Thanks lex.

can some kind soul explain the significants of opening the spread of the s.p. still got loads to learn

watcher

I beleive its to slow down the buying as it would look less attractive to a day trader due to the greater +ve bid price movement required to take a profit.
Im learning too so others may teach us both something! lol

thanks

Commerce Seeks Adviser for Iraq Oil Interests
By Walter Pincus

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10 September 2007 (The Washington Post)
Print article Send to friend
The United States is getting ready now for the Iraqi government to get its house in order and pass a detailed law that will govern the future handling of its vast oil fields, which contain the world's third-largest proven petroleum reserves.

In preparation for that moment, and in apparent hope that the United States will be central to the process for years to come, the Commerce Department is seeking an international legal adviser who is fluent in Arabic "to provide expert input, when requested" to "U.S. government agencies or to Iraqi authorities as they draft the laws and regulations that will govern Iraq's oil and gas sector."

The Government Accountability Office report on Iraq last week found that the benchmark efforts to develop a new oil system were still in early stages. The framework of a new law with provisions for revenue sharing and restructuring of the Oil Ministry has been drafted, but the single, new Iraq National Oil Co. remains to be formed.

Nonetheless, the Commerce proposal put out Aug. 21 predicts that "as part of a U.S. government inter-agency process, the U.S. Department of Commerce will be providing technical assistance to Iraq to create a legal and tax environment conducive to domestic and foreign investment in Iraq's key economic sectors, starting with the mineral resources sector."

And it added: "Through this initiative, Iraqi officials will be able to access the expertise of world-class professors and practitioners; they will also attend technical workshops which will address Iraq-specific legal and tax issues."

According to the January 2007 Special Inspector General for Iraq Reconstruction report, Iraq's petroleum sector faces serious technical challenges in virtually every aspect of its operations, from procuring, transporting and storing crude and refined products to managing price controls and imports, fighting smuggling and corruption, improving budget execution and sustaining operations.

But Iraq is not a novice in the oil business.

The U.S. Department of Energy reported that in 1989, under Saddam Hussein, Iraq produced almost 3 billion barrels of oil a day. It had an oil ministry at the time and regional oil companies operating its major fields in the north and south of the country. It was a founding member, with Iran, Kuwait, Saudi Arabia and Venezuela, of the Organization of the Petroleum Exporting Countries, which was created in Baghdad in September 1960.

Based on the Commerce proposal, the United States has decided that Iraq needs a U.S.-funded expert who will be responsible "to review draft [Iraq] subsoil laws and draft subsoil regulations to ensure their compliance with international legal standards" and share his or her conclusions with U.S. agencies "or with Iraqi authorities."

In addition, the contractor is to review "the draft by-laws of the Iraqi agencies that will be created to grant exploration and exploitation licenses, to enter into joint venture agreements with foreign firms . . . . and to regulate Iraq's hydrocarbon sector." The contractor is "to plan technical workshops and seminars geared toward the legal issues critical to the oil and gas sectors."

This is not viewed as a short-term relationship. The proposal says the contract will run from the date of the award through July 31, 2008, and has two 12-month extension options through July 31, 2010. During that time period, the contract lawyer is expected to spend no less than 360 hours (45 days equivalent full time) on Iraq oil matters. Commerce said it would take into consideration the contractor's teaching and research commitments when setting dates for finishing projects.

There is one recognition that given the situation in Iraq, things may change for the United States in that country. The proposal states that "in case of events beyond the control of the parties," the Commerce Department and the contractor "will agree upon a new schedule and period of performance."

National security and intelligence reporter Walter Pincus pores over the speeches, reports, transcripts and other documents that flood Washington and every week uncovers the fine print that rarely makes headlines -- but should. If you have any items that fill the bill, please send them tofineprint@washpost.com

DYOR.


ciao4niao - 10 Sep'07 - 11:01 - 2161 of 2166
In addition to my post above, there is the "three keys to the door, well the whole estate" remark of the JT at the London meeting.

Also for those of a faint heart when they read reports like that from the Korean journo, just remember how much work PET have already done in Iraq and then ask yourself how much the Koreans have done.

Must admit I have done no research on Korean activity in Iraq over the past nine years, but I wouldn't have thought it amounted to much.

A "political decision" insofar as PET is entirely neutral and a "business decision" insofar as PET have a successful nine year working relationship in with the IOM.


DialecticalBollox - 10 Sep'07 - 11:21 - 2166 of 2166
The potential of this share is astonishing, if the following is true, and I have no reason to disbelieve it:
"......when I asked DH about Halfaya, I mentioned BHP Billiton, he said that they were not in the picture. He also said in response to my question that it was as much a political decision to ask PET to work on Halfaya as it was business lead..",

a political reason as to why PET should get the Halfaya Field, then this alone suggests PET is going to be massive.

I'm in.

Tick up^

Maximum can buy on line is 500 @ 125.96p!!!

Can sell 52,500! Going up^

Wow!!!!!!!!!!!can sell 150,000!

