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

Beat me to it!!!!! funny how there are more Buys than Sells and the sp is still down. Then again this is only activity that the MM's have engineered imo.

Just in case it has not been said?

PRE took a hammering today!

PET have the same board, (near as), and CEO.

They are obviously being blamed for the debacle following yards of spin in the RNS's for the latest drill at Danbury Dome by PRE.

I suspect the drop in PET today, albeit small, is a reflection on PET from PRE.

Just a thought.

I no longer hold.

Good luck peps.......

gre and seawallwalker

I think this point needs to be made. Its so easy to see the MMs as the enemy. Perhaps its better to treat them as friends. They are really nice people; they are doing this job to earn their living; the girls get their dresses from ASOS; the boys support Arsenal, Chelsea or Tottenham (if they are not so bright!). Their primary objectives are (1) encourage people to trade; (2) maximise the profit for the MM; (3) minimise the risk. One of them looks after PET with a few others stocks. Ready to mark up the price if the RNS is there. No RNS so watch out for sellers. A 15000 sell comes in five minutes before opening so mark the price down a bit. A few more sells so get the price down to prevent a flood. Oh good, some buyers around; in fact, getting a decent balance between buers and sellers. The day really goes quite smoothly. OK, there have been more buyers than sellers but trade has been OK, although not brilliant. MM has not been exposed financially. Really, the fact that the price is down on the day although buyers exceed sellers is irrelevant. Simple! No conspiracy! Nice people! Tomorrow is another day: the trading might follow a similar pattern, price down although buyers exceed sellers; it might be the inverse with initial buying, back above 100p, up although sellers exceed buyers. Oh, but there is the RNS!!! Panic stations! Push the price up fast to slow down the buying; how far does it have to go before Sandra takes some profits (oh! there's Eric! Tokyo and dexter are made of sterner stuff). Relief! here comes the sellers; down comes the price and a lovely balance ensues. In retrospect, there was a terrific spike but our lovely MM (the ASOS buyer and wearer!) has achieved a really good trading volume and her bosses have not been overly exposed!

Let me hasten to add that I'm not an MM nor have I been one, although I might well have enjoyed the job. But I am a student of human nature! Is this not how it goes?

Eric

Eric - nice piece thanks.

In fact I love the MMs. Someone has to do the job and it is done well from what I see.

My comments were not directed at them. But enough of that, I will continue to follow you fortunes albeit from the side lines. Good luck PET's.

well guys...if we are ever the supreme optimists, then by my reckoning tomorrrow is the last day of November unless of course the Iraqi Government have one of those strange calendars!!!!!!!!!!!!!

On the other hand did they say which November???

Good luck all you PETS and get the prayer mat out tonight

Ok granted no rns tomorrow and share price fall to 80p! If you think you are clever will want to sell to save yourself say 15p/a share. Tempting, hey? Especially for me who hold 66000 pets. So will save myself just over 5000. Much more tempting yumyumyum.

Wrong, because once tomorrow, end of November, is over then RNS will be out any day after that. I will not be able to buy back pre market at 80p + at least 50p; take away 15p and will end up unnecessarily paying 35p per share extra than if I had stayed put. In money terms I will have lost exactly 24,850 (35p x 66000). Now that is a rosy scenario. Going by the market size in the last few weeks, especially on the previous update, I will only be able 2/3000 shares. If I want my 66000 pets back, I will have to continuously top up (or pay a huge premium) by which time I will have paid an extra 1 say for the remaining 20000 shares to take me back to my 66000. Now how much will I have unnecessarily paid extra? I don't want to know, cause very unpleasant indeed even though it is just an imaginary scenario now. Therefore I am staying put come what may.

The scenario above applies to any holding however small it is!

Remember, we are not here for price fluctuation, BUT FOR the CONTRACT (S).

And contract(s) rns, it will be any day after tomorrow. You don't swear a company to secrecy if you 'give' no secret (sorry contract) to keep. Plus, Iraqis in Dublin, no update. DH and 7 Pet executives in Amman, no update. Now if they had got nothing from the Iraqis, it is against the LSE and SFA rules not to say so especially in the light of the Iraqis/encounters cited above, not to say of the positive updates. That would just be MISLEADING and suicidal not only for DH but also for John Teeling, who has a reputation and personal business to protect, since he also the chairman of at least 3 other companies. DH is also director in other companies. What would the city make of them? Youve guessed it.!

But would sp tank tomorrow? Extremely unlikely. The derampers (+ the mms) want to rattle some week holders so that they get in on the cheap and one would cancel out the other, and therefore no big change really. Possible rise tomorrow (or the day after) even without rns. Either tomorrow or once tomorrow is over, then it could be any ONE day after that. And those who were a bit reluctant to jump on board, will be tempted to do so on t10/t20, cause to them 'it could be any day now'. All this if no rns tomorrow.

Happy to hold even if I were to be guarranteed the price will drop by 50p and save myself that 50p!

