Having made a sizeable investment in this company at the start of a difficult week for the share I am very keen to get some more concrete information about the state of the negotiations for contracts in Iraq.

Obviously the turbulent security situation is causing some delay in the process, however since Petrel is obviously structured with these difficulties in mind I shouldn't have thought this would have so much of an impact. I have heard various reports that the contracts would be awarded (or not!) in August/September and so far nothing has happened. So when can we expect news?? I am tempted to phone the Iraqi Oil Ministry myself.

Lots of selling going on, is it too unstable to stay in?

Is what too unstable? The share or the country?

I just received email from David Horgan (MD, Petrel Resources) in which he stated that things are going well for Petrel in the tenders and they expect to be called to Baghdad sometime in October. He attributes the delay to the difficult political situation in Iraq.

I would say it's definitely worth holding on for the news. Just don't hold your breath and have your stop losses ready.

In the meantime if anyone else has any other news please post it here.

Is going to bottom out soon and bounce back or just plummet?

Who knows. I got out at 48p but I might buy back in if it drops much further. I can't see that anything has changed with regards the oil contracts and it seems that the price fall has happened due to a lack of confidence brought about by the awards coming out later than expected.

I am out of Petrel too at 44p - it has been falling for the past 5 days - too unstable - with all this beheadings of foreign civilians, things are unlikely to be optimistic with a foreign oil company at the moment.

Bit of a recovery today, someone somewhere has been making a lot of money out of this one this morning...

I had a feeling they would bounch back. Didn't get online early enough to exploit the uptrend, however. Bought back in at 44p and going to sit on them now until October.

Obviously the big hitters still think there's some value there. By the way anyone who hasn't seen the other thread should check it out.

The other PET thread?

Yeah

David Horgan MD has e-mailed me with today quashing silly rumours about the share price movement of Petrel Resources. You will be pleased to know that he is not dead, nor is he in Iraq.

To read this e-mail go to http://uk.groups.yahoo.com/group/LemmingInvestor/ and register.

Its worth a read.

Please do not reproduce on the BBs.

Happy hunting
Elric

Hi,
Just to re-affirm earlier postings, Here's an extract from a John Horgan
e-mail of today, "There is no bad news regarding Petrel's operations - quite the opposite. We are delighted with progress in recent weeks and days. I cannot say more until the Interim Statement - due next week.
There was a rumour I was shot dead in Baghdad last Tuesday. I am not dead, nor shot, nor in Baghdad this week. I was in a car crash in the Bolivian bush on 6th September, but was back in the office on 13th September. We are going to Iraq shortly but will ensure that we are not killed.
I suspect that news of the crash got garbled by the rumour mill and was maybe exploited by short sellers. We have checked and are confident that there is no selling by insiders or anyone close to us. In fact people have told me they are in the market today.
Undoubtedly the hostage tragedy casts a cloud on Iraq and the region. We are not military contractors and are deeply entrenched with the Iraqi Ministry of Oil. They have looked after us so far and we are confident will continue to do so.
The crisis is tragic but enhances opportunity for those willing to work there"

So it would appear the reports of his death 'have been greatly exaggerated'.
I retain my faith in Petrel and have increased my holding and look forward to the pending interims.
Good Luck
Alan

PET looks strong now