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?

aye it does look a bit wobbly right now.

8para

its a dog. PET has got nothing going for it. Its owed millions of quid from the IOM. Money which the IOM are witholding because of a dispute. PET have made a balls up of their work in Iraq - and so the IOM are withholding payment. PET are in dispute with the very people they want to get more contracts from.

PET is finished in Iraq. The share price has more than halved from its peak of 130p not so long ago (feb). When its confirmed that PET arent going to get no more contracts in Iraq... i expect the share to crash to below 10p.

The stock is ramped endlessly by clueless muppets, mostly on advfn. But they will realise very soon its game over for PET.

the rns was out ages ago....why u on posting history?
i've read all these comments before too fusebox......so not sure who u r copying from.
actually iraqi authorities r pleased with their work....hence they gave them additional work on another field.
if u r a shorter, then p??s off......shorters want to destroy britain let alone iraq....as they r destroying financial basis of uk shares hence no money markets.....i'd round them up and......

fusebox

i think you may be onto something there

ages ago ? it was in the results. They havent been paid... they have had to resort to an overdraft...to keep them going. IOM are withholding payment - FACT

the work was NOT addtional.. it was an extension ... IOM are NOT paying any extra for the work..... PET could NOT deliver on time.

The PET-Makman JV has spent in excess of $60m (but the $20m initial payment appears to be the only one to date).

The performance bond expired and was not renewed by Makman or the JV. There seems to be so some kind of dispute within the JV over payments.

The Letter of Credit has also expired and, until the performance bond is renewed, there appears to be no mechanism to pay the $35-40m owed to the JV.

The Basic Design Package has been approved, but the JV hadn't received the milestone payment prior to the performance bond expiring.

The General Electric (GE) compressors have been delivered to Iraq, but the JV also hadn't received payment prior to the performance bond expiring.

sounds like a bunch of trouble

keep posting.....spend all your life posting.....dont have a drink....keep typing fusebox.

somone needs to educate thick muppets like you.

they say education is free

but in this game its normally very costly

blow yourself up fusebox