ptholden - 15 Sep 2007 17:56 - 241

No objections to you questioning what is different this time,raising issue of risks including security on reduction of troop numbers.

Important investors question why buying & reasons continue to hold PET.Weigh up risks to high rewards for themselves.PET is a volatile share.

Inevitably there will be biase.By virtue of buying and going long holders are biased.

ptholden & halifax are biased,current non holders who either speak of shorting or trading ups & downs.Cynic when he posts lives up to his name,cynical.

I have no interest whatsoever in FOGL which is rising on vague talk of farm in agreement.Whereas PET has contracts in Iraq,S&L Merjan claim to Block 6,ask by MOI to bid Halifa and unlike Majors,Koreans or any others care to mention.PET ready to start work & sign contracts immediately.PET has taken risks working in Iraq over last decade with Iraq company & Iraqis widely rrespected and influencial for doing so.Fact in Iraq billions barrels of oil cheap to extract.Scratch below the surface you find oil and many good progressive positive things happening in Iraq.

Grant you previously there have been two false dawns.Provided on old thread and this evidence of New Dawn and that this time is different than at anytime before.Iraq & PET offer investment opportunities high risk,high rewards.

IRAQ: Likelihood of approval of HCL in 2007 and award of contracts is high and possible to happen at anytime.

Supports @ 112.5p & 119.5p.Resistance @ 125p.See chart in header thread.Your eyes will confirm uptrend intact.

Gentleman good luck with your short term positions.Thank you for your contributions.For the sake of balance & debate please remain contrarian and continue to attack. Happy for peeps to judge and make up their own minds whether I was right or wrong making contributions highlighting PET for research here on MoneyAM when shareprice 60.5p-66p.Posts numbers 8 to 12 inclusive link old 100p thread refers:

http://www.moneyam.com/InvestorsRoom/posts.php?tid=11649&from=8&to=12

Long term PET is a winner irrespective short term fluctuations in share price.

Ask yourselves: is Northern Ireland better without troops? Who has been is discussion groups and looking at N.I. model? Does Iraq need oil? Does the world need Iraq oil? Does Iraq need foreign expertise?Which company is uniquely placed,likely to benefit,proven willingness to accept risks and begin work immediately? Are majors prepared to take risks and begin work immediately or wait a few years for security to stabilise? Risks yes,BUT do you know what is really happening on the ground,have any understanding and comprehension about what is involved or huge potential.........................or are your posts only ever about short term trading positions?

regards lex;o)

Hope that I've learned from past mistakes,could be wrong,markets as they are or any market can't afford to be complacent,world fallout subprime,NRK.........fwiw,wdik........aimvho.DYOR.

PLEASE,YOU ARE INVITED TO READ.

Petrel Resources Final Results

RNS Number:1589Z
Petrel Resources PLC
28 June 2007

Preliminary Results for the year ended 31 December 2006

Petrel Resources (AIM:PET) the AIM listed Iraq focused oil company is pleased to
announce Preliminary Results for the year ended 31 December 2006.

Highlights:

* The passage of the Iraqi Hydrocarbon Law is expected to open up significant
opportunities for Petrel.

* Work continues on the development of the 240,000 barrel a day Subba and
Luhais oil field in southern Iraq which is expected to come on stream in
2010. Petrel is the project contractor.

* The technical and geological review of the Merjan oil field has been
completed and submitted to the Iraqi authorities. A further study is likely.

* Our exploration and technical partnership with ITOCHU of Japan was used on
the Merjan study.

* In May 2007, a Production Sharing Agreement between Petrel and the Jordanian
authorities was signed covering the 8,750 sq. km East Safawi oil/gas block.


John Teeling, Executive Chairman of Petrel Resources, Commented:

"We have worked in Iraq for 8 years and understand the potential and the need
for oil development in the country. We have worked hard to be a good partner of
the Iraqi people and authorities.

