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

As you are all still waiting after so many false starts, may I wish you all well.

It's time this happened!

Guys....with the above posting in Shares Magazine and also a further one in todays Daily Mail, looks like the media are at last starting to believe in PET.
Could be just the kick start this needs before contract announcements and I wouldnt be surprised if others follow suit and cause an uplift in price in next couple of weeks...if you are already in, then sit tight and enjoy the ride...if you are thinking of top ups then your time is running out...good luck and as Del Boy always says
'HE WHO DARES,WINS'

Missed this mornings excitement, although I can see the MM's trying to walk this down after the tip in shares magazine, trying to shake out the newcomers, maybe even rattle a few stop losses, and then as we have seen so many times over the last couple of months back up it goes, becareful not to set your stop losses so high. just a thought

Tokyo

Taken from This is London.............

Revived gossip that drilling contracts with the Iraqi government will be signed early next week helped Petrel Resources improve 2p to 106p. z

Good afternoon, well if rumours lifted the price, what happened today then? More MM shenanigans? :)

I really have learned a lot about MM activity thanks to Tokyo et al, but is this really the ONLY factor in intraday price shifts? Im keen to be educated!

Hey LT good to see you over here, we just need barty and the gang will be complete. I actually expect a little tree shake later today, we could see a little red later on, but as this share is still make or break on the contracts, a little red makes no difference one way or the other, unless you have enough cash for a top up, if it hits 100 pence or below tomorrow or next week, I'll try to free up some more cash, but I doubt it will. Like you I've been learning alot while beavering away with PET never been in such an intraday voitile stock, but considering again that this is make or break on these contracts & block 6, and that the MM's make their cash on the spread they will be able to and willing to walk this up and down until news is released.

moneyam has a free trial offer on level 2 at the moment, this really helps to see what is happening intraday with PET, as it is normally WINS that lead the charge when trying to walk PET down

IMHO

Tokyo

I have a stop loss at 94p on a spread bet is that to higth? they do say shares go down 4 times faster then up.

The MM's have walked it down to 97 over the last couple of weeks, 84 seems safe enough though, if it goes that far there maybe some trouble with the contracts, a few people panic at 100pence,as the 1 pound bid is a mental barrier for all of us
just my thoughts not intended as investment advice

aldwickk, really depends on what price you got in at and how much you are prepared to lose. From a TA perspective the 1.00 level seams to hold well for the mid price at the moment, so with an average of a 5 point spread 97 - 98p would be the the bid level. Therefore a break below this could result in further falls to the 80p level. IMO there a fair amount of short term traders playing the intraday movements in this stock at the moment and the 1 level seams to bring them back in. Only bad news is likely to knock it below that level IMO.

Again these are my thoughts and not intended as advice.

aldwickk

An alternative viewpoint. The share is bound to be volatile until the announcements are made. A negative rumour, nothing more, could drive the price down to 80's - the price was down there without any particular reason a month or so again (probably profit taking). As an example, there is a reported rumour above that the contract might be awared within the week - it doesn't happen so people get disappointed, sell-out and down goes the price. Or there is dreadful depression from casualties in Fallujah - God forbid! My advice would be to hold until 30th November, or the RNS is out, and make you decision then. It really doesn't matter a toss at what price one entered the share. Good luck! Good luck for you is good luck for me!

Eric

Editor of Shares

Dear Mr Lacey

Good to see the recommendation to buy Petrel Resources. But, within "Sleeping Beauties"? Beauty, yes! Sleeping? I couldn't imagine anyone who has slept less than David Horgan, during his trips to Iraq, negotiating to sound of mortar and then back home re-drafting his bid and keeping his clients sweet. Put it under the mattress for 3, 5 or 10 years? You must be joking. Three to four weeks is the maximum hold period with contracts to be awarded by the Iraqi Oil Minister, no less, by the end of November. Get it out from under, please, in your next issue; and advise your readers to get into bed for a once-in-a-lifetime opportunity right away!

Eric Robson

p.s. You do have your spies on this, and the ASC, BBs don't you?

Nice one Eric!

got the free trial of level 2 but it do not show what you can actually buy and sell inside the bid/offer

drunker - for that look at the latest trades on the right, and work it out from there, you can see when it is likely to drop or rise with what MM's are on what price, I'm quite getting into using this, thinking about upgrading!!

Tokyo

thanks tokyo - ho by the way i like reading your posts

Evening all,
Found this on another bb from a respected poster,a call that was made to PET earlier today. Dexter

Hi all, yes and had a brief chat with JT (no one else available). Sounded very upbeat but as expected unable to give any indication of timings of forthcoming announcements. Talked of a "sharpening of pencils" and quite normal procedure re the fine tuning of tenders during the Amman discussions. Ended by telling him he had my continued support throughout this period of uncertainty for which he said he was grateful! Don't think we'll get any more than that folks

Thank you all for your advice, and the spread bet was 107p december.

Eric

We have long-term plays and we have short-term plays and quite often a share can be both. The whole point of this piece was that we were looking for stocks which might one day be bigger than Ben Hur that if you put a few away and forget about them there's a chance one could make you rich beyond even your wildest dreams. Some of us have too many years on the clock already to make this an attractive proposition, but the youngsters might fancy their chances.

It's only three weeks or so since a few of us sat down in a certain share-shop in Leeds and talked about this, that and the other. We had one chap who won't buy anything outside the 250, and mostly not outside the FSTE 100, a lady who has never owned a computer and looks up everything in the hard-copy version of REFs, and a certain gentleman who's not interested in anything that doesn't involve making a hole in the ground (or sea-bed). People have different perspectives and we try to cater for them all.

Will the Petrel story really end with the Iraqi contracts? Did Microsoft end with its first IBM deal? I guess we all have to make up our own minds.

Shares Ed

Jeremy

Great response! Much appreciated. Point taken: will probably take the profit and leave the original stake longer term. My first share, singular, was an IBM one, earned out of income in the 1960s: I think it cost about $150 and took several months to buy! I also remember IBM buying in a PC operating system from a tiny company called microsoft in the late 1970s, just to save a bit of time! And now we have Shell and the others standing by, out of corporate fear, while the Irish minnow lands the gusher! Glad you've visited this bb - will expect to see Tokyo and dexter featuring in Shares when (not if!) the gusher is landed!

Eric

Thanks Eric - always good to have constructive dialogue.

Jeremy