bit of a drop this morning..........markets down quite a bit though although i hope pet reverses trend quickly

plummeting........whats up?

and again!!!

I think this may be my fault as I just topped up my holding!! This always happens when I do that

Heard that Iran may be bombed out soon...maybe that's why PET is straying downwards.

why?

its iraq we r dealiong with

Bear raid on PET.Buy the dips & add on weakness.Read next post.Copy of e-mail reply from David Horgan,MD.All you need to know.aimvho.

mclellan - 13 Nov'07 - 13:48 - 15263 of 15300


I've just come back but before I left I wrote to David and have received this reply:

David Horgan (dhorgan@CooleyWhiskey.com)
Sent: 13 November 2007 12:10:31
To: Fiona *********@hotmail.com)

Hi Fiona,

Thanks for that! It sounds like the same shorting stories of 2004 & 2005:

We wont get contracts

The Americans / majors will take everything

Dome backed by Anadarko will get Subba & Luhais

Dont be surprised if you soon read that I have been killed again that will be the 4th time so far.

The media, and especially Arabic media are highly unreliable as we have learnt, but no one has shown me any such article.

At this stage our sources should be better than any journalists.

The reality is that no one is aiming for TSAs: we are doing the biggest one already. The majors have no interest in TSAs in Iraq. They want PSAs.

Our track record speaks for itself: it would be very odd if the ministry werent talking to the company running its biggest project!

I suspect that people are understandably frustrated by the delays passing the new law, but remember how long it took to ratify our Subba & Luhais contract and all the shorters and even media stories that we wouldnt get the project.

It is a very dangerous gamble to short Petrel.



We have been through these cycles of greed and fear before: the short-term price is set by the marginal trader. There may also be CFDs and shorts.

It is wiser to hold our counsel and let the results speak.

The combination of security risk and big upside will always make for volatility. The short-term share price has no bearing on the business.

The current likelihood is that negotiations will open shortly with the Iraqi Government and Ministry of Oil. This is likely to be under the old (pre-2003) law, at least initially. This is what they should have done all along.



We will acquire a risk-sharing contract (PSA or equivalent though it will be called something diplomatic) on a major development field (Halfaya or equivalent) as well as world-class exploration acreage. This is a rare prize. No one will care in a year's time what the share price fluctuated between.






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

From: Fiona ***********@hotmail.com]
Sent: 13 November 2007 10:54
To: David Horgan
Subject: Bears



Good morning David,
Amazing what bear raiders can do to market sentiment on a share.
Yesterday and today' s fast drop on PET has been triggered by shorters on ADVFN
and FYB trying to push 'information' that:
1) The IOM is scheduling meetings with the majors for TSAs very soon in Jordan
and that the poster concerned who claims to be in Saudi was very surprised to hear that Petrel was not on the list. Claims it was in the Arabic press 'somewhere' but no reference.
2) That Anadarko, who were given a one year contract to do a reservoir study in Feb 2005 are more likely to get a TSA on S&L than PET are etc.

Obviously, I would hope that these things are not true and the prospects for PET are as good as ever. Amazing what lengths some people will go to to 'spin' their poisons.
I see the Koreans have just been awarded a contract for Kurdistan so perhaps they will be less likely to pursue other areas.
Best wishes
Fiona

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tumbling again

is it time to get worried

scotty...i been looking at the number of buys each day this week...someone is hoovering them up....can't be long now either way...feeling confident if the present process continues..

watcher

i dont know

but volumes seem a lot less of last week or so.........and graph is going down and down......on 2nd stage down by looks of things

Look back over the posts and chart for 3 years or so, rumours of contracts, shares go up, contracts fail to materialise months after they should have, due to all manner of things, religious hols, D Horgon "dying in a car crash" etc etc, where is the HCL that should have gone through in September? down comes the share price. I'm not trying to be negative, I really believe PET will come good, just that if you are thinking of buying at well over 1, do your homework! I still believe they will hit 50p then I wil buy back in, if not I am in NPE & PXS. I'm not trying to be negative, just realistic.
Good luck to all those holding.
Chris

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http://video.google.com/videoplay?docid=-3589236097139993875&q=war+for+oil+2003&total=142&start=0&num=10&so=0&type=search&plindex=2

The moment of truth is getting ever nearer, I was under the impression that the HCL was to have been passed before the end of september, however by the end of the year (we are told) it will be passed, 6 weeks to go then.
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