wrong analagy mate
Grand Old Duke of York caused chaos by having 10,000 men
The Brit Army causing chaos is due to 5,000 men!!!!!!!!!

Good buying opportunity now, with the Iraq Oil meeting due to start on the 8th Sept

only a good time to buy if the chaos does not get even worse (short odds) and bits of paper can actually be converted into action in the very near future (considerably longer odds)

This is not a good time to buy at 113p as more instability is most possible

Fortune favours the brave, having said that I am not increasing my holding.
2517

government warning .... fortunes can get smaller too!

Absolutely, but this is an impressive performance from the day's low (so far), could PET get into positive territory by the close?
2517

btw PET working in South Iraq

http://www.iht.com/articles/ap/2007/09/04/africa/ME-FIN-Jordan-Iraq-Oil.php

The oil minister also told Dow Jones that he expected Iraq's parliament to pass a draft oil and gas law this month. Lawmakers, who were on a monthlong summer recess until Tuesday, had postponed debate on the controversial hydrocarbon law until September.

"Some members of parliament have told us they would pass the law this month," said al-Shahristani, a member of the ruling United Iraqi Alliance. "But if the parliament delays passing the law, we're going to invite foreign companies to develop some oil fields in the south."

http://tinyurl.com/2tqf5y


DUBAI, United Arab Emirates (UPI) -- The question is simple on the third and final day of a major Iraqi energy conference where hundreds of hungry oil men and women broke bread with Iraq`s industry chiefs, politicians and technocrats: When will Baghdad set the ground rules for the international oil community`s long-awaited venture into the largest oil prize on Earth?

The answer, evenly nuanced, is clear: A version of the Iraq oil and natural gas law was agreed to by most of Iraq`s political leadership last week, and when Parliament resumes this week it will, possibly, debate the law and, perhaps, maybe vote on it soon.

the hotheads and mis-named fundamentalists don't give a fig what the politicos might say .... they have their own agenda and it's nothing to do with becoming cuddly and friendly with anyone except their own clique

katoema - 4 Sep'07 - 20:20 - 573 of 585


A point of order here, relating to the present laws in Iraq; before, during and after Saddam Hussein. Unless they have been anulled and made void, they are all still legitimate. That is to say, they (the Government) may, at this time, issue contracts as the law stands, but may, if a proviso is mentioned in any contract, that it is subject to be ammended when new laws have been passed.

In this context, the reference to get contracts under way in the south, is valid and bound by law. Providing those companies that are asked to agree to such a contract, albeit temporary, to get oil moving, then you will see movement. I cannot and will not place myself in the shoes of the PET management, but I suspect that they will have been advised of this already. K

katoema - 4 Sep'07 - 20:37 - 578 of 585


The date I gave is the date that was marked before the end of the normal last session. That is before they extended the session. There is no reason, or in deed I have not been informed of a change. I give you the facts as given to my office. The quote today that they will go ahead with the south, prior to the HCL, is something that they can and looks like they may do. PET could well be the only foreign entity down there, in this context, but as you should know, E&P is not the only aspect they would be talking about. K

katoema - 4 Sep'07 - 21:43 - 593 of 595


Amman:
You must read back over the months to ascertain that, but I am close to what goes on, from my different perspectives. However, I tell it as it is, not what it should be - a subtle difference! K

Mixitup12:
Unless PET have been informed otherwise, the contracts under past laws are valid. International law and the intervention by external forces may have changed what was, but if PET have Block 6, they should have been legally informed as to the contrary. If, as they say, they have been informed to be prepared to return to Iraq, they will have been briefed as to what they were going for in terms of type of contract(s). K

Whatever happens, my group would place a contract to PET for all their oil. That said, it would be best to wait and see what unfolds in the hours, days etc. K

Hatto - 4 Sep'07 - 21:49 - 595 of 596


Good evening everyone.

Hi Katoema my first chat with you....hello & thanks for all your input.

I must say you seem extremely confident of PETs SP prospects & yet you tell us your PET holdings are only a small part of a large portfolio.....

