George,

I would like to think you are right, however they are already being held to ransom by the middle east.

The new era sadly is in the hands of the chinese and russians and they don't take prisoners.

If anyone really thinks they have mellowed then they are not part of this planet.

The contracts I bet will have a proviso in them stopping any USA companies taking over the contracts unless the Iraqi government says so.

The Americans are not what they used to be and the Europeans are now more to the left - so the gap is already there.

Remember that PET when awarded contracts can book the reserves to the balance sheet - we do not need to wait until the actual oil is coming out the ground - it is all down to potential.

The dangerous bit with this share is not to be too greedy when the price reaches 'ss.

Excellent thread and an excellent share. This is the start of big things

The only thing that could screw this up is Mr Bush.

The speech he has just made is not far short of putting Iran on notice of something imminent.

Any action would seriously screw up PET's intentions and share price.

Let's all hope that Putin puts a shot across Bush's bows and makes him see sense.

Fatgreek - 28 Aug'07 - 21:13 - 95046 of 95104


lol



Bush Touts Iraqi Agreement

Tuesday August 28, 2007 12:16 AM


By JENNIFER LOVEN and ANNE GEARAN

ALBUQUERQUE, N.M. (AP) - President Bush on Monday said an agreement among leading Iraqi politicians is a promising sign of political progress, but that the pact on some issues that have blocked national reconciliation is not enough.

``The agreement begins to establish new power-sharing agreements, commits to supporting bottom-up security and political initiatives, and advances agreement among Iraq's leadership on several key legislative benchmarks,'' Bush said in a brief statement upon arriving in Albuquerque.

Bush had called Iraqi Prime Minister Nouri al-Maliki and other top leaders from Air Force One before he came to New Mexico for a political fundraising reception. Sunday's political summit meeting brought al-Maliki together with fellow Shiite Vice President Adil Abdul-Mahdi, Sunni Arab Vice President Tariq al-Hashemi, the head of the northern autonomous Kurdish region Massoud Barzani and President Jalal Talabani, who is also a Kurd.

``I reminded them, and they understand, much more needs to be done,'' Bush said. He added that it will be up to the Iraqi parliament to make the new agreements law when the legislature reconvenes in early September.

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

The last sentence imo is a big clue to say that the HCL will pass as soon as parliament comes back at the end of the week.

>pixi - 29 Aug'07 - 09:00 - 95256

The MM's have a serious problem and its the simple one of supply vs demand. The closer it gets to the politicians getting back to work in Iraq, the worse the problem will become.

As for current world problems created, once again, by our American cousins, I have been stocking up on oil and gold. Whenever they print paper money to bail themselves out of trouble they are causing more problems for themselves.

>bahouse - 29 Aug'07 - 09:08 - 95269 of 95270

Ignore the shorters...they will not have the gut to touch Pet at this stage ...all they are doing is test our nerves (with the other eye on lurkers/potential investors).... we are in uptrend and any retrace if it happens is normal..nothing to do with shorters. No shares go up in straight line..so our Pet shows a resiliance very few have ever done, as we have seen over the last few days/weeks.

Despite the market fall last night, we finished 11p up, otherwise we could have broken through the 150p easily.

.

.

lex1000 - 29 Aug 2007 09:24 - 38 of 39
.IMHO PET a buy to 150p

So what you are saying is we should sell at 150p - 151p

.

.

.

lex1000
I bought PET way back 27th oct 04 @1-11p, I just happened to be looking elsewhere the day they dived into the deep end of the pool. Still got them but keeping a real careful eye on them these days. (bless them)

.

.

mixitup12 - 29 Aug'07 - 10:07 - 95343 of 95381


we seem to have drifted off of the subject of this thread i.e. PET. Let's recap on the events that will matter over the next few weeks:-

1. Looks as if Al-Maliki and Talabani have got together a consensus government, that will pass the HCL.

2. Friday is the 31st August, just 3 trading days left before the Iraqi parliament opens on Saturday 1st September.

3. Legislation relating to the HCL could be passed this weekend. Although as DH said at the Am, if not passed by 10th september (start of Ramadan), then it could drift into early October.

4. DH/JT on standby from the IOM to fly to Baghdad Green Zone as soon as legislation relating to HCL is passed to sign contracts. I repeat, contracts.