The imminent passing of the Hydrocarbon Law will offer numerous development
opportunities. With the backing of our partner, the Japanese giant ITOCHU, we
hope to participate in these developments, delivering considerable value to our
shareholders"

For further information please contact:

Petrel Resources PLC
David Horgan, Managing Director +35318332833

College Hill
Paddy Blewer +44 (0) 20 7457 2020
Nick Elwes

Blue Oar Securities Plc
John Wakefield +44 (0) 1179 330 020





Chairman's Statement

Each year when reporting to you I highlight the vital role that Iraq will play
in the future of world energy. Let me remind you why. Iraq has the second or
third largest proven oil resources in the world, some 115 billion barrels.
Production costs, below $2 a barrel, are probably the lowest in the world.
There are dozens of proven undeveloped oil discoveries each containing over 1
billion barrels. The West Qurna oil field, with at least 16 billion barrels
recoverable, is the best undeveloped oil discovery in the world.

Yet, there has been relatively little oil exploration across the deserts of Iraq
or at depth. The total number of oil wells drilled to date in Iraq is less than
the number drilled in the Gulf of Mexico. Many experts believe that Iraq will
ultimately contain over 300 billion barrels of oil and will rival Saudi Arabia
as the world's number one oil producer.

These are the reasons why Petrel focused on Iraq. We have had a continuous
presence there since 1999. Since early 2000 we have worked on the large 10,000
sq km Block 6 exploration concession in the western desert. After submitting
four tenders to develop oil fields we were successful in 2005 when we were
awarded the $197 million Subba and Luhais development contract. In 2005, we
negotiated a technical co-operation agreement on the Merjan oil field. We are
confident that the passing of the Hydrocarbon Law will open additional and
exciting opportunities for Petrel.

To the average investor watching television or reading the newspapers the
turmoil in Iraq must suggest the impossibility of normal activities. Yet life
goes on. The reality is that in many sectors of society, progress is being
made. By far and away the most important development in Iraq is the new
Hydrocarbon Law which is expected to pass in 2007. The law, the terms of which
have been widely reported, recognises the need to develop Iraq's vast oil
resources using international technology and capital. The necessary debate
between the various parts of the country as to how oil reserves are controlled
and distributed is ongoing and is expected to be resolved in the near term.

Currently Petrel is busy with the large oil field development at Subba and
Luhais. This development, the largest awarded in recent years by the Iraqi Oil
Ministry, will produce 200,000 barrels of oil a day and 120 million cubic feet
of gas when commissioned in 2010 and will cost about $197 million. Most of the
work to date has been in engineering design, plant layout and design and project
team mobilisation. The Iraqi Ministry of Oil currently produces oil at lower
production rates from the fields.

Apart from our work in Subba and Luhais, we are active on the Merjan oil field
technical agreement. We were awarded this contract as part of a very good
programme whereby the Iraqi authorities ask international oil companies to
analyse and evaluate selected undeveloped or complicated oil discoveries.
Because of work carried out by Petrel on our Block 6 exploration concession, the
authorities commissioned Petrel to study Merjan some 45 km east of Block 6.
During 2006, we reprocessed over 500 kms of seismic and conducted structural,
stratigraphic, petrophysical and petroleum engineering studies. The final
report was presented in May 2007. An additional study is being considered.

We have worked on Block 6 in the western desert of Iraq since 2000. This 10,000
sq km block has had only exploratory seismic surveying and no drilling. Our
work suggests that there is significant hydrocarbon potential. Though we signed
an agreement on Block 6 with the Oil Ministry in Baghdad we expect the contract
to change to reflect the better terms in the new law.

Further, in recent years we have worked with the Oil Ministry to upgrade their
technical, financial and commercial skills. This involves Petrel running
courses employing world class instructors to work with their own technical
staff. These courses have been held in Amman and Istanbul.

Partner

We have a significant partnership with ITOCHU of Japan. ITOCHU is one of
Japan's leading upstream oil and gas companies. We have had a relationship for
some years which was formalised in 2006 with the signing of a strategic
partnership to cover future exploration activities in Iraq.

Jordan

For some years now Petrel has been looking at opportunities in Jordan. The work
done by Petrel on Block 6 in Iraq showed similar geology and, we hope, for
similar opportunities in Jordan close to the Iraq border. In 2005, Petrel
signed an initial agreement with the Jordanian authorities on the East Safawi
Block, an 8,750 sq km area adjoining the Risha gas field. In May 2006 we
negotiated the terms of a Production Sharing Agreement (PSA) which was finally
signed in May 2007. The PSA provides for a three year exploration phase leading
to drilling. We are currently reprocessing and reinterpreting seismic and well
logs. This will be followed by new seismic. Commercial terms are good in
Jordan.

