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

honesty is the best policy tokyo, still gripped by the silence of PET and still believe there is cloak and dagger stuff going on, OPEC policy of saying one thing and doing the other.....indicated by the silence from PET. Trawling cash in for xmas buy (NBR DES) and holding with PET until the full picture is crystal.

watcher

morning tokyo,
i`m out too for the time being, it was a pig trying to sell, did you find the same?. like you, i still think there is some mileage in PET, but i definitely won`t keep hanging on and on.
all in, i still came out with just over 20% profit on my initial stake, could have been worse!
dexter

Tokyo is out this morning and a quick look at the trades show that the most his holding could have been was 28,000 shares as this has been the largest trade so far today. This guy was giving the impression that he was a high roller with a six figure sum invested if you could believe his posts on the `other` website. I give him credit for saying he has sold and at a loss, but honesty re size of holdings should also be practised more often, imho.

watcher don't have DES, but been stocking up on NBR since 28 pence, still very disappointed in the result of the Iraqi tenders (although still to be made official), as I'm sure are we all. PET are actually holding up, quite well, I had feared this morning that the shorters would get their claws into PET and take it right down. As I said above Petrel still have Block 6, Sudan, Jordan and possibly some other tenders in Iraq next year, so they are by no means out of the game, but what does worry me at the moment is their lack of finance. After the dust settles I'll start looking into PET again, their finances, whether or not there will be a rights issue to raise more funds for Iraq or other projects, there still seems to be a lot left in the PET story

Eric, hope your wife recovers asap. Difficult time for her and you.
problem with the sp as we go into a new week is that why would there be any upward pressure? Only news at the mo seems to be bad. There'll be plenty of shares being got rid of by people who can only see more of the same purgatory ahead. Why keep your money in this (for the time being) bombed-out stock when there are other opprortunities out there?

toyko good move on the NBR i am holding DES and have been for a while. Back to the PET finance surely when tendering and backing is an issue PET seemed to cover that angle with their backers. Looking ahead for PET as there are things on the horizon it will remain one to watch (I still hold). DES sitting in a good position with their find and around the table negotiations taking place to develop their interest. It has been emotional and a tad expensive but lifes experience aren't always positive unless you are prepared to learn from them.

Eric my thoughts are with you, your ingredients in this cake have been most welcomed.

Back to watching, my dear old mum used to say "if you want to see the rainbow you have to put up with a little rain."

watcher

kellman: I think it is fair to point out to you that Tokyo said he had sold out last week when a friend called him about the PET rumour, and then bought back around 30K shares, after the big drop. Today he has told us that he has sold out. It is all on this BB if you care to read back! What more do you want people to say on public BB's? I think you owe him an apology. At least he got out with a profit, rather better than myself.

I find it strange, like other posters, that there has been no RNS from PET after having the weekend to talk to people on the ground in Iraq. Worth watching further.

Finally, I think we all feel sympathy for Eric and hope his wife makes a speedy recovery before Xmas. On the plus side the medical facitilites in Canada are excellent, and probably better than in Rye! Keep us posted Eric.

John

John - thanks I am out of PET at the moment, but am waiting on the side lines. Firstly Kellman is Simon Self from across the road, if you look back you'll see he said He's been telling me about PET for a while but I didn't listen, but Kellman had only appeared on the moneyam board the day before, he has been banned from over on advfn so he has come over here, he has once been warned by moneyam, but still continues with the insults to anyone who has researched PET, and is just not worth responding to. Anyone who comes onto BB's to laugh at other people's losses are the lowest of the low in my book, perhaps moneyam need to be asked to keep an eye on him

I've read through a few e-mails today from friends in PET, most of them are willing to ride out this storm, as they believe the MOU with Jordan to be linked into Block 6, also January will bring news of 6 further tenders in Iraq, news from Sudan and perhaps more from Jordan. I shall get back into researching PET later this week to back up all of the above, at the moment I am nursing a hangover from my company Xmas party last night, so don't have the power to do it at the moment.

Eric - very sorry to hear about your wife, I hope she will make a full recovery, Canadian health care is among the best in the world, she is probably in better hands over there, than back in the UK, my thoughts are with you, I wish you the best both personally and financially

Tokyo

kellman .

Regards Tokyo's sell , if it was a very large trade it would be delayed by 2-3hours at lest, shows our much you know.

Tokyo/ As a long term reader of this thread, I am sorry to see you go but thanks for all the well researched info', A credit to your trading style and research technique.
Good Luck on Namibian and others in your portfolio. I took a 30% gain, but will (probably)open again before February's end of year.