Why is that Sir ?

katoema - 4 Sep'07 - 21:53 - 596 of 596


Hatto:
Thankyou for asking such a question. I did not say that I was holding a small quantity of PET. I said it was part of a larger portfolio. The portfolio is international and covers a number of sectors. K

katoema - 4 Sep'07 - 22:11 - 605 of 605


Amman:
Are you not confident in your PET? Petrel Resources is involved in Iraq, so as soon as others become active there, present ones excluded, I will invest in them, or my group will. I (we) have confidence in the long term arrangements of Iraq and so should all those thinking about investing there. Tonight, I have spent longer than usual writing, but it may be because the thread is readible now. K

katoema - 4 Sep'07 - 22:25 - 617 of 665


Amman:
I have a number of operations and also headup parts of the group that operate global consortiums. The most important thing is that in life you must be able to communicate with all! K

Davius - 4 Sep'07 - 22:47 - 631 of 665


One comment from a report that made me think it's worth checking out any oil company with decent prospects in Iraq:

"Iraq`s 115 billion barrels of proven reserves could sustain a higher production output. The goal is 6.5 million bpd by 2015, according to a presentation at the summit by Thamir Ghadhban, Maliki`s top energy adviser and a former oil minister."

This is 48 years worth of supply at 6.5m barrels a day, and that's just on proven reserves. If PET do get their contracts they'll be here for a very long time.

Coming months crucial for US Iraq strategy - General
Reuters
Published: September 05, 2007, 00:59


Baghdad: The next three to four months will be vital to determine if violence in Iraq can be cut further and security maintained with fewer American troops, the number two US military commander in Iraq said yesterday.

Lieutenant-General Raymond Odierno said last week had seen the lowest number of violent incidents against civilians and security forces across Iraq in the past 15 months.

US President George W. Bush, on a surprise visit to Iraq, raised the prospect of troop cuts after meeting top commanders at a desert air base in western Al Anbar province on Monday.

"I think the next three to four months is critical," said Odierno, head of day-to-day US military operations in Iraq.

"I think if we can continue to do what we are doing, we'll get to such a level where we think we can do it with less troops," Odierno told a small group of foreign reporters at a US military base near Baghdad airport.

Attacks in August were the lowest in 13 months, he added. Odierno gave no detailed numbers, but he said the attacks included all violent incidents such as bombings and shootings.

In fresh violence yesterday, a roadside bomb killed an Iraqi army major and four soldiers in the volatile oil city of Baji north of Baghdad. The Electricity Ministry also said eight workers had been kidnapped and killed in Baghdad on Monday.

During his seven-hour visit Bush met his top commander in Iraq, General David Petraeus, and Ambassador Ryan Crocker. The pair are due to deliver their assessment of his Iraq strategy to the Democrat-controlled Congress on September 10.

Bush said his deployment of 30,000 more troops to Iraq, raising force levels to 160,000, had eased violence in some areas.

Benchmark laws

"The most important thing is to see how sustainable that is. That will depend on how much progress is made towards national reconciliation," the head of the United Nations mission to Iraq, Ashraf Qazi, told Reuters in an interview before Bush's remarks. Iraq's leaders are expected to get poor marks in Crocker's report to Congress over a series of political benchmarks Washington believes will help heal the deep sectarian rifts.

Iraq's parliament reconvened yesterday after a month-long summer recess. It has not yet passed any of the benchmark laws, including measures that would equitably share oil revenues, ease restrictions on former members of Saddam Hussain's Baath Party holding public office, and set a date for provincial elections.

Lawmakers complain the government has yet to submit the draft laws to them.

Parliament adjourned after about 90 minutes after lawmakers asked for time to read 10 bills that had been presented for their consideration, lawmaker Hussain Al Falluji told Reuters.

The 10 bills did not include any of the benchmark laws. Bush flew into Iraq's western Anbar province on Monday, choosing the former Sunni Arab insurgent stronghold once considered a lost cause to showcase what he said was one of the main success stories of his new military strategy.

He hailed what he saw as significant progress in quelling violence in Anbar, a former hotbed of the insurgency where Sunni tribal chiefs have joined with US forces against Al Qaida militants.

lex ..... while laws that the present puppet government in iraq may indeed be legitimate, it by no means follows that acting on them is practically feasible, especially when it comes to new oil exploration and similar ..... by its nature this type of work means unprotectable exposure and unacceptably high risk to both equipment and, in particular, their personnel.

cynic,good morning.Healthy to have information and mix of views.Investors and potential investors must weigh up risk to high rewards for themselves.

I have bought and am holding long term.


Thank you for your contributions.