Future

Having operated in Iraq for the past 8 years we are sanguine about prospects.
Much of the future of Iraq lies in oil development. All parties recognise this
fact. The Hydrocarbon Law will pass. We expect to benefit from this in a
number of ways, ratification of our Block 6 interests, the possibility of
obtaining a PSA on Subba and Luhais and interesting opportunities in other
projects which are likely to be put on offer.

Our foundations are built on our staff, who over the years have operated in a
difficult environment and who have built strong relationships with executives in
the Oil Ministry and with people in the country. Over the years we have
demonstrated our commitment to Iraq. We are prepared to live, work and invest
in the country and we have shown our technical ability to deliver world class
projects. The people of Iraq need peace and stability.When they are ready to
develop their industry we will be there to participate and grow with them.

John Teeling

28th June 2007


ttt - to the top.Please read 22 August 2007 - AGM Statement
Highlights of the Managing Directors Statement Petrel Resources AGM:

http://news.independent.co.uk/business/news/article2966842.ece

Oil industry 'sleepwalking into crisis'

Former Shell chairman says that diminishing resources could push price of crude to $150 a barrel

By David Strahan and Andrew Murray-Watson
Published: 16 September 2007

Lord Oxburgh, the former chairman of Shell, has issued a stark warning that the price of oil could hit $150 per barrel, with oil production peaking within the next 20 years.

He accused the industry of having its head "in the sand" about the depletion of supplies, and warned: "We may be sleepwalking into a problem which is actually going to be very serious and it may be too late to do anything about it by the time we are fully aware."

In an interview with The Independent on Sunday ahead of his address to the Association for the Study of Peak Oil in Ireland this week, Lord Oxburgh, one of the most respected names in the energy industry, said a rapid increase in the price of oil was inevitable as demand continued to outstrip supply. He said: "We can probably go on extracting oil from the ground for a very long time, but it is going to get very expensive indeed.

"And once you see oil prices in excess of $100 or $150 a barrel, the alternatives simply become more attractive on price grounds if on no others."

Lord Oxburgh added that oil majors must invest more heavily in developing viable alternatives to oil and gas. "If you look at it from oil companies' point of view, effectively what they're doing at the moment is continuing business as usual, and sticking their toes in the water in a number of areas which might become important in future.

"But at present there is a relatively poor business case for making significantly greater investment in these new areas."

Commenting on whether "peak oil" the point when global oil production goes into terminal decline was likely to be reached in the near future, he said: "In a way it scarcely matters; what really matters is the gap between production and demand. I don't know whether there is going to be a peak in world oil production, whether it's going to plateau and then slowly come down.

"It could well plateau within the next 20 years, and I guess I would be surprised if it hadn't."

The price of crude oil closed above $80 a barrel for the first time on Thursday, as a hurricane in Texas raised supply concerns.

US light crude hit $80.20, two cents higher than the price it touched on Wednesday. Oil prices have risen 30 per cent since the start of this year and are four times higher than their 2002 level.

The latest figures from the US Energy Information Administration show that global liquid fuels production in August was almost a million barrels per day lower than the same period in 2006.

The International Energy Agency has forecast what it calls an oil "supply crunch" by 2012, a prediction that Lord Oxburgh said could possibly come to pass. Lord Oxburgh is currently chairman of D1 Oils, a biodiesel company listed on the AIM market.

>lex1000 - 02 Sep 2007 22:28 - 120 of 242
ptholden,originally posted MoneyAM PET @ 66p.Post thoughts & copy stuff on here from advfn.for those who may want to read it.Invested and put money where my mouth is.Core holdings returning profits of 147%.Some investors taking profits end of last week. As PET market cap increases,HCL draws nearer,PET attracting more resource investors.Holding firm and long.My choice.Good luck with your short.regards.lex;o)

Obviously you post on MAM, doesn't answer the question if you are copying and pasting elsewhere though ;) so hardly an untruth!

Drawing a parallel with NI is a non-starter. Iraq is just starting the first cycle of violence, there will be many more to come. A political solution to the 'troubles' has only became possible as successions of generations have grown increasingly sick of the death and mayhem. Iraq is nowhere near that stage yet. In any event this is the PET (ramping) thread , not here to discuss NI. The situation in Iraq will become worse before it gets better, hardly a good basis for investing in any company doing business there.