5. What contracts? Well, it looks as if Block 6 will be signed, worth about 3-4 billion barrels equivalent in gas. Merjan with a minimum of 750,000,000 barrels. S & L turned into a RSA (PSA under another name). 2-3 billion barrels of oil. The IOM have asked PET to look at the big one Halfaya, 14 billion barrels of oil.

6. Lukoil, a huge Russian oil company, on a par with the Western oil majors, fighting for a field of 5 billion barrels West Quarma (spelling wrong).

7. PET able to work in Iran, being a neutral country, makes them favourites for Halfaya.

Do you need more reasons to see why the sp is rising against a falling footsie and DOW! The world is short of oil, it is the one commodity to be invested in right now and for the foreseeable future.

Come on guys and gals, stick to the subject. Whilst all other Oil and Exploration companies are scratching around trying to find a few million barrels here and there, PET are looking at BILLION barrel fields.

Don't be short or out or PET at the weekend.

ander - 29 Aug'07 - 10:17 - 95355 of 95385


2.21 now in Frankfurt..GBP 1.50p !

Peetle - 29 Aug'07 - 11:04 - 95385 of 95386


Over the last few days the daily highs have been around lunchtime with some slight softening in the afternoon - if you're after a top up you might want to wait until after 2pm...

...when it will be about 3 of course, knowing the way my predictions go

elmfield - 29 Aug'07 - 13:01 - 95415 of 95415


You wanT NEWS WELL HERE IT IS:
As ever DYOR


Iraq oil law can pass by comfortable majority
Reuters
By Lin Noueihed Reuters - 2 hours 38 minutes ago

DUBAI (Reuters) - Iraq's draft oil law should pass by a comfortable majority when parliament meets to discuss it after the end of its summer break in September, Iraqi Vice President Adel Abdul-Mahdi said.
(Advertisement)

"The oil law was completed in cabinet... the draft that was approved in cabinet is the one that will be presented to parliament," he told Reuters late on Tuesday, ahead of an Iraqi investment conference in Dubai.

"The parliament remains now in recess and will return at the start of September when we will reaffirm that the law will be presented to the parliament."

The controversial federal oil law has been approved by the Iraqi government after months of talks but has yet to be debated by parliament, which must approve it if it is to pass into law.

The law, which decides who controls the world's third-largest oil reserves, is now in limbo while Iraq's parliament takes its summer break.

No date has been set to debate the law, which aims to provide a legal framework to attract foreign investment and sets up a new state oil firm to oversee the sector.

Washington has pushed Iraq for months to speed up its passage and that of other legislation, which it sees as pivotal to reconciling warring Iraqis, rebuilding Iraq's shattered economy and attracting foreign investment.

The draft oil law aims to ease tension by ensuring Sunni Arabs share in oil profits though most of the reserves are in the Kurdish north and the Shi'ite Muslim south of the country.

But there has been fierce debate over the shares and how much control regional governments will have over the existing and undiscovered oil reserves, as well as the sorts of contracts that will be included.

APPENDICES?

Abdul-Mahdi said that some appendices to the law could be included to ensure the broadest possible political consensus, even though the law was expected to pass comfortably as it is.

"There are some parliamentary blocs that call for the addition of some appendices to this law. Fine, the committee is studying this and the appendices could be included in this law despite the fact that if the voting took place in parliament now... the law would be expected to pass with a comfortable majority," he said.

"But in the interests of national consensus, it is seen that their addition would be more beneficial and get a higher level of consensus than the comfortable majority that would be expected if it was presented now."

Abdul-Mahdi was among Iraq's top five Sunni, Shi'ite and Kurdish political leaders who announced on Sunday that they had reached consensus on measures considered vital to fostering national reconciliation in a country riven by sectarian strife.

The agreement was one of the most significant political developments in Iraq for months and was welcomed by Washington.
http://uk.news.yahoo.com/rtrs/200708...02bfc7e_1.html

ADD!!!!!!!!...........?

elmfield - 29 Aug'07 - 13:24 - 95448 of 95450


on the basis that we are getting nearer and seems to be political progress I raise my target from 150p: Buy all the way to 220p. Just my own pathetic view and should be taken as such.

Troys - 29 Aug'07 - 13:24 - 95449 of 95450


2-----35,000-----138 V 142-----------5,000---------1

lex1000 - 29 Aug'07 - 13:24 - 95450 of 95450 edit


mms struggling to keep lid on this.......lol

.