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

eh?

I concur, skids will be in the red for a while yet

Well PET s, either something positive is about to happen or the garden path is still in front of this stock!

Steady climb is more than a bounce imo.

New Iraqi Government in, ach, who knows???

Interesting to see over the next day what happens.

Has PET woken upor anew stye m/mover

Its been hot today still got me long.

From the times website.

May 04, 2005

Rumour of the Day



Talk that Petrel Resources may succeed in winning the contract to develop the Subba & Luhais oilfield in Iraq sent the AIM-listed minnow up 8p to 35p. Dublin-based Petrel has seen its shares tumble from 133p since failing to win Khurmala or Hamrin, the first two fields put out to tender by the Iraqi Ministry of Oil.




http://www.timesonline.co.uk/newspaper/0,,2733-1596776,00.html

wilbs

Up she goes!!!
wilbs

Good news

Petrel Resources PLC
04 May 2005

Petrel Resources plc



Petrel has noted the recent volatility in the share price and certain press
speculation. Petrel wishes to report that it has not yet obtained clarification
regarding potential contract awards for oil field developments in Khurmala and
Hemrin referred to in an announcement on 12 December 2004, nor has it received
any formal communication from the Iraqi Ministry of Oil about the status of the
pending Subba & Luhais oil field development. When there is such notification
the Company will immediately inform shareholders.


This information is provided by RNS
The company news service from the London Stock Exchange

Some serious buying going on here, anyone know if news of the bid is finally breaking?

If you are talking about the two 410,000 buys they were B trades, broker to broker deals, so you can't count them as normal buys, best to discount them.

2 x 100k buys and no move strange!

that was a rollover

patsy

that was a rollover

patsy

Are PET doing anything beside waiting endlessly for crumbs from IRAQ,ANY NEWS FROM jordan of EXPLOR'N and DEVELOPMENT licence after 6 monthes,or drilling any thing anywhere does any one know anything.

why not PET forget iraq and change tack to the north sea or USA and farm in with some AIM e=p company.

JOIN up with MNT, for a real gamble,forget IRAQ IF YOU CANNOT DO OR SAY ANYTHING AT ALL PET, CHANGE TACK.

Petrel still waiting to hear on Iraqi plans

June 22, 2005 08:58
Oil exploration company Petrel Resources, which is focused on developing oil fields in Iraq, has reported a pre-tax loss of over 350,000 for the year ending December 2004, compared with a loss of 244,000 the previous year.

The company said that a recent share placing, which raised over 1m sterling, will fund its ongoing activities in Iraq and Jordan.

Petrel said that despite the uncertainties in Iraq, it has continued to make progress on its exploration proposal in the Western Desert and on its tenders to develop oil fields there.


Petrel said that it is unable to say much about its ongoing activities in Iraq as any statements could compromise what it calls its 'hard earned position there'. 'Indeed uninformed media speculation in the latter half of 2004 upset officials in Baghdad,' the company said.

'Oil in Iraq is a matter of the highest priority for the country. Decisions on oil development proposals can only and should only be announced by the government,' Petrel added.

In this context, Petrel said it has received no official announcements relating to either their oil field development proposals or to the exploration proposals for Block 6 in the desert West of Baghdad in the past year.

Petrel said that status of its three development proposals remain unclear. It had tendered for Khurmala in the north, Hamrin in the centre and Subba/Luhais in the south. Each of its three submissions faced critical technical and commercial evaluations by teams of experts from the Iraqi Oil Ministry. Petrel passed all the evaluations.

However, the company said it continues to be encouraged by the Oil Ministry to submit tenders for new projects. In April it submitted a multi-volume tender to develop the Kormor field in Kirkuk.

Petrel said that 'real progress' has been made in Jordan. The company said its initial interest in the Jordanian acreage was to improve its knowledge of the Western Desert, but the more it looked at the data the more prospective the project became. The company said it now believes that there are 'drillable plays on the block'.

Petrel said its future lies in the Middle East. 'Iraq will play a central role in the growth of an oil supply desperately needed to fuel the world economic machine,' Chairman John Teeling said.

'Petrel, by maintaining a presence in Iraq, by continuing to submit tenders and through ongoing work on the exploration potential of Block 6 is showing out commitment to the country,' he said.

'Every passing year tightens the oil supply/demand balance, making development of Iraqi oil more critical for world consumers. We remain confident that we will have a role to play in this development,' he added.

http://www.rte.ie/business/2005/0622/petrel.html

wilbs

This is the same rubbish we heard over the last 18 monthes,if they keep up sending in tender bids and wait endlessly patiently for a[no]response,perhaps this strategy is the play itself ,the source of buzz for PET management in DUBLIN, AFRAID TO EVEN CONTACT IRAQ MINISTRY ,OR ANYONE IN IRAQ,WE NEED SOMETHING MORE ,PERHAPS AMENTION OF SOME 2D OR 3D WORK, OR DRILLING PROGRAMOR EVEN NEWS OF A ..SHOVEL.

sORRY,MEANT ANY NEWS OF EVEN A PICK/SHOVEL.