Possibly seeing breakout 119p/124p.Buyers paying 122p-124p.

Somebody pass Aldwick a straw please

Punters paying 127.7p for PET on GSE

Wide spread here in UK.btw possibility PET may get something even if HCL not approved soon.PSA or by whatever name.aimvho.

Bullish trading.

122p v 125p

You're either in or you're out.Prefer holding,no stops,than risk being out.aimvho

btw posts to alert PET breaking out.

If all sellers forced margins stops shorts,only one way to go ^

The Government expects the HCL to pass and prefers negotiations immediately after.We are flexible as long as there is good title and terms. ________________________________ From: peter barker [mailto:Sent


Wed 05/09/2007 08:14To: David HorganSubject: Oil minister

Dear David,I see in some press that it,s stated that if HCL is not passed then they will invite companies to explore southern oil fields rather than delay.Would PET go to Baghdad on this premise or do we have to wait for it,s passing.Thanks for your time.Best Rgds Pete.

LOL

>bahouse - 5 Sep'07 - 10:31 - 832


Nimrah - 5 Sep'07 - 09:52 - 743

this is going down to 50p it has already reached its peak make my word do not chase all the big boys have hedged it to 50p you are dealing with iraq civil war and iran alqaida and many more problems

>Nimrah

I know of no other big boys but ITOCHU and who has hedged Pet to minimum 5 in a very short space of time and maximum...I leave that to you....... This is the share of the century...we will be in the Guinness Book of Records as we have been mentioned by the SAS in their manual "who dares wins"...we have Pixi farm where Pet is grazing before it drench its thirst with oil we also have a camel...we have a puppy too who is so cute these days....what are you, LOL?

Hi to All,
First post on the boards.
I currently have a small holding in PET and was just wondering why the HCL being passed is effecting the share price so much, if PET have been in iraq since 1999.
IMHO PET will get a large slice of the cake regardless due to their pre established relationship.

Welcome aboard DB, my understanding is that no contracts are being awarded by The Iraqi Ministry of Oil until HCL has been passed by the Iraqi parliament, I suppose this gives a framework within which both sides are able to work. I also believe that some regional contracts have been awarded, how these will sit when the HCL is passed I have no idea. PET only works with The Ministry of Oil. Anyway that's my understanding but there are far more knowledgeable posters than me on this thread, so maybe they will put us both right. If PET do get a decent contract as seems to be only fitting, then the sp should be well ('scuse the pun) north of it's current price. Good luck all.
2517

GSE 131.08p

ttt

Security is improving every day for the oil fields.
Good news for oil investments.
Iraqi Air Force patrols oil fields



MENAFN - 05/09/2007 [-] Text [+]





(MENAFN) A spokesperson for the Iraqi Air Force announced that the air force is using their aircraft fleet to protect the oil and electric lines by setting up patrol operations in the air, Portal Iraq reported.

He further mentioned that at the moment there are a total of 35 helicopters assign to the Iraqi Air Force and is double the number the military possessed in 2006.

It is worth mentioning that the United States army is planning to triple Iraq's fleet by the end of next year.

Please note that at the time of publication of
this brochure, the Iraqi federal Petroleum Law
and Kurdistan Regions Petroleum Law are
available in approved draft form only; they have
not been enacted by the respective legislatures.
At the time of the workshop, the review will
be conducted based on the final form of these
laws, if enacted, or the most current approved
draft, if not yet enacted.

http://www.thecwcgroup.com/UserFiles...rochure(3).pdf

MARKET MAKER SPEAKS OUT: Ways of a Market Maker

I was an OTC MM for about 10 years ending in the late 80's. Since then I have been strictly an investor. Since I have not been that up to date in MM rules I will only make statements that I feel fairly confident are still accurate regarding these activities. By and large most MM don't have a clue nor do they care to learn, about the fundamentals of the stocks they trade.

