Dont know Itochu do they have the expertise to develop a large oilfield?

at least 632 offered some hope!

halifax check out Itochu website http://www.itochu.co.jp/main/index_e.html
They launched upstream activities in 1970 they're a large Jap. conglomerate. They are also one of the largest traders of crude oil in the far east.

cynic----If it had not been for that hope the sp may have got to 130p, more negativity required from you please.
2517

it can be arranged - lol!

What a cracking performance today, thought there may be some weakness towards the close, but PET finished at their high for the day, excellent. Thanks cynic, I'll give a shout when I need some of that 'out of character negativity' from you.
2517

2517 have Itochu actually developed an oilfied, do they have drilling experience? If not then PET will have to find another partner? Personally I feel this year will see the fruition of all the effort PET has invested in Iraq.

halifax----I believe PET have the necessary expertise, so I don't see the need for another partner, but I'm no expert.

Reference the fruits of their labour, I believe that once they start earning, the rewards will last for many years, and as shareholders we will partake in those rewards. D Horgan reckoned if the contracts go PET's way then it's telephone number time.
2517

Well done guys !

Another good day here-don't miss out!

though i applaud those who hold, i do not think today is the day to jump on board ..... too far too fast comes to mind, and a pull-back may easily be imminent

Missed the rise here, the company needs some survey results over whatever blocks they have, then there could be some big climbs, (with drilling to follow), perhaps some way off yet...in the meantime, you might get Evil Knievil about to short again...!

caution says you're right cynic--there are always those happy with a few pounds profit. but with expected new contracts imminent according to those fans who are doing research by the minute! the sp could rocket any day-the next cairn is the comparison. I'd like to trade but am nervous to be out!!

i agree ... if you hold, then stay put ..... but to put in new money would be a brave call

They are a long way off being the next Cairn, you can always say that you have blocks in Iraq (sounds good), but it is surveys and drilling results that count...there are parts of the Saudi desert where there is nothing there !

don't forget Jordan and Iran they have deals there as well.

Ah yes..there are parts of Jordan and Iran, where there is nothing there !

I think that is where Saddam used to keep his CD's..

In Iraq...

'I'd like to trade but am nervous to be out' exactly how I feel, this is the 3rd time PET's sp has got this far, it's peak is the high 150's so maybe that's where it's bound, I know if I sold out the sp would take off so I'm staying put, the potential is huge.
2517

The potential could be huge as long as they get ground where there is oil, and they are not the only oil company in Iraq, we need surveys and drilling dates...

rf they have been preparing the ground for 15 years using Iraqi employees and even got contracts under saddam in 2002. They have been given permission to reopen negs on these contracts and are expected to be on the list of preferred bidders to be out next month. This as I see it is why there is so much excitement as there are massive oil reserves in Iraq.