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.

Positives come shining through methinks which i'm sure will be echoed elsewhere.Now is the time..........

"..............the companys long-term strategy would pay off...

..We are in Iraq to add barrels of oil to our portfolio, Mr Horgan said.

....Senior government officials, whom he (David Horgan" would not name, had asked Petrel to evaluate two major oilfields, including one giant, in southern Iraq. The company expected to enter direct negotiations for control of them, he said."

Petrel Resources set to do very well tapping Iraqi oil


Go Saturday September 22 2007

Petrel Resources plc, the Irish AIM listed oil exploration company looking for oil in Iraq has been awarded a new technical co-operation agreement (TCA) for the Dhufriya oil field in central Iraq.


The company, which has just reported a 45pc increase in interim operating losses to 330,000, says it has developed strong relationships within the Iraqi government and has the Japanese oil exploration giant ITOCHU as a partner.

Managing director David Horgan, said the company is basing its strategy around three key partnerships; with the Iraqi Ministry of Oil in Baghdad, with the local communities where it operates in the south of Iraq and finally with ITOCHU, the Japanese oil major.

"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.

These have proven to hold massive reserves throughout the wider region," he said yesterday.

Reporting interim results he said that the passing of new hydrocarbon laws will allow it to apply for production sharing agreements and reported strong progress at Subba & Luhais fields where it has completed surveys and where the initial delivery of equipment is under way.

He also said the company has completed a technical co-operation agreement on the Merjan oil field in partnership with ITOCHU.

"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."

http://www.independent.ie/business/irish/petrel-resources-set-to-do-very-well-tapping-iraqi-oil-1085412.html

Dipbob - 23 Sep'07 - 23:20 - 5562 of 5563


Just in case any of you newbies (Welcome aboard & I've been in PET for 7+ years)missed my post the other day...this is how the "new" PET TCA on Dhafriya (@ 5 tcf gas) ALONE fairs up on a world wide gas field find/size basis! (See post 4924 below)


Dipbob - 21 Sep'07 - 09:52 - 4924 of 5557 edit


People just to give you an idea of size....

Dhafriya is approximately the 75th Largest gas field on the planet!

It is over a third of the size of the biggest North sea gas field ever found.

Dhafriya is bigger than Kudu & Kudu has just helped propel Tullow (TLW) into the FTSE Top 100.

See link & look at tables:-

http://en.wikipedia.org/wiki/List_of_natural_gas_fields

ENJOY!

WHEN THE MAGNITUDE OF THIS SINKS IN THE MARKET WILL REACT.

ONWARDS & UPWARDS!

----------------------------------------------------------------


And this ignores all other confirmed PET Iraq & Jordanian psa's, pending psa's, tca's & re-engineering projects:- IRAQ = Block 6 Western Desert (PSA to be ratified), TCA on Merjan, Subba Luhais development & JORDAN = PSA on East Safawi (World Class Terms).

Hopefully, you newbies will now realise why some of us have been around so long. Everyone has been waiting milleniums for the Holy Grail to turn up & would you believe it.....all along it was hiding on the Clontarf Road in Dublin ;-)

Enjoy & stay LONG!

MMS don't have stock.Got caught very short first rise 150p+.Will NOT happen again.MMs won't let it.These rises are sustainable.PET story and huge potential clear.There for all to see.aimvho

I bought the FT on saturday, could someone give me brief details of the write up in the mail on saturday please, many thanks.
2517

mail sat

When is the western bandwagon for post-conflict oil and gas going to roll in Iraq? Investors could do worse than having a look at Irish firm Petrel Resourses, which is the only quoted company operating in non-Kurdish southern Iraq. The AIM quoted company gained 12p, over 10%, to 127p after an encouraging half-year update. Petrel currently does non field service work in Irag for the new government."

Cheers forest. The FT write up wrongly stated losses grew to 304m euros instead of 304,000 euros.
2517