But I hope you all do well, why would I wish otherwise? Apart from anything else Lex, all this copying and repetitive pasting must deserve some reward - LoL

pth

ptholden,No harm in looking at both sides of a coin.We agree to disagree.PET long term investment.Risk to reward.Proof of the pudding will be Iraq HCL and contracts won?

Iraq needs oil revenue to re-build.If you believe in Peak Oil World needs Iraq Oil.

All eyes on Northern Rock and whose next?

Markets in for a tough time with fallout from subprime unfolding,financial meltdown and uncertainty.No harm being in cash as problems will not go away in a hurry.aimvho.dyor.

Tick down.

lex1000 - 17 Sep'07 - 13:44 - 3970 of 3980 edit


Lunchtime news not inspiring confidence Banking Financials and Markets.Negative sentiment & flight to cash.PET needs positive news this week!

lex1000 - 17 Sep'07 - 13:46 - 3971 of 3980 edit


Tick down On line quotes: Bid 113.62p v Offer 116.3p

lex1000 - 17 Sep'07 - 13:48 - 3972 of 3980 edit


End of day close chart & technicals likely to confirm PET as a sell.Think long term.

It is being said Britons 1.3 trillion pounds debt now coming home to roost.

Bartyboy - 17 Sep'07 - 13:55 - 3973 of 3980


I take it you're now short on this stock Lex reading your last three posts!

lex1000 - 17 Sep'07 - 14:00 - 3975 of 3980 edit


Bartyboy,accused of blatant ramping on my an ADVFN competitor thread.Balancing act of facts and information within public domain.I have commented on charts,technicals and GSE prices on the way up.Taking criticism on board only fair to comment both rising and falling sp with news which is out there for DYOR. Consistency in my posts telling it "as it is." I am not short.Bullish on PET.aimvho.dyor.

Searching for news found this,something previously expressed concerns about open slanging atch.How much smoke & mirrors?

http://www.dailystar.com.lb/article.asp?edition_id=10&categ_id=3&article_id=85276

Iraq's Kurdish administration wants oil minister sacked
By Agence France Presse (AFP)

Saturday, September 15, 2007

IRBIL, Iraq: Iraq's northern Kurdish administration has demanded that Baghdad's oil minister be sacked, following his remarks that oil contracts signed by the regional government are "illegal." The call by the Kurdistan Regional Government (KRG) late Thursday deals another blow to attempts by Prime Minister Nuri al-Maliki to forge a national consensus on the controversial issue of dividing up the spoils of Iraq's vast oil reserves.

Oil Minister Hussein al-Shahristani should quit rather than "interfere in the internal affairs" of the Kurdish region, KRG spokesman Khalid Saleh told reporters in Irbil.

Shahristani at a recent meeting of OPEC in Vienna said that all oil contracts signed in Iraq's Kurdish region are "illegal" as a controversial oil law is yet to be passed in the Parliament.

The regional government has signed contracts with several global oil companies to explore crude oil in its region, which houses the bulk of the country's oil reserves.

Kurdish officials say they will honor the contracts, and also claim to have reached an agreement with Baghdad whereby it will receive 17 percent of the country's oil revenues.

In a separate statement, the KRG said that the minister

was "strongly advised to stay out of issues over which he has no authority."

"But once again he has repeated his false mantra of 'it is illegal.' Unfortunately this has been his way of dealing with the legitimate concerns of the hard-working oil-union members in the south, with the achievements of the KRG or with any other organization that he does not like."

The statement said the minister must focus on preventing "illegal oil smuggling under his watch, which is crippling the Iraqi economy."

Saleh said if Shahristani failed in this he should resign and allow some other "person more qualified than him" to do his job.
http://www.dailystar.com.lb

The regional government also accused the minister of favoring contracts signed with companies who operated during the former regime of Saddam Hussein.

"The answer is to get on with the agreed draft oil law and present it without changes to the Parliament. That way we will all get on with the task of developing the oil industry for the benefit of the people," the KRG said

Iraq's oil infrastructure has been hit by decades of under-investment as a result of successive Gulf wars, 13 years of UN sanctions and the rampant insecurity that followed the US-led invasion in 2003.

