I agree with you, Master. PET is the favourite to win the contracts as they have been in the region since its establishments in the 80's.

Rumours of a 'Major' buying out PET going around the City today.

Already known in the Oil industry that PET would be bought out, when the action started over Iraq contracts, sp should be back to 1 by Friday.

what major is involved? can u give any more info?

if pet is going to be bought out, then price must be massive as they are only western industrialised nation there and been there working for 10 years......so are hardly going to be there that long to be bought out for a few pennies.

Yes, thanks for the good news. PET would be a STRONG BUY at a cheap value of 60p

well they were 1.50 plus end of last year which is only 100 million ......so any major will need to give at least 2 esp if pet get decent amount of work from contracts. sp held up well under hammering today

if rumours of a major on scenes why then is the SP going down? even in todays market conditions rumour should surely make SP go the other way.

agree robert......dont know as i dont live in raghead city to listen to rumours.

i was talking about london by the way, lol

TheMaster - 01 Jul 2008 11:47 - 741 of 748
Rumours of a 'Major' buying out PET going around the City today.

nkirkup - 01 Jul 2008 11:52 - 742 of 748
Already known in the Oil industry that PET would be bought out, when the action started over Iraq contracts, sp should be back to 1 by Friday.
--------
It is Friday ?

thats why its up 3p today so far, lol

What a load of ramping crap

it could be a good long term punt though for the future

Like TAN was a few mnths ago...

boiler room share in the same stable as wad and afd. the company

As with all horgan/teeling companies, PETREL is nothing more than a gravy train for those running it. They sell a dream, and muppet investors buy it. In the case of PET that dream is well and truely coming to an end.

Chinese firms bid for oil exploration in Iraq
By Wang Ying | 2008-7-4

CHINA National Petroleum Corp, China Petrochemical Corp and two other Chinese companies will bid for oil and gas exploration rights in southeast Iraq as energy demand rises in the world's fastest-growing economy.

The two parents of PetroChina Co and China Petroleum & Chemical Corp, as well as China National Offshore Oil Corp and Sinochem Corp, have started to assess fields in Iraq, Zeng Xingqiu, Sinochem's chief geologist, told Bloomberg News yesterday.

China, which relies on imports for about half of its crude-oil needs, is seeking investment in overseas petroleum fields to satisfy growing energy demand from an economy that expanded 10.6 percent in the first quarter.

"Sinochem has completed evaluating 10 small fields in southeast Iraq," Zeng said. "The biggest risk is political uncertainty in that region. It's difficult to predict when we can produce oil from the fields."

The four Chinese companies are among 41 globally that have been allowed by the Iraqi government to bid for exploration rights, he said.

http://www.shanghaidaily.com/sp/article/2008/200807/20080704 /article_365607.htm


=========

The four Chinese companies are among 41 globally that have been allowed by the Iraqi government to bid for exploration rights,

PETREL ARE NOT IN THE 41 THAT HAVE BEEN ALLOWED BY THE IRAQI GOVERNMENT to bid for exploration rights !!

anyone look at the results..... PET forced to take on an a Eur 17m overdraft

4. Cash and cash equivalents

............................. 2007 ....... 2006
.............................. .................

Cash at bank.....6,710,767........9,450,875
Bank overdraft (17,033,795)...........-


Cash and cash
equivalents....... (10,323,028)...... 9,450,875



So they are in a net DEBT position of over Eur 10m

so going from 9.4 cash surplus to a 10.3 net debt situation in one year isnt worrying for PET shareholders ? That's a negative turnaround of nearly 20M.

The results RNS is a far cry from the ramptastic rhetoric PET used to publish in previous RNSs. Gone was the glowing text about how wonderful Iraq could be for Petrel. What great rewards PET will get from Iraq and the other rose tinted futuristic jam tomorrow waffle.

The RNS was in effect a preparation for shareholders to get ready for the day when they announce they are exiting Iraq as there is no future for them there. There days in Iraq are coming to an end... as has been stated so many times by the bears.

===

As a result, he said the company had diverted some of its attention to an advanced exploration project in Jordan, and said it would be keen to joint venture any drilling programme.

Friday, June 20, 2008

http://www.hemscott.com/ir/pet/ir.jsp?page=news-item&ite m=65115999192757

PET's work has now been seen for what it is. There is no place for non-value-adding middlemen. The Iraqi authorities can now see clearly that companies like PET have no in-house technical capability, and no worthwhile project management capability. Why waste more money on them? In fact, why pay them if the work they have done to date isn't up to the mark?