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

.

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

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

Baghdad, 26 November 2007 (Voices of Iraq)
Print article Send to friend
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."

Looks like the big boys are set to muscle the Oil fields from PET:

Amman (Platts)--27Nov2007
A senior Iraqi oil ministry official and government officials will start
a series of meetings next week in Jordan with oil majors BP, ExxonMobil and
Shell and Anglo-Australian mining company BHP Billiton to discuss the further
development of producing oil fields in the country, including the giant Kirkuk
and South Rumaila structures, industry sources said Tuesday.

The sources told Platts that Natiq al-Bayati, Iraq's former director
general for reservoirs and field development and currently in charge of
licensing and contracts, would be present at the talks, which might lead to
the signing of short-term service contracts.

According to the sources, who declined to be identified, Shell will
discuss development of the Kirkuk oil field in northern Iraq. Iraq in 2005
awarded Shell and Exploration Consultants Ltd the contract to conduct a
technical study on Kirkuk, discovered in 1927 by the Iraq Petroleum Company in
which Shell was a shareholder at the time.

Shell, together with BHP Billiton, will also discuss development options
for the Missan oil field near Basra in the south, the sources said.

BP will discuss development of Iraq's biggest oil field, South Rumaila in
southern Iraq, which the company helped to discover and for which it has
already conducted a study.

ExxonMobil, which had not previously been known to be negotiating with
the Iraqi government, will look at development of the southern Zubair oil
field.

A source familiar with the talks said there had already been a series of
meetings in the Jordanian capital Amman to see how the oil majors could help
the Iraqis raise production capacity as a stopgap measure until a hydrocarbon
law is passed.

The sources also said that the Iraqis held talks in January with
UAE-based Dome and the US' Anadarko Petroleum on the Luhais and Suba oil
fields.

Subject: RE: Platts article
Date: Tue, 27 Nov 2007 13:23:30 +0000
From: dhorgan@CooleyWhiskey.com
To: ***********@hotmail.com


A strange article full or errors:

The Anadarko reference is an incorrect rumour.

The reservoir discussions are connected to the TCAs done during 2005 the Ministry correctly wants to boost production but this is not a commercial arrangement.

ExxonMobil has been conducting training and TCA work on and off since 2003.

Shell will not work in the north of Iraq for the foreseeable future.

Natiq al-Bayati is very professional, and will not act improperly.

I have never seen Missan mapped as a major oil field.

has everyone fallen asleep on this?

been a good rise recently from the sudden drop

scot....i think it's a waiting game...and if your in...you wait..if your watching then you wait....glad i am in and watching

i'm in too but i checked iraqupdates.com and the US and Iraq r both pushing for new law to be passed

Calm before the storm?

Hey Guys what is happening, sp dropping like a stone and no comments from anyone. Are you all posting on another site????

i noticed too......market going down a bit though

Without news on the HCL this was always going to drift, recovered a bit today but in recent days has fallen back. The HCL is supposed to be passed before the end of this month, if that doesn't happen then further weakness could follow, the potential rewards for PET are huge imo, as sure as eggs are eggs if I sold now the sp would soar, sorry to disappoint but I'm holding on. Good luck everyone.
2517

Thanks for those words of encouragement George, been holding these for around 3 years and thought that all was well when the sp soared a few weeks ago. Lets hpoe that the news comes soon, would make a cracker of a Xmas prezzie

word on the other side is they think news before the new year but this may be the Iraqi NY which they say is Jan 9th. fingers well and truly crossed---also someone bought an expensive 100k shares after the close last night paying 123p which set everyone guessing!

Recent news doesn't sound overly bullish for PET, does it?

Sell