Hi All
As for our Petrel, the lack of news is baffling. If Pet made contact with MOO over the weekend, something at least suggested by Pet, and it was confirmed they failed in their bid/s, this would be price sensitive news and oblige them to release an RNS. The fact that they hav'nt..........well your guess as good as mine only a crystal ball may give the answer. Perhaps, of course, they have yet to get an answer?? Time will tell. This is a well respected company and whatever the share price their future is BRIGHT!!!I retain my holdings and expect to do so forever!!.

thanks again Tokyo

and good luck to all Pet holders

AF

Just found this on Fillyaboots, says its an e-mail answer from DH. Make what you will of it.

"Many thanks for your kind comments.

There has been much market speculation and even some garbled media reports.

The truth is that the three oil field development tenders are at different stages of evaluation and decision.

They have not yet been awarded. When they are the bidders will be notified in accordance with normal practice. We will immediately notify the shareholders of the outcome.

Petrel is 100% confident in the professionalism and integrity of the Ministry of Oil officials; they will decide on technical and commercial grounds and normal approval procedures.

No one company or nationality will get all three or even two of these initial contracts. We bid on all three and have been working on Subba & Luhais since 1999. The third of the projects is by far the biggest, and nearly as large as the first two combined. It is also close to Basra port, is in a quieter area of the country and is logistically less risky.

These are competitive tenders. Competition is healthy - we wish competitors well. We bid on the basis of realistic costs and contingencies. If we do not succeed on these contracts we will be disappointed, but this will in no way diminish our commitment to Iraq.

Petrel will be a player in the development of Iraqi oil.

DH "





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scottie, it warms me inside to read another holder is still showing his hand in the public domain. I like you am baffled as to the silence, there is a theory that has yet to be disproved that clarity of policy is yet to become apparent, PET are respectfully sitting on their hands and when the mist clears the reason for their enforced silence will become public. I for one am hopeful that there is a linkage to other tenders. That there is also a building of relationships in respect of how PET conduct themselves under strict guidelines and pressure handed to them. The future is bright and all the evidence on this BB indicates that something is not quite right here. Linkage to the bright future is my opinion.. OPEC business skills are difficult to understand, but it's their ball and PET want a part in the game, when it kicks off.


watcher

Thanks Scottie, although I should add, that although I'm out until this settles down a bit, I am by no means finished with PET. A friend of mine sent me exactly the same e-mail as above, so looks like that is the official cut & paste response to all private investor e-mails, as I'm sure PET are flooded with them at the moment. I am resigned to thinking that PET have lost the 1st 2 tenders, and although I'm out at the moment, would love to be proved wrong, I don't mind missing out on the profit, if it means that all the other PET holders on this thread and the others, get rewarded with a huge Xmas present. I'll be back researching and following PEt after the hangover from hell leaves my body!!!

I'm planning to come back in after the 1st two tenders have officially been announced, as it looks as if the odds are against PET, but again would love to be proved wrong.

We know that Sudan will announce about Block 15 in January, PET are pushing on with tenders in Iraq, Jordan and Block 6 info is still to come, so by no means is PET done for.

to quote Arnie "I'll be back"

Tokyo

Tokyo, I have the best hangover fix of all time. Get your trainers on and go for a 5/6 mile run and follow that with a full English breakfast, maybe a little Sadistic but I know it works for me, after all I am a PET holder.

watcher

Try a bag of salted peanuts and a can of coke. Protein, salt, sugar and caffeine all in one hit. It should perk you up...well for a little while at least. Are you still in Newquay over the holidays, Tokyo?

thanks for the hangover cures guys, it is 10.18pm here, so I've gone for the old "Curry" cure, I had my company Xmas bash last night, hence the hangover, loads of Turkey left over, as we put on a spread for 40 people, Turkey curry just went down a treat, and starting to feel better already. Sandrew the peanut one was interesting, I'm sure I'll have another chance to use that one before Christmas!!!Sorry not over in Newquay, am off to Fukuoka for New Year, and then Hokkaido for skiing later in January.

I wish all of you PET holders well, as I'm out until after they announce the 1st two tenders, but will be looking to get back in before Sudan, etc in January.

good luck to all of you, and hope whatever happens you guys have a great Christmas


Tokyo

You too!

It is not normal for companies to issue RNS statements without any information.

from DH so their you have it even though pet was seeking immediate clarification over the weekend

HOWS THE HEAD TOKYO????.

this e-mail that some posters have recieved from DH, i would have thought the info. in it would warrant an RNS because it contains clarification about the awards, to the extent the IOM have said no awards have been made as yet.
was it not in the RNS re. press speculation that PET were seeking clarification from the OIM?.

i`m out at the moment, but watching it petrel like a hawk!!
dexter

I THINK ALTHOUGH THE 2 LOST TENDERS ARE NOW PRICED IN, I STILL THINK WHEN IT IS CONFIRMED THERE WILL BE A SHORT TERM REACTION TO THE DOWNSIDE TO ABOUT 20 TO 25 PENCE.
THATS WHEN YOU WILL LIKELY SEE ME AND THE LIKES OF TOKYO AND OTHERS MOVE BACK IN.