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

S24 - I was actually pissed that you thought & posted that I had posted a "fake" e-mail, which by now if you have checked with PET know is 100% the real deal, although water under the bridge, as a guy can't hold a grudge for more than a day.(it is in the guys handbook you know?)

Your post above shows you have a plan to buy back at a lower price, and there are many other posters thinking along the same lines, in all honesty I hope it works out for you, I for one am happy to hold until after contract news and will not be pressing the sell button for some time, but I can see the logic, if I had sold @150 and bought back today I could have increased my holdings by 50%(oh for the wisdom of hindsight), although it is hard at the moment to buy large chucks of PET, when I checked I could sell 10000, but only buy 1000 shares on comdirect(what does that tell you about the mm's plan?), not sure if you can fill large orders over the phone, if it all works out(and I hope it does,as I hate to see fellow investors lose money), I'll buy you a beer and toast to your wise investment stratergy

good luck
Tokyo

Taken from another BB, posted by someone I greatly admire as his posts are always right on the money -

A few thoughts:

Lets not forget the "Consultants" opted to take their payment in 400,000 PET shares as opposed to cash. The "Consultants" would be privy to far more inside information about the Tenders and the likely success or failure, than the likes of us shareholders.

Ask yourself if you were in their shoes, would you take the Shares in preference if you thought they were going to bomb?..................Hmmmmmm difficult one that!!

I'm convinced that at least one contract is in the bag, and I have a feeling that block six is going to be a far bigger play over the next few years. The e-mail that Tokyo posted clearly indicates that PET are pushing for a risk/profit sharing framework, and as we've heard many times before, the potential is mind boggling!

The last two days has seen many posts about selling out at 132p, buying back at 118p etc etc and loads more bollocks. Fine if you want to hustle a few grand here and there, but I feel those traders have completely missed the essence of where PET currently stands. This is an Irish Minnow about to snatch the crown jewels from the big boys. The upside is huge and the downside is limited to at worst your stake. If you want to be a wimp, panic sell on a twitch, and move onto your next paltry deal. If you want big bucks hold.

I for one am totally focussed on Teeling and Horgan and the game plan, and will continue to hold until we have definite contract news. I certainly won't be hitting any sell buttons due to market volatility.

The MM,s are having a field day 1.6m buys, 1.7m sells. NOTHING IN IT!
DON'T FALL FOR IT.
Whoever sold the 60k at close I think had more nerve selling than holding, but good luck anyway.z

Morning everyone

It's 4.17pm here, we are 8 hours ahead, look forward to hearing from you, we all the ups & downs this share is gonna experience in the next couple of weeks it will be good to see some level headed postings from everyone, Bartyboy's one last night was on the money(I posted that here last night), see the big picture, try day trading this one and you are gonna get burnt, rember we went from 50p to 150p in a matter of days, once the first two contracts are announced, and really is there anyone here who doubts they will? Really only seems a matter of time as soon as DH returns from Iraq the SP is gonna rocket, which is why most of us, still hold on tightly to our PET shares

Good luck everyone, don't let the erratic stock price get you down, just think about the pot of gold!!!

Tokyo

Tokyo: True believers will see the fall as a good time to top up holdings. Key decision of course is at what price...anything below 1 seems good to me...it may be less but it's all relative.

On the Heating Oil front, lots of long range weather forecasts coming out to say we are in for a very cold winter..at least both in the US and UK. So demand for the black stuff likely to remain high in coming months. Is it the same for Japan, as a recent news report said that Japan was also short on reserves? John

Has anyone noticed ....more buys than sells today yet price down 4%. Makes sense to me !!????!! The more I see this happening the more convinced I am we've got those contracts and the announcement may be sooner than we think.
PS What affect will opening up these fields have on the oil price generally? Any ideas?

sandrew64: In the short term I do not think it will have any impact because they will still have to extract and ship the Oil, which depending on location and other events could take a while. John

I have seen this as time to come back into the stock. i missed the boat on the first break out and have sat back waiting for profit taking and the inevitable pull back. This for me is a breather before it breaks out again.