Bid Price BPC 125.01
Offer Price BPC N/A
Maximum Size* 150,000

http://www.ameinfo.com/131510.html

As has become ever clearer over the last few months, Iraq's energy sector is heavily dependent on the result of the various deliberations regarding the proposed hydrocarbon law. Attending the summit to offer the perspective of the Iraqi Parliament were Dr Abdulmadi Al-Hasani, Deputy Head of the Iraq Energy Committee, Dr Kamal Field Al-Basri, senior economic adviser to Prime Minister Nouri Al-Maliki and executive director of the Iraq Institute for Economic Reform and Sammy Al-Askary, a member of parliament and a senior advisor to the PM. These officials led a hugely informative session on the present status of the law, expectations in light of parliament's imminent return from recess and predictions for when it is expected to be passed in the coming weeks.

Tick up^

DYOR.

mclellan - 10 Sep'07 - 12:28 - 2232 of 2232

Barty- the presentation appeared on the 3rd May 2007.
I have found this comment from ciao on the 4th May so far

4 May'07 - 17:07 - 76645 of 76653 edit

I have just spoken to James Finn at Clontarf Road and in summary this is what he told me.

The mention of Halfaya was removed for competitive reasons and also because they thought on reflection that it should not have been included in the presentation at this point in time. He agreed that the Halfaya field was a 10+billion barrel oil field and that they had been asked to work on it. They are also pursuing other opportunities (I think he meant apart from those mentioned in the presentation) in Iraq.

He did say that no contracts had been signed but they were hopeful they would be successful after the HCL was agreed.

The financial page was removed because that also not the type of information that should be in a presentation of this type.

They will be raising funds through institutions because that is the quickest and most cost effective way of doing it. It is much easier for them to "make five or six calls to institutions" than to go through all the work involved in an offering to private investors. He also did not diaagree with me when I said that the company might want to get a higher percentage of their shares held by institutions.

The Dubai listing has been put back due to their being "a hiccup" last year with them rather than with anything to do with PET.

I said that the information in the presentation was as close as one could get to an RNS without it actually issuing one. He replied in the form that regulations (for AIM stocks) required them to put such information out.

I mentioned that Wednesday might be an exciting day with the publication of the Iraqi oil map and he agreed.

He was very polite and a engaging and did not give me the impression that he wanted to get me off the line.

I wished him a good weekend and he checked with me that Monday was a Bank Holiday in the UK.

DYOR.

Ah- page 346
08-May-07 at 10:47 | IP Logged

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There is no truth to the South Korean claim.

-----Original Message-----
From: peter barker [mailto:Sent: 08 May 2007 09:14
To: David Horgan
Subject: South Korea

Dear David,After last weeks presentation i notice the H word has now
been removed from it and the financing,Only to read now that South Korea
may have landed the H field without giving anything away could you
clarify the situation for me or did someone mess up big time. Best Rgds
Pete,

katoema did say diary note 10 September 2007!lol

Cynic,seeing is believing! lol

31k & 35K Shown as sells were, by the transaction timing in fact buys. Be nice if this anomaly could be rectified, it creates a false reading to the total number of shares bought and sold.
2517

2517GEORGE,agree misleading.No mistaking breakout.

Iraq to issue tenders for international oil firms



MENAFN - 10/09/2007 [-] Text [+]





(MENAFN) Iraq's Oil Minister announced that the country will issue tenders for international oil companies (IOCs) in order to improve its exisiting oil fields in 2007, Gulf Daily News reported.

He further mentioned that the measure will be carried out regardless of the overdue new law to regulate Iraq's energy sector and that the Iraqi Parliament has issued a law which permits officials to act upon any field development contract.

It is of significance that the Kurdish Regional Government (KRG) has already forced the renegotiation of the bill and international oil executives privately.

http://www.menafn.com/qn_news_story_s.asp?StoryId=1093165959

http://www.alsabaah.com/paper.php?source=akbar&page=37

Baghdad meeting, International support to Iraq

Baghdad, Sep. 10, P. 1
Govt. achieved new political victory at foreign field after its success in rallying the support of neighbor countries




Talabani urges to transform Mahdi Army into social org.




Baghdad, Sep. 10, P. 2
The President Jalal Talabani urged to transform the Mahdi Army to social organization which serves Iraq, while he calls to release all innocent of the Sadrists




Arab League suggests holding world meeting in Baghdad




Baghdad, Sep. 10, P. 2
The Arab League offered suggestion to hold international ministerial meeting to discuss Iraqi issue in Baghdad, while Iranian and Saudi delegations confirmed their readiness to provide complete support to Maliki's Govt.




High progress in water and irrigation projects




Baghdad, Sep. 10, P. 3
Municipalities Ministry takes part actively in reconstruction campaign in Anbar province which was launched by Govt. after cleansed it of terrorism




Russian project to generate electricity in Diyala




Baqouba, Sept 10, P3
The local authorities in Diyala is studying with one of the Russian companies a project for electricity power includes the generating of 500 MW to meet the needs of the province of the electricity




State Railroad Company implements fiber optic line project




Baghdad, Sept 10, P3
Cadres of the railroad state company are implementing project of extending fiber optic line project which is paralleled to their lines with length reach to 2500 KM and cost ID 18 billions



Trade Company saves hard currency via building gigantic mills


Baghdad, Sept 10, P3
The cadres of the state company for manufacturing grains, belonging to the Trade Ministry have

Tick up^

If anyone missed it.Chart and t/a PET confirmed as a buy.As each day passes nearer PET gets to HCL and contracts.Exact dates & how many contracts we wait to have confirmed.Huge potential.aimvho.dyor.