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THREAD CLOSED.

sshhh.
2517

Meanwhile Shahristani is moving forward with oil deals on his own
As reported before, Iraqs national oil minister will not wait on a national oil law, instead relying on the Saddam-era law (and irking the Kurds) which gives the Oil Ministry the rights to sign deals.

The Big Oil companies would prefer production sharing contracts, which give them long terms and allow them to add the oil fields theyve been awarded to their books that Wall Street judges.

A source has confirmed to Iraq Oil Report that there are five service agreements nearing completion, where Iraq would pay companies to fix and improve an oil field.

They are:
BP for North and South Rumaila
Shell for Kirkuk
Shell/BHP for Missan
Chevron and Total for West Qurna
ExxonMobil for Zubair

??

Cutting it fine to pass the HCL by the end of the year aren't they?
2517

Final approval of HCL imo is months away. Use existing laws is the way to go.

not buying into this stock is an even better way!

Lex, this is the way of things, first it was going to be September then by the end of 2007, then someone suggested it may be the 9th Jan 2008, why not Easter or next Christmas? Passing the HCL is not under PET's control, the sector is renown for late news etc. I'm keeping the faith.
2517

2517,PET is a buy & hold for a few years.My own opinion hold to at least 2010 ignoring share price fluctuations.Does attract T trading closing banking profits Short term waiting on Oil Minister who has stated that he will issue contracts using existing old laws by the end of the year.We are dealing with ME when imminent,soon,by the end of the year etc have different meanings.Chart waiting on direction.

if you have to wait for 3 years or more on the possible chance of seeing a decent return, then take your money elsewhere

Lex----I bought mine nearly 4 years ago so I don't really want to hold for another 2 or 3 years, but I do feel there is much more upside to come. I have never traded them so I have held them through thick & thin. I do have shares I have held for longer, but they provide a decent income, I may give PET up to 1 more year.
2517

i wiould hope that means you bought at 20/30p and certainly no more than 60p ..... just going to sleep on a share is not sensible investing and if you have a decent profit, imo you should consider selling up or at least top-slicing not less than 50%

cynic--------I paid 43p for them and yes I may well have got attached to them (not wise I know) and any return from them is only going to be sp appreciation, I have thought about selling part/all several times but haven't. I recall buying HTV @ 22p many years ago & selling @ 51p only to see them taken over @ 6.46 some 2 years later, and that is not an isolated case. So UP TO a year it is then, for better or worse.
2517

your logic is somewhat strange ..... no one has any idea at all what the future will bring ... it's all very well remembering the ones you sold too early; what about the ones you sold too late, or at least damn well should have sold? .... in theory, you have already thrown away 25% (40p) of your profit on PET

LIFE ITS LIKE THAT.

Buy 2007 & sell in 2010 is called long term investing.Many have no idea size of oil fields in Iraq.Plenty to go around. High upside for PET.Yes there are risks.Yes there are challenges.Yes you can trade in & out if you like.Watch & learn.

i have! ..... watch and learn from EME and VOG and Big Al! .....

i repeat; there is absolutely no need at all to be buying this stock at this time ...... though things MAY go right for PET at some time in the future, the unknowns are more than siginificant .... further, even if decent oil is found, it is still a long process from there to getting it out of the ground and to a refinery.

Iraq not waiting for HCL,gearing up to issue contracts using existing laws and imo PET will get something.Dig a spade in the sand you strke oil in iraq.Re-rating with proven oil reserves in ground well before production.Time will tell.