They just try to make orderly markets. When dealing with BB stocks it is very easy for a MM to get trapped into being short in dealing in a fast moving market. Reason being; most of the MM's in this stock are what are called "wholesalers" this means they don't have retail brokers "working" the stocks.

So they have to rely on what's known as the "call" from larger retail houses. If a "Big" retail firm like an E-trade calls up a market maker to purchase say 5,000 shares of a stock, they expect to get an "execution" from that market maker. If he turns them down, or only gives a partial then the "Big" firm will go to another MM.

If this second MM "fills the order" then that "Big" firm has a moral obligation to continue to give future "business" in that stock to that MM who performed (his life blood). This will go on until he "fails" to perform and so on.

Contrary to popular opinion the "Big" firms Do NOT neccessarily go to the "Low Offer" to fill a buy order (Or high bid for a sell). They "Go" to who they think will perform to fill the order and expect that MM to "match" the "low offer" in the case of a buy (bid in the case of a sell). Even though this MM might in fact be the "high bid" and not really want to sell any more.

As a wholesaler he must perform or he will get a reputation as a "non-performer" with the "Big" houses and will cease getting "calls" which means he will soon go out of business. I mentioned above that this activity is very significant to BB stocks. I say this because most of the trades in these BB stocks are "unsolicited" and are done through discount houses.

With the above groundwork laid, let me try to explain how market makers get short even if they like the Company; Lets say that a stock (shell) has been lying quietly at $.25 bid $.50 offered. A limit order comes into one of the MM's to Buy at $.50 for a thousand shares. Prior to this trade that MM may be "flat" (neither long or short any shares). He fills the order and is now short 1,000 shares. He may raise his bid hoping to find a seller to "flatten" out his position. But before he realizes it a wave of buyers have come in and cleared out all the $.50 offers. Now the stock is $.50 bid .75 offered. Here comes that "Big" firm he just sold the 1,000 shares to at .50 with another bid for 1000 at .75. He makes this print. Now he is short 2,000 at an average of .625. The market keeps moving and now its .75 bid 1.00 offered. Now he has to make a decision.

Just like investors, MM Hate to take a loss. So 9 times out of 10 he will now sell 2000 at 1.00 making him short 4000 but with an average .81. At this time he would love to see a seller at .75 so he can cover his short and make a few bucks.

But instead the market keeps moving up. Now it is 1.00 to 1.25 and here comes the buyer again at 1.25. He doesn't want to lose the call so now he needs to sell 4,000 at 1.25 to keep his break even point above the bid. Now he is short 8,000. Market moves up to 1.25 bid 1.50 offer here comes the buyer now he feels he must sell 8000 here because "stocks don't go up forever".

Now he is short 16,000. And so on and so on. If the stock keeps moving up, before he realizes it he could be short 50k or 100k shares (depending how big his bank is).

Finally the market closes for the day and on paper he may look all right in that his "break even" price may be around the closing price. But now he has to figure out how to entice sellers so he can cover this short. It is important to note that if this happened to one MM it has probably happened to most all of them.

Some ways MM's entice sellers; Run the stock up with a "tight spread" in a fast market, then "open" up the spread to slow down the buying interest. After it has "cooled off" for a little while lower the offer below the last trade right after a small piece trades on the offer then tighten the spread so that the sellers feel they can take a "quick profit" by "hitting the bid" on the tight spread.

Once the selling starts the MM's will walk it down quickly by only making small prints on the way down with the tight spread. Another way is by running the stock up in the morning, averaging up their short then use the above technique to walk it down in the afternoon.

Hopefully after doing this for several days, it will demoralize the buyers. The volume will dry up and the sellers will materialize thinking that the game is over.

Contrary to popular opinion, MM usually Do Not Cover in Fast moving markets either Up or Down if they are short. They Short More. They usually try to cover after the frenzy is out of the market. There are many other techniques they use but the above are the most popular.

