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

What news is that Big Al ?
2517

Any of it above really. ;-))

Oh, well that's no basis to recommend a sell, I would certainly not sell a share because of bb's comments nor would I buy because of such comments, there has been no recent concrete news that I am aware of, just views of posters and conjecture, and the awaiting of the HCL.
2517

PET not big enough to finance projects of this size.

They need the big boys to get involved.

The big boys will take over and shunt PET aside.

It always happens. ;-)

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THREAD CLOSED.