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

BAGHDAD, Sept 24 (Reuters) - Iraq's oil ministry hopes to sign contracts with international firms before the year-end even if a new oil law governing the sector has not been passed by parliament, Oil Minister Hussain al-Shahristani said on Monday.
Shahristani told Reuters in an interview that the new contracts will be in line with rules and guidelines contained in the landmark draft oil law, which he said had been delayed by political infighting.
"As a responsible ministry, we cannot keep waiting. There is no legislative vacuum. The current laws allows the oil ministry to negotiate with firms and to sign contracts," he said.
"We are going to commit ourselves to the draft (oil law) in signing contracts by having free competition and total transparency and announce contracts which achieve the best interests for Iraq."
Iraq's cabinet first agreed a draft law for dividing up the world's third largest oil reserves in February, but disputes with the regional government in Kurdistan, as well as objections from some Shi'ite and Sunni Arab politicians, have hobbled its progress.
Major oil companies such as Total , Royal Dutch Shell and Exxon Mobil have been positioning themselves to gain access to Iraq's prized oilfields, especially those in the south.
While the industry generally prefers long-term production sharing contracts to develop larger investments, the Iraqi oil minister signalled more restrictive service contracts may be the way forward.
"We have explored fields whose reserves and production rates we know very well so ... this only needs service contracts," Shahristani said.
"For super giants like northern and southern Rumaila and Zubair, we may only need service contracts," he added.
He said he hoped the tender process for developing oilfields could begin before the end of the year.
"We have (also) formed a new office, which is called the office of oil contracts and licenses, and it has prepared contract models and a plan for developing fields," he said.
"Which fields will be listed in the first round and which in the second is under final review. We will begin the first round before the end of this year."ENDS

Beat me to it lex, i just copied it from peetle on the dark side.
very good news.

from
irishexaminer.com/irishexaminer/pages/story.aspx-qqqg=business-qqqm=business-qqqa=business-qqqid=43290-qqqx=1.asp

22 September 2007

Iraq hopes push Petrel shares up 10%

By Ian Guider
SHARES in Petrel Resources rose by 10% yesterday after the company said it was hopeful that new legislation in Iraq will soon be passed, allowing it to explore for oil and gas.


Petrel, backed by exploration industry veteran John Teeling, is looking to

explore a 10,000sq km region in the western desert of the country called Block 6. It cannot undertake full exploration of the field without the passing of the Hydrocarbon Law by the Iraqi government.

Shares in Dublin-based Petrel, which is listed on Londons Alternative Investment Market, rose 11.5p (16.5c) to 126p, giving the company market value of 84 million (120m).

Petrel managing director David Horgan said Iraq was one of the last great under -explored, underdeveloped onshore oil provinces left.

There is no current oil and gas opportunity to match Iraq, Mr Horgan said yesterday. 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.

Petrel has been operating in Iraq for a decade and said it now had a good relationship with the Ministry of Oil, which awarded it a contract in 2005 to develop the Subba and Luhais oil fields.

Mr Horgan said although the security situation remained dangerous, the company had not experienced difficulties. We have had no direct incidents and have enjoyed the co-operation of local communities, he said.

Though political stability remains elusive, there is no uncertainty over the fact that Iraqi oil must be developed. Iraq needs it, but so too does the rest of the world.

Petrel released its interim results yesterday, showing a loss of 304,000. It had almost 20m in the bank at the end of June.

Forest,leave you in charge.

where has our man got 2
last we heard from lex1000 was 24 Sept, left Forest in charge an he's done a runner as well.

i thought this board went quiet!

Lex always kept us informed.
Are we going to see another huge spike up?

dont know how this is going 2 turn out never tried pasting a chart b 4.
inserted 25day sma, had I been able 2 draw trend lines u would b able 2 c that a rise looks 2 b on the cards (hopefully)