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,"

Lex1000 et al - many thanks for all your comments - only just had time to check in again v briefly this evening.

I am learning to be more patient, and to think about which shares are a long-term hold. It's just that sometimes I have had a lovely profit and then it's turned back into the red - hence my reaction to sell when I see a good profit, before it all slips away! But I can see now that some companies can continue to keep growing for the foreseeable future, and that the odd dip here and there should not faze me. It's a learning curve - the sort of steep one that I love to see in the sp!

jecs - 23 Oct'07 - 20:27 - 10797 of 10812


INTERNATIONAL MONETARY FUND
Press Release No. 42
October 22, 2007

Statement by the Hon. BARHAM AHMED SALIH,
Governor of the Fund for IRAQ,
at the Joint Annual Discussion

Extract:
Improved prospects for oil production and economic growth will be contingent on the completion of planned investments in the oil sector.

We are working to bring the negotiations on the hydrocarbon law
to closure if and when enacted, this law will cause the
restructuring of the oil sector and will provide a conducive
investment environment to unlock Iraqs real potential as an oil
producer. I am hoping that year 2008 will witness major
improvement in our production and export levels.


http://www.imf.org/external/am/2007/speeches/pr42e.pdf

nsbbda - 23 Oct'07 - 23:24 - 10817 of 10817


elmfield.... It does look promising again tomorrow.Waiting for the real break- out over 160p,then we should see some shuffleing for a position.
I do find it strange how many posters keep refering to 5 quid a pop.JF said that when oil was $50 a barrel.Personally i think we can upgrade his prediction somewhat.I would hate to see people top slicing/profit taking to early.Certainly if we get two or more contracts in quick succession.
nsbbda

Tick up^ First mention by me on MoneyAM 60p-70p. Multi-bag potential.Time to research PET only if you want to.

Tick up^ German Stock Exchange (GSE) buying at roughly 146p a share.UK to follow...L2 firming.

Bid 138.5p max-37.5k v Offer 140.4p max-10k

Tick up^ GSE

Tick up^ UK

On line quotes: 139p max-37.5k v 142p max-10k. Resistance @ 140p.

Buy low.Sell high.PET uptrending.Run profits let trend be your friend.Keep buying,adding & holding.aimvho.dyor.

ciao4niao - 25 Oct'07 - 18:00 - 11256 of 11261
bairnboy

This kind of summarises all you really need to know about the last 10 days events

chway14 - 14 Oct'07 - 10:18 - 86 of 88

Because of DH's reply (INDICATIONS ARE POSITIVE) on future contracts, this needs listing on this thread for future reference.

Subject: FW: petrelresources.com RF:62155ac

Indications are positive.

From: petrelresources.com cf [mailto:info@petrelresources.com]
Sent: Fri 10/12/2007 10:23 AM
To: Petrel Resources (info@petrelresources.com)
Subject: petrelresources.com RF:62155ac

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

Date: 12/10/2007 10:23:46
\\ Message:
Attn. of David Horgan.
Dear David,
With the HCL dragging on and no sign of any future contracts yet in Iraq, a few pessimistic investors are saying that Petrel may not get any contracts after the HCL.
From your hints over the last few months and especially at the Dublin and London meetings recently, you seem quite sure we will get some contracts.
Can you confirm that you are still positive on your contract views.
I am not going to ask you about the HCL as nobody really knows.
Please keep your good work which is greatly appreciated.
Many thanks.
John

mclellan - 16 Oct'07 - 15:24 - 9155 of 9220

And, as if by magic!!

David Horgan (dhorgan@cooleywhiskey.com)
Sent: 16 October 2007 14:18:41
To: Fiona *********@hotmail.com)

The placing was at the request of a founder institution that wanted to increase its stake. I called around the other institutions and all participated. This should show sceptics that Petrel is well supported.
Regards, David Horgan

-----Original Message-----

From: Fiona ********@hotmail.com>Date:
Tue, 16 Oct 2007 13:41:02
To:David Horgan
Subject: Share Placing
Dear David
I see there has been a placing of Petrel shares, amounting to about 4-5%. Presumably these shares have not gone to one 'institution' since there has been no RNS for an over 3%new holding. Would Itochu be allowed to take part in a share placing .. or is that a 'secret'?
Best wishes
Fiona


mclellan - 16 Oct'07 - 15:28 - 9158 of 9220

followed by

14:20:31
To: Fiona ********@hotmail.com)

I offered none to Itochu. They are visiting this week. We don't want them to seem like a poison pull, as arguably De Beers is at AFD.
Regards,
David Horgan

(poison 'pill', I presume)


mclellan - 16 Oct'07 - 15:46 - 9173 of 9222

I replied to David and received this:

De Beers is a great company and generously financing AFD. Yet the market perceives that they control AFD. We want to use Itochus credibility and balance sheet, without a similar effect.
Regards, David Horgan ----
-Original Message-----

From: Fiona ********@hotmail.com>Date: Tue, 16 Oct 2007 14:33:36
To:David Horgan
Subject: RE: Share Placing

Thanks, David

Yes, De Beers seem to cause their problems. I see some big B trades on AFD yesterday and that FDI have sold their stake. I am hoping that the Iraqis will get around to looking at the HCL in their next series of meetings, now that Ramadan is over, Eid is celebrated and consensus is building! Hope things are going well 'on the ground'.
Best wishes
Fiona


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


barkerman - 22 Oct'07 - 13:02 - 10453 of 10458

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 government 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.

chway14 - 25 Oct'07 - 19:24 - 11262 of 11263


ciao4niao
Re your info. for Bainboy
If you have not got a copy of my e-mail from DH,here is a copy,

From: David Horgan
Date: 18/10/2007 10:08:35
To: John
Subject: FW: petrelresources.com RF:f51c055


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 .

High risks of exploration are finding oil ,dusters adds to costs and costs of production.Iraq is low risk & low cost. The cost of
producing oil in the country, estimated at below 2 usd a barrel, is probably the
lowest in the world, according to industry experts.
Oil,billions of barrels of proven reserves means no risk.Estimated $30 trillions.No expert on oil,sounds good to me. PET recently saw senior Iraq officials in Tehran.Investors here know purpose of visit was mainly Iraq.Technocrats Iraq Ministry of Oil control awards of contracts.We are aware actions behind the scenes with technocrats,PET,Itochu and all eagerly want to proceed to Go.Mulling over recent placing which investors here on advfn know was at the request of Founder presumed Gartmore & Co.Timing & their keeness suggests that every day is a day closer.Without above information we would all be in the dark.In possession of additional information,knowledge,light to see bigger picture.PET has first advantage.Is it any wonder that those with cash have been buying & topping up.Fully invested patience to wait for things to unfold next few months & years.Apologies for going over & repeating same stuff.Incredulous those who appear to have short term memory loss and whose glass is half empty.

Glass half full.Exciting prospects.aimvho.DYOR.

Zak Mir target price 190p.