Lets hope

200 posts in a week.....on this thread...
now I know its overbought

sold at 118 looking to re enter around 75p
any day now :-)

Yeah but 200 posts from about 10 people!

Thanks for your comments John. S

Now lost a considerable amount of money, but still optimistic! Its not lost until they announce that they have no contracts, which is not going to happen!

as i said yesterday see post 535.
there have been a lot of t-trades in the past 2 weeks , so those who bought without funds expecting contract news then. have sold out or got burnt.
those who bought with funds are still holding and can wait little longer will be rewarded, the mms knew this and triggered stoplosses and panicked a few and also accumilated enough stock because when the news does come they will sell much higher.nothing has changed in the last week or so which tookthese to 150.
just be patient .

I will dont you worry. I've been in these since 50p and topped up last week when it was unfortunately a bit higher, but confident of the rise to come. I think the best strategy is to just close my eyes and look again in a couple of weeks!!

What does CWO and Pet have in common ??? any guesses, yeah they were both 150p last week and the're both falling like rocks this week! ha ha ha.....

Sorry guys, I just thought while we're waiting for Mr Horgan to release some news, we might entertain ourselves!!!

Feel sorry for anyone that bought into these at the recent highs. Those sp levels were just for the day traders and not for a scaredy cat like me.

Quite happy to be holding my 35p shares at the mo, but I am tempted to nip in for a nibble if the price comes back to 60/70p. Anything above that is just gambling IMHO. As some are saying, there's no news so why all the wailing and gnashing of teeth???

And from a purely charting point of view, the correct level to buy will be 55p over the next couple of weeks. Although the chart will undoubtedly not behave correctly in PET as it's the wildest game in town at the mo..........

I hold @ 159.75p and WILL hold. Being pissed about by these MMs. No meat on the bone to support the shares. Desperately need info from Pet even if its not contract news but an update on the state of the parties to put a support under these shares. The MMs are really taking us as mugs.

someone over on another thread e-mailed PET about the concern in the SP, and asked if it were possible for them to release some sort of RNS.

see below

Emailed Petrel asking if they could release any calming news to help this volatile share price. Also told them how it was stessing us all out.

There reply was: KEEP THE FAITH

sounds promising.

Another e-mail from David Horgan has been posted on the advfn thread by CW a regular poster over there, it reads similiar to the one I received the other day, no reason to doubt it is not genuine, but please feel free to check it out with PET, see below for e-mail

I have just received this reply from DH and he gave permision to publish it...



>From: "David Horgan"
>To: "*****************
>Subject: RE: Petrel Resources
>Date: Wed, 13 Oct 2004 12:49:34 +0100
>
>Dear ****
>Everything proceeds as indicated in our last communications:
>The Iraqi delegation are exploration experts from the Ministry of Oil.
>We are swapping ideas, building relationships, updating them on some
>recent techniques they were not very familiar with (because of the
>embargo, etc.). They are highly motivated and excellent people
>committed to building their industry. They are also meeting with our
>geological suppliers & sub-contractors. This is normal due diligence
>and they seem very satisfied.
>The current plan is for my chief geologist and country manager to
>accompany them to Baghdad for further discussions when we are finished
>in Europe.
>They are very professional and dedicated - we are delighted with
>progress.
>
>We are finalising our delegation to the Middle East this week end for
>negotiations on the oil field development. Everything is on track, but
>it needs a lot of preparation.
>
>I understand that the share price has been volatile - both up and down.
>This has no significance at all for our business: it is merely the
>market trying to assess risks vs. rewards. I'm sure the market will
>find its own level. If we deliver on Petrel's potential, the share
>price will look after itself.
>
>Everyone has been very positive.
>Regards,
>David Horgan
>MD
>Petrel