On 3rd July PFC announced that it was trading well ahead of expectations. Not surprisingly, sp jumped but has now fallen back pretty much to the same level as before the announcement.

While perhaps not as exciting as finding the next Cairn, remember that in the goldrush days, it was rarely the prospectors who made the money, but rather the suppliers of the spades and tents and stuff - e.g. Levis if memory serves me aright.

This tends to drop its drawers far more rapidly than pulling them up!

Indeed, the usual case of wheres the bottom, all the while oil prices stay at current levels and or stop falling is the obvious factor.

ouch

889p and still falling, I hope not many in over here

If this gets relegated from the ft100 surely the funds will be selling out.. or maybe they have already started.

thank goodness i only hold a few

Finished down just over 26% and maybe another down day tomorrow.

StockMarketWire.com
Nomura reiterates neutral on Petrofac, target cut from 1000p to 800p.

Definitely worth leaving this one alone to at least early next week what with the Opec meeting tomorrow.

:))

Down another 6%.

it's truly vile, but now too low to want to bite the bullet .... with PFC and TCG this week, it has not been a fun time

Agreed, but this one has a habit of storming back in time, just a matter of how much time especially in the oil related sector.

i wonder if it would be considered a target for anyone

Suppose it depends on the fella Agwar as he seems to own most of the shares if i'm not mistaken.

Think you'v got problems ,i ploughed in to Afren big time yesterday ,timing and wrong comes to mind .

i hold a few AFR, but am not at all tempted to buy more

I haven't held PFC for some time luckily and don't expect a rise in their SP any time soon but they will definitely remain on my watch list.

StockMarketWire.com
Petrofac has received an award notification for the first phase of Kuwait Oil Company's (KOC) Lower Fars heavy oil development programme. With a total project value of more than $4bn, Petrofac is leading a consortium with Greece based Consolidated Contractors Company (CCC) as its partner.

The scope of work covers greenfield and brownfield facilities and includes engineering, procurement, construction, pre-commissioning, commissioning (EPC), start-up and operations and maintenance work for the main central processing facility (CPF) and associated infrastructure as well as the production support complex.

This includes a pipeline of almost 162 kms which will transport the heavy crude from the CPF to South Tank Farm located in Ahmadi, from where KOC has the option to send it to the proposed Al-Zour refinery in the south of Kuwait.

The EPC element of the project, which includes 10 months commissioning and ramp-up work, is anticipated to be completed in approximately 52 months following which the plant will be turned over to KOC.

Petrofac and CCC will continue to provide an integrated team at the site for a further eight months to undertake operations and maintenance alongside KOC.

When fully operational it is expected that the initial phase of the Lower Fars heavy oil project will produce around 60,000 barrels of oil a day.

Timmy opens his wallet again http://www.moneyam.com/action/news/showArticle?id=4978700