet more beavering and you have come up trumps again...... steel regions are feeling supported by your actions.

marti

Tokyo

I like it! Working hard, eh! And on our behalf, their shareholders and ultimate masters! Confident! Those of us with experience of working on the final stages of a bid which you know is likely to win are 'what?' - 'quietly confident'. No euphoria - yet. Just a quiet confidence that you have something you sell that you know the customer wants to buy and, you also know, the customer trusts you because he has got to know you well and he knows that you will deliver what you have promised! It says it all. Thanks Tokyo - that is the best yet! (sorry, in danger of becoming euphoric!)

Eric

Eric: After reading the Tokyo post like you, I have been in this position many times on Sales pitches....perhaps the CFD on PET not such a bad idea? Perhaps I will!!! John

Can't sleep and have just checked my e-mail, someone on another thread is reporting that the e-mail posted over on advfn this morning was a fake as they tried to verify it with DH, and his reply was I did not write that, so unless someone else verifies it, I'm afraid we should assume it is a fake.

Tokyo

Tokyo

Hope you managed to get a good night's rest and are not checking here in the middle of the night. Quite strange if it was a fake. If it was a fake: firstly, why? secondly, would you fake a reply like that? Doesn't seem to make sense. Mind, it maybe doesn't matter either way whether it was a fake. My comments about the closing process on a contract really still apply. Silence is golden, as I suspect all our schoolmasters used to say, and 'silence speaks louder than words'. I am comfortable with silence in this case. Silence means people hard at work working on something so important to them, and therefore to us, that they haven't time to speak and, in any case, they are committed to silence. Any breaking of the silence at this stage could be seen as negative. If you have ever stepped from a ski-lift at the top of a mountain and felt the silence, you know how marvellous it can be. Euphoria is beginning to seep in again - but we do need to keep up the chat on this column even if it is just talking about the silence!

Eric

Hi all.

Topping up again eh Toyko? So is this the last,last,last,last,final,no more, fin(spanish), durer(french),the utmost no more topup of PET? How many times have you said that? If I had a pound for each time you said that I would have enough money to buy more shares in PET than you!!

Only joking but good luck Toyko. If I had a hat I would take it off to you.

Take care everyone and GOOD LUCK!!

wilbs