For information only.

chway14 - 18 Oct'07 - 10:14 - 9577 of 9594


Another promising reply from PET.
Below is the reply to my e-mail


We went to Tehran mainly to meet senior Iraqis.
Itochu is sending a high level delegation specificall to meet petrel.

________________________________

From: John Teeling
Sent: Thu 18/10/2007 08:28
To: David Horgan
Subject: FW: petrelresources.com RF:f51c055





-----Original Message-----
From: petrelresources.com cf [mailto:info@petrelresources.com]
Sent: 17 October 2007 19:32
To: Petrel Resources (info@petrelresources.com)
Subject: petrelresources.com RF:f51c055

\\ Contact Form:
Site: www.petrelresources.com
Name: John

Date: 17/10/2007 19:32:12
\\ Message:
Attn. David Horgan.
Dear David,
It was reported over the weekend that you were in Iran on Saturday.
Are you contemplating extending your oil explorations into Iran as well as Iraq and Jordan,or could it be that you were discussing oil fields close to the Iran/Iraq border.
Another point is the Itochu visit you mentioned this week,are they actually visiting Petrel Resources or just Ireand in general.
If positive,I think that both the above points bode very well for Petrel.
I like the way you have handled the recent placing.
Looking forward to an interesting reply.
Kind regards
John

Sharing post with MoneyAM with any who might want to read it or not.

barkerman - 18 Oct'07 - 11:12 - 9617 of 9622


This is a good read from fyb contributor.MIT.







Moneyintransit
Gold Contributor



Joined: 02-Nov-04
Location: Ireland
Posts: 343 Posted: 18-Oct-07 at 08:02 | IP Logged

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


I don't believe a 3m additional shares by the institutions would realistically be possible through normal trading. I feel very positive about this development. Below is an email I sent to family and friends who are also in Petrel.

***********************************************

Hi All,

Petrel's official announcement yesterday about the placing of an additional 3 million shares is very positive news.
For those of you that missed it I'll will copy it here below my own message, as well as an email reply from David Horgan (Managing Director) to a question from a shareholder about this placing.

First of all the announcement, which states:
The net proceeds amounting to approximately GBP 3.5million will be used to take advantage of selective opportunities when they come available
following the imminent passing of the Hydrocarbon Law

There are 2 very positive indications in that line.
They mention the IMMINENT passing of the Hydrocarbon Law:
With Petrel's good contacts within the oil ministry this means that they still believe that this law is getting close now.
They also mention that the funds will be used to take advantage of opportunities when they come available following the passing of this law.
WHEN.... they come available..............not... IF...... they come available.
Another positive indication re-confirming that Petrel is still anticipating that they indeed will get a contract following this law.

So all in all a re-confirmation of the expectation that the law is getting very close, that Petrel will most likely get a contract following this law, and they have an additional 3.5 million GBP as working capital.


Then the email reply from David Horgan.
He explains that the additional shares were placed AT THE REQUEST of an Institution that wanted to increase it's holding in Petrel.
So the Institution (Gartmore is mentioned in a press article today) actively approached Petrel to ask if they could arrange a substantial number of additional shares for them because they want to increase their institutional investment in Petrel.
And with the significant size of their desired increase in investment, this could only be achieved by an additional placing.
An extremely positive development that a large Institution like Gartmore wants to increase it's holding in Petrel.
That states a lot of confidence.
Later on followed by other Institutions, as you will see in the email !
This re-confirms that the professional institutions still have very positive expectations about their investment in Petrel.
You could add to that that the timing of their increase might not be complete coincidence, just before the passing of the law.

And before I forget, David also mentions in his mail that ITOCHU, the Japanese oil multinational and Petrel's guaranteed funder for USD 200 million for projects in Iraq, is visiting Petrel in Dublin this week.
Would the timing of their visit be coincidence, just before the passing of the law ?
It could be a polite visit, but I rather think this is to discuss specifics now that the law is close and work needs to be prepared for near future ?



At the end of this week, the holy Muslim holiday "Eid" will be finished.
Personally I still think some very important development could come soon after the end of this parliament holiday, when they can start working again.
So maybe the end of October a big move in the share price is still possible ?

Anyway, everything is coming more and more together :
Institutions that increase their investment in Petrel at this very moment / Oil law imminent / ITOCHU in Dublin with Petrel / several emails from David Horgan over last 2 weeks indicating that Petrel's excellent chances are still on track.
So even if it won't be by end of October, it will certainly be before the end of this year.
Even think of end of first quarter 2008 as the ultimate delay.
But by then we will see at the very very least 3 times the value of today.

So keep the faith.
I don't want to tempt faith, but if you're clever start putting some champagne on ice !!
Good Luck

Monitor & keep close watch on PET coming days & weeks.

Read that Zak Mir latest target price for PET is 190p...next few weeks watch for breakout next leg up

but not today i suspect!

Cynic,yep bloodbath as expected at open today.Chance to pick up some PET on the dip.Blue now as expected.fwiw I recently added @ 124.25p.You probably read recent placing at request of Founder assumed to be Gartmore who sold some @ 60p.Bought back @ 115p paying 91% premium.PET were in Tehran last week mainly to meet with senior Iraqi officials.Can only be re:PET.ITOCHU came to meet with PET in Ireland.E-mail feedback from MD about visit those who wish to read.Iraqis have said contracts will be awarded HCL or no HCL before end of year.




mclellan - 22 Oct'07 - 10:37 - 10414

No problems with Itochu, folks...

RE: "The Visit"‏
From: David Horgan (dhorgan@CooleyWhiskey.com)
Sent: 22 October 2007 09:23:16
To: Fiona ********@hotmail.com)
They are an excellent partner, and like us impatient to advance.