Good Luck Pet Lovers and let's fight off the derampers as we have always done it successfully!

ps. Remember the richest & the best investor of all time, Warren Buffet, made his money by being PATIENT!

Eric and hemacik16, mant thanks for your heart warming posts. I have and will hold, but just get a little cynical at times (in my nature)thats cynical but not pessimistic, hopeful as always.

Morning all,
The MM`s are just trying to stir up business by forcingthe weaker holders out, don`t fall for it!,
Dexter

Morning all!

I have a feeling buyers will beat the mms by close. There is no logical reason why not to jump on board after end of november is over, cause rns could be any ONE day after today!

Noboby has posted this, over on fillyaboots one of the posters went to see DH last night, here are his observations (only wish I could have gone myself)

Hi All,

Went to Trinity tonight. Although secretly dreaming/wishing, it never was my expectation to enter a situation where I would have a chance to try get some factual information. So to Mbthedude : Sorry, on this platform it would have been totally out of context to pop the question of announcement or the likes. It was never going to be answered, would only have been irritating to DH as well as appr. 300 persons involved in serious discussion.
So that leaves me with my original motivation to go there tonight : Just see if there would be anything to read in DHs presentation or, more likely, his body language.

I think we all agree that this has to be a deciding moment in DHs life.
Especially now at end November (also taking into account some worrying press on our board today), I would expect either a very tensed, or worried, or hopefully rather relaxed person. : If you would more or less know that you were close to losing a life-changing contract, it just has to show. I fully respect sprocket's opinion on DHs character and capability in discussions and negotiations : I have seen the prove of that tonight. HOWEVER : Observing DH very intensively throughout the evening : he IS NOT worried at this particular moment in time, that is for sure !!!
He came into the hall extremely relaxed, waiting for the start of the debate while talking very amicably with the organizers and participants for over 20 minutes, did not loose for 1 second his smile, and everything in him told me it was not an appearance smile.
He then delivered a very good presentation in relaxed way (prepared, but not reading from), and participated voluntarily with some answers by the panel.
Unfortunately, when the debate was finished he was fully surrounded by organizers and debaters, still involved in heavy but friendly discussions on tonights topic, so I had no realistic opportunity to get a private moment with him, under the circumstances it would have been counter-productive.
In his presentation he briefly mentioned that he was at this moment involved in some tenders, stating that you cant do a side-deal with competitors, first of all because nobody would trust each other, secondly because its against the law.

I realize that also the information above does not carry much weight in possible decisions for your own plans on the shares. But my opinion : at no time during the evening did DH make the slightest worried or negative impression.

PS. On future oil-prices : After tonight's debate I can tell you : NO way that oil-prices could drop from here on

Guys for those that can, check out advfn. Citywhispers has just posted some e-mails from PET. For those that know Citywhispers, you will know that he would post anything fake, but for those that don't please feel free to check these out with DH, as they simply show that Dome and Petrom are out of the running, and by my counts that really only leaves PET of the companies that we knew about.

Here are the e-mails

----- Original Message -----
From: David Horgan
**********************
Sent: 25 November 2004 10:00
Subject: DOME


*****
Anyone who believes such silly stories shouldn't be in speculative shares.
Dome is a fine company based in Dubai. They are bidding on Subba & Luhais - not on the first two.
S&L have not completed technical review - so they cannot have signed a contract on this - though they may be doing something completely separate.

David Horgan.

________________________________


To: David Horgan
Subject: Re: DOME

ADVFN

cat100 - 23 Nov'04 - 14:06 - 35411 of 35412

Hate to burst everyones bubble Just sold pet 10000 @ 1.0275 bought @ 1.08 yesterday. Phoned Dome and after talking to sec. she put me through to someone and he said that they signed contracts in Iraq two weeks ago. He sounded concerned and kept asking me who I was. I just kept saying yes to him as if I couldnt understand him. He told me to ring back tomorrow when his boss would be back. I try d to find out as much as I could about dome and they look well suited to these contracts. The min. for oil in Iraq was greeted by a UAE minister at the meeting today.The UAE comfirmed that they are to invest a huge amount of money and are taking 350 people to train for the oil business. The dip in pet.s share price coincides with the time frame of these contracts supposedly been signed.About 5,000,000 shares where traded no one been to greedy . Now Dome havent announced any thing yet so thats good butthe man I talked to did say contracts . Its made things to tight for me knowing that some of the pie is gone so I am out. I did say I was going to short this stock a while ago but it was beyond me how to do it. Hope that Pet do get a contract as they have been good to me in the past and no one ends up living in a box as has been stated by some GOOD LUCK TO ALL.
PS phone dome if you dont belive me I phoned their U A E office


----- Original Message -----
From: David Horgan
**********************
Sent: 25 November 2004 10:00
Subject: DOME


*****
Anyone who believes such silly stories shouldn't be in speculative shares.
Dome is a fine company based in Dubai. They are bidding on Subba & Luhais - not on the first two.
S&L have not completed technical review - so they cannot have signed a contract on this - though they may be doing something completely separate.