This technique works about 9 times out of 10 particularly in a BB market. However that is because 9 out of 10 BB stocks are BS. Remember what I said above. Most MM's don't have a clue as to the value of a Company until they get trapped. If the Company has solid fundementals and a bright future. Then the stock will do very well. And the activity that caused the situation will prove to even help the future stock activity because it created an audience

thanks lex1000. Very interesting reading

Re:Quorum or more to the point lack of.Whatever the obstacles need to get their act together.

The House of Representatives voted on a series of proposals and amend laws
Wednesday 05 September 2007
The House of Representatives held its second meeting chaired by Dr. Mahmoud المشهداني President of the Council will be held on Wednesday, five of the September 2007 at the Conference Palace in Baghdad, has opened its meeting reading verses from the Holy Quran.
At the beginning of the message was read by replacing the existing Iraqi Deputy Ghazi Al-Yawer for health reasons, where the Council voted to accept his resignation.
It was also at the same meeting to vote on a series of proposals for amending laws and the Council Presidency of the Republic has not revoked approval, however, Council members reaffirmed vote on the veto power is a proposal to amend the law is the authority of the coalition disbanded No. 63 of 2004 and privileges granted to the private sector because the public security disability and death , proposed the abolition of the law of the Revolution Command Council resolution No. 690 of the dissolved in 1981 and the non-appointment of the wife in any guest outside Iraq in the event of her husband abroad, and the proposed abolition of the law of the Revolution Command Council resolution No. 1283 of the dissolved in 1980 and for the abolition of all rights of the wife Self leave habitual enrollment her husband outside diameter and a proposal to amend the Penal Code No. 111 of 1969, a bill to amend the Civil Service Act No. 24 of 1960, private non-deprived constituency consent of the employee resigned from the salaries of accrued vacation from his job and the bill discipline state employees and public sector No. 14 of 1991.
The members of the House of Representatives and prior to the meeting for lack of quorum had made their session consultative was addressing a number of issues initiated by the Attorney-Saadi made a decision on the Kurdistan Alliance bloc, which he referred to Iranian shelling of villages and regions of Kurdistan, calling for the House to issue a statement denouncing the government to file a complaint the Security Council and invite the coalition forces to shoulder their responsibilities determines that the House issued a statement urging disapproval with the government to invite the Iranian government to stop bombing operations.
MP Ionadem we have submitted a report on the mobile licenses auction, which involved the House of Representatives through its competent It was suggested at the end of his hosting the ministerial committee of inquiry with Astiah and called on the Rashid Azawi on the same subject interrogate Chief of communications for the difference in the amounts that were Astassalha of citizens deputy Kamal Sa'idi suggested that the ratio of the so-called strategic partner of the martyr share Foundation to support the families of martyrs and concluded Deputy Mahdi Hafidh talk suggesting that there would be an ad hoc hearing to hear a government report on the bidding and then ratification by the House.

This was the second meeting rose and forty-five minutes, to be held tomorrow at eleven.



Information Service
Iraqi Parliament
____________________________________________________________

From a report on sotaliraq - explanation for lack of quorum:
"The Council must work with a deliberative started due to lack of quorum law due to the closure of the American forces checkpoints leading to the headquarters of the parliament because of a security emergency in the words of the President of the Council."

Good background story coming up 2 weeks old captures the essence of PET

Oil minnow Petrel's hard slog in Iraq looks set to pay off
The Irish firm hopes to become a major player in the Iraqi oil business

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Go Thursday August 23 2007


A MAJOR international news website reported the following details yesterday under a heading that said with some understatement: 'In other news in Iraq'.


The "other" news was that 14 US soldiers were killed when a Black Hawk helicopter in which they were travelling crashed in northern Iraq.

And at least 20 people were killed and 50 injured when a suicide bomber rammed a fuel tanker into a police station in the northern oil city of Baiji.

The "major" news was that Prime Minister M Nouri Maliki had rejected US criticism of his administration, saying "no one has the right to place timetables" on its performance.

With the security situation so dire, one can understand the reluctance of many companies to operate inside the fractured country.