Mashadani calls to accelerate approving laws

"Mashadani headed a meeting of the committees' heads in the Parliament to discuss approving important laws like provinces' elections, oil law and questioning and justice law which leads to serve Iraq and protects its security and independence."

http://www.alsabaah.com/paper.php?source=akbar&mlf=interpage&sid=51034

On line quotes can sell 50k @ 135p but only buy 1k!

Lex1000 - thanks for all the info and updates! I've finally bought back into PET today. The background activitiy all looks very positive, so let's hope it will be!

Toya, secret to PET is buy the dips & add on weakness.Sellers have held back sp rising today. Fundementals,charts,potential all point higher.Whatever your own personal exit strategy things should have moved forward by the end of year.You may be interested in latest e-mail reply from MD.


barkerman - 22 Oct'07 - 13:02 - 10453 of 10453

RE: Technocrats‏
From: David Horgan (dhorgan@CooleyWhiskey.com)
Sent: 22 October 2007 12:28:37
To: peter barker (
yes
--------------------------------------------------------------------------------

From: peter barker [mailto:]
Sent: 22 October 2007 10:55
To: David Horgan
Subject: Technocrats

Dear David,Glad to hear the meeting with Itochu went well,In your opinion with the new positioning of Technocrats in the Iraqi goverment and quite a bit mentioning the Oil Gas law is in this terms agenda,Are you confident that it will now at last be passed by Christmas at the latest,As for PET thanks and keep up the good work.Best Regards Pete.

14CHWAY - 22 Oct'07 - 14:06 - 10466 of 10466
Pete
Thanks for sharing your e- mail from DH.
I like his one line replies and now it is a one word.
No one is sure that HCL will be passed before xmas,but David is in a
marvellous position to give his honest opnion.
Hope you all have noticed the small hints he has given lately about PET's potential.He is not allowed to spell it out to us in as many words,but the writing is on the wall,therefore we have great trust in him and respect his and all the PET TEAM efforts.

Thanks Lex. I see this as a fairly risky buy, so will keep an eye on it and watch developments. Might be tempted to sell when it spikes again, but there could well be better long-term gains if I can be patient!

Toya,long term invested waiting PET become an oil producer.All here to help make money in whatever way we chose.Gook luck to you.

Possible PET long term charts will look like

Nice one! I do see this kind of growth as a possibility, hence my buying back into this share. (Sometimes, though, I just wish I could sit on my hands rather than taking a short-term profit! - How does one learn to do that??)

Toya ..... no one ever went broke by taking a profit, but they sure as hell did by failing to bite the bullet ..... it is THAT discipline that is far more impartant

Toya,you live,learn,develop and evolve.How do you do stuff? Strategy & discipline.Flexible to review and change.I would never knock anyone for banking profits.If you sell never look back.Option to buy back at anytime.My past is littered with poor investment decisions & failure to bite the bullet cutting losses.Some here on MoneyAM.Inexperience,greed & fear.Similarly not running with my profits and letting trend being my friend.I have lost more in profits by selling too early.Research into PET leads me to believe that it is one share to hold long term.Success depends on PET being awarded contracts & becoming an oil producer.It is my considered opinion that Iraq will approve HCL & PET will be awarded contracts.I appreciate the huge potential and likely value of sp.Others are more Cynical and chose to trade in & out of shares.Day traders run the risk of over trading. You will read of traders losing the lot,house & home even going bankrupt.Trading can become addictive to the point of gambling your money away.Making money is what it is all about.How you do that,how much you make or lose is in your hands and your hands alone.Takes five years on average to learn.If you have managed to preserve capital, not lost the lot you stand a good chance to succeed.Do not trust anyone on bb. All your decisions must be emotion free.DYOR.

lexx1000 - 22 Oct 2007 19:44 - 188 PTI thread
Toya,there you go answered your own question asked on PET thread!

"I'm going to remain patient an hold."

lex100 you should write some book:):):) but seriously i really like what you said, I'm still kind of beginner and that is exactly how it goes :)

lex1000 - 22 Oct 2007 19:29 - 310 of 312

very good post

you make a good point re selling early.I watched Bloomberg recently and one analyst said he found it amazing that people would let there losers run in hope that they will turn around and sometimes even top up as it sinks lower ( sometimes a smart move )
but yet sell there winners way to early.Amazing thing greed and fear

Agreed.

I always sell too early but will take a hit rather than average down.

DH = David Horgan,MD PET

mclellan - 23 Oct'07 - 11:51 - 10686 of 10690


here is Steve B's take on possible events

"Tomgiles, Fiona, my prediction on order of play:

- S&L: will be pre HCL at this rate, as already initimated by the MOU, and maybe consolidation rather than rsa at this stage subject to terms and HCL passing, etc

- Block 6 - dependent on HCL law passing, and subsequent negotiations to improve terms in line with new law, important signal to the sunni minority and will help general consensus methinks

- Merjan - seismic well underway, I asked DH at the AGM whether Merjan was bigger than the 760m published numbers, he said much bigger, they just weren't sure how big

- Halfaya - DH kept emphasizing that he was being pointed in this direction by the MOU / government, this could surprise everyone as there will be a push for big developments on the bacl of the new law, this could queue jump, wouldn't surprise me, only issue is that DH sais nothing is signed on this yet, Petrel has announced Dhufraya ahead ofanything on Halfaya, so still some way to go, relatively.

- Dhufraya - looking at pace of developments on Merjan, could be six-nine months away to any risk sharing

Let's see waht happens, any one from 5 would be very nice indeed!

Keep the faith,"