David Horgan.

________________________________


To: David Horgan
Subject: Re: DOME

ADVFN

cat100 - 23 Nov'04 - 14:06 - 35411 of 35412

Hate to burst everyones bubble Just sold pet 10000 @ 1.0275 bought @ 1.08 yesterday. Phoned Dome and after talking to sec. she put me through to someone and he said that they signed contracts in Iraq two weeks ago. He sounded concerned and kept asking me who I was. I just kept saying yes to him as if I couldnt understand him. He told me to ring back tomorrow when his boss would be back. I try d to find out as much as I could about dome and they look well suited to these contracts. The min. for oil in Iraq was greeted by a UAE minister at the meeting today.The UAE comfirmed that they are to invest a huge amount of money and are taking 350 people to train for the oil business. The dip in pet.s share price coincides with the time frame of these contracts supposedly been signed.About 5,000,000 shares where traded no one been to greedy . Now Dome havent announced any thing yet so thats good butthe man I talked to did say contracts . Its made things to tight for me knowing that some of the pie is gone so I am out. I did say I was going to short this stock a while ago but it was beyond me how to do it. Hope that Pet do get a contract as they have been good to me in the past and no one ends up living in a box as has been stated by some GOOD LUCK TO ALL.
PS phone dome if you dont belive me I phoned their U A E office


----- Original Message -----
From: David Horgan
To: \*******
Sent: 23 November 2004 16:15
Subject: RE: PETROM


Petrom was an early contender but apparently did not make it through the technical review.
OMV has been to Iraq pre-war but was last there in 2002.
Dome is small but has some excellent people and is well connected.

Tokyo, have you sold your shares??? please let me know i am so confused about what is going on!!!

We are asked by the ministry to say nothing until further notice. 30 Nov. 14:15 hrs

where did that come from ziblot, please?

ziblot,
if that was an e-mail, please post , if a phone call, please expand.
thanks,
Dexter

strange comment to make ziblot. Please enlarge

Rkausar - What are you confused about? The answer is "NO I haven't sold", I still have all my shares and will continue to hold, as I truly believe PET will come good in the end, the only concern I've ever had is really when these will come good. The de-rampers are out in force else where, shouting about the interim government not being able to award oil contracts, etc, but what none of them seem to understand(or worse still perhaps they do, but just want to scare you) is that PET are intially going for a Development contract(Kirkuk), which falls under a service contract, we have already seen research contracts been given out, which again fall under service contracts. PET have stated from the beginning they hope to change these into risk sharing agreements, but lets face it, it will be 10 months down the road until they have finished putting together the rigs, etc. DH still seems to be very positive about the whole tendering process and at the moment apart for the dip in share price, which was fully expected today, nothing has changed at all.
The real kicker was that everyone was expecting a contract to be announced before the end of November (I am guilty of that too), the contracts have not been awarded so far, and you saw the MM's take full advantage of that this morning, and again in the afternoon. The ministry of oil have far greater concerns than the short term stock price of PET, and will announce the tenders when they are ready (like the rest of you, it pains me to wait, but that is what we will have to do, unless you have purchased these on a T trade)

Sorry I can not offer more words of encouragement, but there really isn't any more information available. PET have been sworn to secrecy, and that is what they have done and are still doing. Food for thought, You don't keep quiet about something for over a month, unless it is in your best interests to do so. BP & shell didn't keep quiet when they were not awarded the research contracts!!!!


IMHO

Tokyo

tokyo,
good evening,
as petrom, dome, and sonoran ,also according to some everasia are out of the running, who does that leave in your opinion?.
i , for one think that it is only PET and that they have to sort the technicalities etc before they can announce anything, because although these are relatively small contracts iraq has to show the world the can handle the rebuilding of the oil industry.
dexter

Excellent and very sensible post from Tokyo. We are in a hiatus period. Serious investors are getting worried because of a statement by the IOM of a contract being awarded by end November. The de-rampers are out in force and may be short selling. But while nothing is said the shrewd investor sits on his hands and waits (no panic buttons!). Except if the price falls too much he/she tops up. So, if you get this impatience to do something, just say "post 1356"; look at it if you need to. How long is a hiatus! Now, there's a question!

Eric

Evening/Afternoon Dexter

Certain does seem like the companies we knew about are out of the running, I just wonder if there were any we didn't know about(but that's me trying to be a sensible and impartical investor*note the word trying!), there could be a hundred and one things they have to sort out on these tenders, I'm sure PET will be as accomodating as possible, but will be looking for adequate risk-adjusted returns. It may also simply be a case of the MOO going through there resubmitted tender, and proposing different clauses, etc.

One thing is for certain we shall find out in the end......now back to the waiting!!!

Tokyo