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

A poster on ADVFN said they had a contact in Rueters, and would update, but that was a few days back.

She has asked a couple of times for said update, but it has been ignored as far as I can see.

More bullsh*t!

BB.'s are a minefield of bulllsh*tters.

The odd exception accepted!

Simple Simon/kellman - Once again, this thread is for PET related discussion, not personal attacks, whatever your fascination is with me I suggest you get over it, and go somewhere else for your kicks.
What I research & Where I put my money again is my business and certainly not yours!!!

I am out of PET at the moment, not because I have lost faith in the company, but because I have seen how the market reacts or over- reacts to bad news, I have accepted the fact that PET have probably lost the 1st 2 tenders, and when that news is released I expect to see another drop, in the meantime, the not knowing either way,as there has been no RNS is equally as damaging to the currect SP. I'll get back in when I think it has hit the bottom, that is just common sense as an investor. Saying all that I'd be equally as glad to find out this was a hoax and see the SP jump back to over a pound

Just because I am out it doesn't mean I have to de-ramp (as have some posters)as I still believe that PET will have plently of opportunities next year with Sudan, Jordan Block 6 and other tenders in Iraq.

This is definetly not a company to take off your watchlist, but for the moment I'm on the side lines!!

Tokyo

I will watch on the side lines until there is an rns! im not jumping in a posts that hold no strength! i have been burnt and its not nice, but thats my fault!

Tokyo, despite the fact that I have told you on more than one occasion that I am not Simon Self you still keep accusing me of lieing about it.
If you continue to do this I shall refer the matter to MoneyAM and let them deal with you. You and your friends may have been able to dictate who posted on the PET bb on advfn but that is not the case on here.

I have issued a warning on this thread before - stick to the stock and not your fellow posters - this applies to all sides of the argument.

Please treat this as a final warning for all concerned.

Ian

IanT (MoneyAM):
FANTASTIC! Have recently migrated here from ADVFN. Delighted to see some proper monitoring. What an improvement! Thanx

This is hitting Rocks.

Get Sibir Energy SBE shares now , going cheap at 197p.

Look at report on website www.sibirenergy.com, brokers target price 271p,

angelse I know we can be free here, but it's worth the subscription fee I think.

Much more interest from the staff and some darned good posters usually.

(Do I get commission Ian?)

I agree angelse, I always like to see both sides of the coin when investing. Holding PET now is a pure gamble. If they get the third contract this will rocket back up to double what it is now, but all the signs seem to indicate they`ve got nothing. I noticed in a copy of an email reputed to have been sent by Mr Horgan to one of the posters, says to the effect that Horgan said the tenders were `very competitive`! Well that`s news to me!
For months we have been lead to believe that PET could very well be the only company tendering and that at least two of the contracts were virtually in the bag. I`m sure if investors had known that there was a lot of competition for the three contracts they would have taken a different view and at least top sliced if not sold out altogether while they were still showing massive profits. It was the thought that the contracts were `in the bag` that fooled them though, and it has to be said, neither Horgan or Teeling took any measures to dampen their enthusiasm but allowed them to go on dreaming of untold riches when PET got the contracts.

I thing the FSA should have investigated these same as they did with Cairn.

The below 'copied' e-mail, claims to be from Petrel. I have posted 'it' again to prvent misquotes. Although whether it is from Petrel or not make your own decision.

"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."

Kellman,
If Pet does get the third contract, the price might well rocket. The question is why should it? The contract is a construction contract worth, maybe, 130M. Pet would be the managing contractor, but the cash, expertise and hardware would come from elsewhere. What would Pet's (eventual) profit be? How about the risks and the costs associated with mitigating that risk?
Is Pet a constructor or an explorer?

iturama:
agree with you completely. That's what so annoying about posters. Most seemingly have scant knowledge of business. A contract worth 150mio could have a potential margin of say 10% in Pet's case, or 15mio at the most.

The rest is jam tomorrow, ie good will for turning the contract into risk sharing etc etc etc, but that where the Iraqi unknowns come into play - highly risky play imo.

So even with the S&L contract, a quick calculation on the back of an envelope would show that current market cap is fully factored in and the sp would probably drift sideways at best.

