afternoon Peter .... golf today? ..... confess i am trying hard to find some stocks to (perhaps) short rather than to buy .... with regards to oilies, is seems to me that the better companies - e.g. those that are decent producers such as PMO, IEC and the like are still trending up, whereas the majority of E&P companies are in reverse ..... would you concur?

I don't think you can go too wrong with the producing companies Richard; we're not making any more oil and the bigger companies have the clout to buy what is there to increase turnover and profits. The E&P outfits are clearly very hit and miss and picking the right one is akin to sticking a tail on a donkey, usually literally. I guess in these volatile markets, speculative stocks will be hardest hit, whilst the wise money reverses into blue chips until calmer conditions prevail. AIM is certainly out of favour at the moment and has been for over a year.

(No golf this weekend, a tadge too wet for my liking)

dry and sunny yesterday and dry but windy today ..... of the better E&P companies, i think EO. is worth considering, especially if sp drops back to around 40 .... am considering shorting WPP on the basis that advertising is usually one of the first targets when cash gets tight

Adding to this little debate, apart from energy stocks (oil, gas, mines and palm oil), there little to cheer about, my little porfolio looks like this : oil oil oil oil oil oil, mine, oil oil oil oil oil tech, mine, oil oil oil oil.

So it appears that lex1000 has sold his holding. I may be wrong but last week seemed to be slightly higher volume than of late and whilst the sp was weaker there were a considerable number of buyers out there, I get the feeling we are not too far away from news, BWDIK. I'm still hanging on to PET in the hope that greater things are ahead. Good luck all.
2517

Service contract deadline out to 18th February from 31st January.
2517

if that is a delay in an announcement, that is never good news

cynic, no it's an extention, allowing international oil companies a bit longer to get their bids in for service contracts.
2517

Oil Ministry signed a contract with Japanese companies to extract oil Quality

Said Mr. Ahmed Sheikh Ali deputy governor of Dhi Qar to our correspondent (contract has been signed with Japanese companies to extract oil and identified places satellite in hand Gharraf will direct the work through in 2008. Been signed by an Iraqi delegation representing the Ministry of oil.

http://translate.google.com/translate?hl=en&langpair=ar%7Cen&u=http://nahrain.com/news.php%3Freadmore%3D603

Bids have to be in by this time next week then hopefully, after a short period of time the contract news will be announced, and even more hopefully something decent will be awarded to PET.
2517

horrid looking chart considering that most/many oilies have been doing pretty well of late ..... top side currently looks no better than about 94

Just a question of awarding those contracts now.
2517

Afternoon all.

2517, I have a different view, based on latest press releases in local Middle East press.

Whilst over 70 international oil firms have registered to compete for oil service contracts this will take months to review, agree a short list, tender, review and then finally (possibly) award. This is however only for 'existing' fields that require remediation support and not new field development.

According to the reports, the Iraq Oil Law is stalled with no end to the impasse in sight. The argument is still between Central Gov and Kurdistan Regional Gov. With 4 drafts already written, they are now arguing over specific sticking points.

I am not saying it's not going to happen, only that the timeframes are not to 'Western' timetables.

Hope you appreciate the viewpoint. I can scan and sent the articles if you wish.

Darradev, --- very much appreciated thanks, although it's not what we want to hear, you are almost certainly correct in relation to timeframe, like a lot of resource stocks we seem to need infinite patience. My simplistic view of just waiting for the contracts to be awarded probably stems from running out of patience. No need to send the articles, thanks again.
2517

possible support level here? ..... however, latest news indicates no hurry to jump in ..... indeed, as have always said, it's a long long way from signing contracts etc to extracting

Nice rise today, (so far) no news out, perhaps some more negative comments will help push it up further ha!ha!.
2517

the support i suggested has shown to be exactly that ..... whether or not the rise can be sustained is another Q

Hi 2517, some incoming 'Neg' News for you.

Turkey is considering ground operations against PKK rebels in Kurdistan,
Karbala is likely to be put under a massive security clampdown at the end of a forthcoming holiday period.
US helicopter shoots some of their 'friendly' supporters south of Baghdad

but, on the 'Pos' News side...

Iraq airways may buy 44 new and used planes from US Boeing.

Hope it assists. :-)

Darradev------cheers, sorry to hear about the yanks and the 'friendly' fire though.
2517

I think it was a bit of a 'misunderstanding' with a local mob. 3 dead, 100 plus spat the dummy in protest for a few days and then came back to support the cause.