But behind the scenes there is plenty happening. One Irish firm has been doing business in Iraq since 1999 and soon it hopes to become a major player in the Iraqi oil business.

Next month, the Iraqi government will pass new hydrocarbon laws allowing foreign companies to explore for oil.

The dramatic change in policy means that the world's biggest oil companies are jockeying for position and getting ready to scramble for Iraq's vast energy resources.

With the putting in place of the first legal framework for investing in the country's energy, literally billions of dollars are up for grabs.

Major global firms have stayed away from Iraq, which has the world's third-largest oil reserves, because of the continuing bloody insurgency and lack of legal protections.

Companies such as Shell and BP have banned their personnel from Iraq but smaller companies such as Petrel Resources, based in Dublin, have continued to operate there.

Now, the big players are expected to woo the smaller operators or even take them over - but Petrel is determined to ignore the overtures and has vowed to remain independent.

Just yesterday, Norwegian oil minnow DNO claims it rejected a $700-m bid from "a large international oil company" for its oil licences in Iraqi Kurdistan.

The offer was apparently some time in early July, although confidentiality agreements prevented the company from commenting further.

Minnows such as Petrel, DNO, Addax Petroleum and WesternZagros have taken on the initial risk and found oilfields normally far above their league in size.

But the larger companies have the financial muscle to develop these fields and pay the small explorers well for the risk they initially carried.

Analysts say the relatively safe areas in Iraqi Kurdistan will be a good way in for some companies, although the prize fields are the large Kirkuk fields, areas in the more unstable southern part of the country and the large untapped oil and gas potential in the lawless west.

Some believe that the time for the minnows and high-risk explorers is not over in Iraq because Iraq's most important oil and gas areas are still being engulfed in violence and suffer from a low level of government control.

None of this has put off Petrel, which had its agm in Dublin yesterday.

The firm employs 13 freelance contractors in the country. It has contracts worth $200m and managing director David Horgan expects the Iraqi government to ratify its claim to the oil rights for a large chunk of land in western Iraq.

Petrel, which is backed by Japanese industrial giant Itochu, is also hoping to win the rights to a "super giant" oilfield, which could yield over 10bn barrels of oil.

Mr Horgan rejects statements by some observers that the oil laws will trigger an unseemly scramble for rights that will have no benefit for ordinary Iraqi people.

"In normal circumstances a state oil company would limit foreign involvement, but Iraq's rare circumstances require attractive terms to entice foreign investment and technology.

"Our competitive advantage is our relationships built up over 10 years. We have the capacity and the ability to increase quickly recoveries from existing reservoirs and to add new barrels to Iraq's reserves."

Mr Horgan added: "The successful management of the large Subba & Luhais oil field development in Southern Iraq shows that dedicated contractors can operate on the ground.

"To date, we have suffered no direct incidents and have enjoyed the warm co-operation of local communities. The Iraqi authorities, and especially the Ministry of Oil, continue to be committed to and supportive of our efforts."

Petrel also points out that it is employing Iraqis at a time when unemployment has reached rampant levels.

Mr Horgan said: "Our Iraqi and international staff have shown exceptional dedication and flexibility.

"Apart from on the ground activities, they have produced tenders for the development of oil and gas fields which are considered the technical benchmark by the relevant bodies.

"Our Technical Cooperation Agreement analysis and technology transfer was also judged first rate. Our pioneering exploration work in the Western desert blended local expertise with state of the art technology."

The passing of the new oil laws next month will mark a milestone for Petrel and Mr Horgan says the firm is ready to capitalise on its years of sticking its neck out.

"We are demonstrating that we can operate in the oil-rich south of Iraq. We will continue to aggressively deepen and broaden our activities in this region."

.................quote from the AGM literature:

"Iraqi Authorities have asked Petrel to prepare proposals to develop 2 major oil projects on a risk-sharing-basis - the details of which will be determined under the final provisions of the new law."