Washington regards passage of the controversial oil legislation as key to efforts at national reconciliation in the country which is wracked by an insurgency and sectarian violence.

US President George W. Bush in his televised address to the nation late Thursday bluntly acknowledged that he was not satisfied with the pace of Iraqi political reforms that Washington views as critical to forging national unity.

"The government has not met its own legislative benchmarks," said Bush, who directed a message to Iraq's people saying that "you must demand that your leaders make the tough choices needed to achieve reconciliation."

The draft oil-and-gas law provides for earnings to be shared equally between Iraq's 18 provinces in a bid to allay Sunni fears they will be monopolized by Kurdish and Shiite provinces which contain

the oilfields. However, it also opens up Iraq's long state-controlled hydrocarbons sector to foreign involvement.

The draft law was passed by Maliki's Cabinet in July but faces tough passage in the 275-seat legislature, where the Kurdish bloc has 53 seats. -

CHESTERONE - 17 Sep'07 - 14:04 - 3977 of 3980




Looks to me the Kurds and Baghdad will have to come up with a compromise soon.

"The problem the Kurds face is that without Baghdad's consent they cannot sell the oil even if they extract it."

"Prime Minister Nouri al-Maliki has suggested returning to the original language agreed to in February and trying once again to push the law through Parliament. Iraq's Deputy Prime Minister Dr. Barham Salih says there is basic agreement on returning to that language, but conceded that Sunni participants insist on a deal that includes changes to the Iraqi Constitution to safeguard their interests in the distribution of revenues. A law on how the revenue should be shared is being developed as a critical companion to the oil law."

http://www.thenewanatolian.com/tna-28762.html




lex1000 - 17 Sep'07 - 14:08 - 3978 of 3980 edit


CHETERONE,cannot understand current conflict and outspokeness between Kurds & Bagdad.Kurds were fully in favour of Oil Law and should be a done deal.In everyones interests to force HCL through quickly this week.aimvho.dyor.

CHESTERONE - 17 Sep'07 - 14:14 - 3979 of 3980


Lex, they are just trying to look after their own interests, but the bottom line is, they are going to have to compromise; they both desperately need this HCL.

lex1000 - 17 Sep'07 - 14:21 - 3980 of 3980 edit


CHESTERONE,yes compromise and unified approach.Understand looking after personal interests BUT.. Great pity that these type of personal attacks not kept secret and thrashed out behind closed doors.In everyones interests compromise is reached & quickly.Recent slanging match spilling out into public domain great disservice to Iraq Parliament and peoples of Iraq where no-one is a winner.Tit for tat.Shahristani tells KRG oil contracts they have awrded are illegal KRG say

"The regional government also accused the minister of favoring contracts signed with companies who operated during the former regime of Saddam Hussein."

"The answer is to get on with the agreed draft oil law and present it without changes to the Parliament. That way we will all get on with the task of developing the oil industry for the benefit of the people," the KRG said. "

http://www.dailystar.com.lb/article.asp?edition_id=10&categ_id=3&article_id=85276

From another board

Strong agreement Quintet searching oil and provincial laws and the financial resources
Baghdad-Sabah
Intensified talks between the leaders of the five agreed in the next few days to reach a final versions of legislation on several important laws notably oil and gas, financial resources and provincial council elections.



HCL on its way

So is Christmas!

http://www.upi.com/International_Security/Energy/Analysis/2007/09/19/interview_top_iraq_oilman_thamir_ghadhban/2154/

time to watch things unfold..bush announces iraq oil production will help the country move forward..so here we go pressure from all sides..and public announcments like this will fuel the fire for contracts and production..

watcher

Interims.

http://moneyam.uk-wire.com/cgi-bin/articles/200709210701342296E.html

Very strong and upbeat operational update from PET.

Included in interims PET awarded Dhufriya TCA.No separate RNS on TCA which may have encouraged buying early a.m. and significant news missed by sellers.Note to in partnership with ITOCHU.

Petrel Resources PLC
21 September 2007

21st September 2007

Petrel Resources plc

Interim Results for the Six Month Period to 30 June 2007

Petrel Resources plc ('Petrel' or 'the Company') is very pleased to announce its
interim results for the 6 months to 30 June 2007.