Any idea as to why the 5p rise in the last hour or so plus buys now outweighing the sells by 59/40.. I would hate to be the last to get to see any news once again.. especially when PET haven't issued any since the freefall last week.

level to is good WINS is filling a big buy order too Chrispine, from cw on other side

Thanks gra1969.

Tokyo - hope you didnt mean this 'Saying all that I'd be equally as glad to find out this was a hoax and see the SP jump back to over a pound' lots of people have lost thousands maybe millions of pounds because of this so called 'hoax'. For someone that posts such intelligent comments i hope this was just a one off abberation. If it does turn out to be wrong we all need to get together and sue them!

I dont mind losing money fairly and always new it was high risk play. I personally think they have lost the contracts and they know it. Would love to see the share dealing accounts of those 'in the know' at PET. There should be a big investigation into this, because most of us can smell a big rat.

I don't thing you could sue them if you had spreadbets.

Petrel awaits news from Baghdad
It seems political expediency may have outgunned Dublin-based Petrel Resources in the bidding for the Khurmala Dome and Hamrin oilfield redevelopment projects in Iraq. John Teeling, Petrels executive chairman, said the company has yet to receive any word from the Iraqi oil ministry on the status of the Khurmala and Hamrin tenders but many industry watchers believe the ministry came under pressure to award the projects to companies with Islamic connections.

Press reports suggest the Khurmala oilfield development contract has been awarded to Turkish company Everasia and Hamrin to IOG, a Canadian company with Middle East connections.

If confirmed, the reports will prove a blow to Petrel, which has spent seven years developing its position in the troubled Middle Eastern country. It stuck with Iraq through the difficult years of sanctions and the chaos of the 2003 war and its bloody aftermath.

Two thousand and four was shaping up to be a year of real progress for Petrel in Iraq: it submitted plans to develop the Khurmala Dome, Hamrin and the Subba/Luhais oilfields in Iraq, which together could hold in excess of 2 billion barrels. The Subba/Luhais project in southern Iraq envisaged daily production of 200,000 barrels while Khurmala, in the Kirkuk area in the north of Iraq, and Hamrin in central Iraq, were each targeted to produce in excess of 100,000 barrels of oil per day.

Over the summer, there were detailed technical discussions with the oil ministry to clarify and fine-tune the engineering detail of the bids. Then, in September, the management was summoned to Baghdad for an urgent and direct discussion to finalise all technical and commercial matters. All the signals were that Petrel was in the running for the projects until now.

All is not lost, however, should the press reports prove accurate: there is still plenty for Petrel to aim at in this vast, oil-rich nation. Iraq has known resources of 115 billion barrels, a number that could be a mere fraction of the actual resource base; much of the country remains unexplored at surface and at depth.
Moreover, the award of the Subba/Luhais oilfield redevelopment project, which is, in Teelings words, the biggest and the best of the three tenders, has yet to be announced and, as Teeling points out, there are 66 other projects on the books in Baghdad.

The company also holds exploration rights to a large tranche of acreage in Iraqs little explored Western Desert. While this work remains off-limits in the current political and security situation, Petrel has taken steps to cement its geological understanding of the region by signing a Memorandum of Understanding with the Jordanian authorities for the East Safawi block just over the Jordanian/Iraqi border. The East Safawi block lies on an extension to the petroleum targets being studied by Petrel in Iraq and the MoU can be converted, following discussion, to an exploration licence after six months. Much of the seismic and well core data from the Iraqi side was destroyed during the 2003 war but Petrel will now be able to access geological data from the Jordanian desert. This work is due to start in January.

Despite the current uncertainty, Petrel remains committed to its Iraq strategy and the directors stress that it is possible to work and operate there.
I visited Iraq eight times before the 2003 war, and nine times since, said managing director David Horgan in September. We have experienced no insuperable difficulties or even discourtesy from any faction.
Now all that remains is for the company to be awarded a project to work on there.
[ oilbarrel 21/12/04.

Kivver - don't get me wrong I was NOT saying that I hoped it was a hoax, I was explaining my reasons why I was out at the moment, but I hoped that the people who had stayed in got rewarded as I hate to see anyone losing money. Like you I think the 1st 2 tenders are lost as the above article would also suggest, but my comment was again saying I don't mind losing out on profit this time, if it means the rest of you guys can make a huge profit or at least come away even