too clever by half .... it's now 94/97!

BOING!

Thanks cynic.

That's an answer at least (474)

I guess Lex is facing his own funeral in PET very soon. Don't blame us that we didn't warn you. If you are smart, SELL tomorrow.

wrong (possibly)! as a play, it may prove to be a good time to get in .... read the few posts above

FWIW I have never shorted PET nor at the moment do I have any intentions to do so. Some here watched the SP hit giddy heights last time around only for a catastrophic collapse to follow. No wonder posters are somewhat dubious about their credentials and ability to make the all important deal and even if they do it's a long way from there to move the oil and turn a profit.

pth

bear raiders...........are pilling in today again!

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While PET is certainly no pet of mine, i am glad to see that my call yesterday re support and bounce at 91 was spot on with sp now 107

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Lex, you must be relieved: it's finished above the 100p mark.

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perhaps if i had been smart or quick or brave i would have backed my own judgement and bought .... but i was none of those!

I spy an age old excuse - stops, shorters, etc, etc.

The normal thing, however, is that is worth what the market thinks it is worth at any given time. Normally that is at odds with your personal belief and if you're arrogant enough you get fried. The market is always right.

that's a bit bold Al, though the market will always tell you whether or not you have lost or made money! ..... i would agree with you in general terms, but when the market is as volatile as it has been for the last couple of weeks, the selling becomes totally indiscriminate, hammering the good with the bad ...... when the bloodshed stops, as it always does, there is undervalue to be found.

in this particular instance, the price of PET fell to a level where support and a good bounce looked more likely than not .... it happens that i called it correctly, even if the fundamentals of the company have not altered one iota.

as the name of the game is making money, or at least avoiding losing it, it matters not at all (to me) whether a company has found the better mousetrap, but rather whether i have judged correctly, for whatever reason, that sp will move in the direction i hope.

A lot of misinformation/strange information around on ADVFN over the last few days.Petralva has suggested that Peter Crudass has something to do with a bear raid on Petrel. True/False...who knows?
The rumour that Halfaya has been awarded to Shell is nonsense. Missan is a PROVINCE with many oil fields, of which Halfaya is one and NOT the one that Shell have an interest in. BHP are not in the running for Halfaya because of their stance years ago, when Saddam was still in power.

looks like its back down to 40p..iraq nullifies western oil deals

maestro- not correct...Iraq nullifies KURDISTAN oil deals! PET don't
operate in Kurdistan ,deliberately. They mostly operate in Al Anbar
and Missan and Basra area.
Oil minister authorized to ban Kurdistan oil exports- source

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Baghdad, 26 November 2007 (Voices of Iraq)
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Iraqi Minister of Oil Hussein al-Shahrestani has the authority to cancel oil companies' contracts with the Kurdistan Regional Government (KRG) until the new oil law is passed, an informed ministerial source said on Saturday.

"The Ministry of oil is responsible for managing the oil department until the issuance of the new oil law and therefore has the right to cancel any contract that it deems illegal," the source, who requested anonymity, told the independent news agency Voices of Iraq (VOI).

The ministry plays a significant role in managing the country's oil wealth, the source indicated, adding, "Iraq's oil wealth is for all Iraqis, as stipulated in the Iraqi constitution."

"There is nothing personal between Shahrestani and the regional government. The minister's statements were made on national grounds," the source added.

In an interview with Monte Carlo Radio on Friday, the minister announced the cancellation of the regional government's contracts with oil companies and accused it of stalling the passage of the oil and gas law.

A few days ago, the mass media quoted Shahrestani as saying that oil companies that have contracts with the regional government without the prior approval of Iraq's central government would be prohibited from practicing their activities in Iraq.

The KRG had signed 15 contracts with foreign oil corporations despite the central government's objection and ahead of the Iraqi parliament's final endorsement of the draft law on oil.

A statement by the regional government described the statements attributed to the minister as "unacceptable threats."