Highlights: Strong operational progress


Continued strong relationship with Iraqi Ministry of Oil
Passing of Hydrocarbon Law will allow application for Production Sharing
Agreements
Strong progress at Subba & Luhais field: completed surveys and initial
delivery of equipment underway
Successful completion of Merjan Oil Field Technical Co-operation Agreement
(TCA) in partnership with ITOCHU
Awarded a TCA over the Dhufriya oil field in Central Iraq, to be carried
out in partnership with ITOCHU


David Horgan, Managing Director of Petrel commented:


'There is no current oil and gas opportunity to match Iraq. The undeveloped
proven and probable reserves alone are immense, let alone the unexplored deeper
horizons, which have proven to hold massive reserves throughout the wider
region.


We currently base our strategy around three key partnerships; with the Iraqi
Ministry of Oil in Baghdad, with the local communities where we are currently
active in the South of Iraq, and finally with ITOCHU, one of the major
downstream oil companies in the world.


We are confident that our approach will prove to be successful. Managing TCA
agreements has provided Petrel with vital on the ground experience. We are
confident that this expertise will be applicable to potential high value
development, exploration and production projects.


After 10 years experience in Iraq, we have a built up an extensive high quality
contact base in the region and retain a belief in Iraq and its people. Iraq
today is, and will remain, a place where international oil and gas players can
be highly successful.'

The House discusses legal oil and gas, accountability and justice in the next two weeks
Radio sawa




googleygook translation of
http://www.sotaliraq.com/iraq-news.php?id=65105 :

The House discusses legal oil and gas, accountability and justice

(Voice of Iraq) - 21-09-2007
Send this topic to a friend


The Kurdistan Alliance deputy Mohsen Saadoun introduced to the possibility of legal oil and gas, accountability and justice to the House within the next two weeks, expressing his hope that the vote on one of these bills in one month.

In a meeting with "Radio SEWA" said Sadoun:

"Law oil arrived in the competent committee, but did not enter the agenda. Law accountability and justice, we have heard so far that the media did not enter the well. It is hoped that these laws fall agenda during this period, ie, before the holidays. Certainly chapter current Legislative after less than three months, but we think that one solved laws within one month. "

The law on negotiable oil among members of the parliamentary blocs agreement before a vote Saadun responded:

"No. Law did not enter the agenda, not be distributed to members of Parliament. Law arrived only to the relevant Committee so far. I expect to enter law next week agenda. "

He denied the existence of any al-governmental pressure to speed up the vote on the Law of oil, explaining this by saying:

"This information is incorrect, that parliamentarians independent views, and parliamentary blocs could not impose their views on others. This law attempts to serve the Iraqi people and seen Benizarrain, the telescope first serve Iraqis, the telescope second justice to the distribution of wealth. "

This finds some deputies that parliament will debate on the law long oil, expressing the belief that it was not possible to pass before the constitutional amendments.

From UK analyst:

"Petrel Resources' (PET) shares firmed 12p to 127p after it said its relationship with the Iraqi Ministry of Oil remained strong, adding that it believes there is no current oil and gas opportunity to match Iraq. "The undeveloped proven and probable reserves alone are immense, let alone the unexplored deeper horizons, which have proven to hold massive reserves throughout the wider region," it said. Interim results for the six months to 30 June 2007 showed pre-tax losses of 0.3 million euros compared with 0.2 million last year on no revenue."

Investor presentation has been updated.

See pages 8 & 13

By the way...Dhafriya oil & gas field (circa 225mmbo + circa 5 tcf)


http://www.petrelresources.com/investor/files/Petrel_presentation_August_2007.pdf

pixi - 21 Sep'07 - 23:05 - 5233 of 5247


I have always thought that Pet were: "in the right place at the right time" and stand to benefit the most from Iraq. I have had that view since buying my first 100,000 at 35p in March 2004. Everything that has happened since confirms that assessment:

1. The Subba&Luhais development contract
2. The Joint Venture with Makman
3. The Merjan Oil Field Agreement
4. East Safawi Block Jordan
5. Itochu Partnership

There are not very many places left on the planet where oil can be recovered for a cost of around $2 per bbl and Iraq is one of them.

I have been building my holding for the past three years and intend to review the situation in 2010.