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

you an expert at 'blowing' scotinvestor ? do you 'blow' your boyfriend.... he is waiting right now to be 'blowed' ?.... go on relax and give him a good blow.

its very dangerous blowing

I see ADVFN is down so the bashers have moved over here. Hi exile etc, LOL

FINANCIAL MESS

PET forced to take on an a Eur 17m overdraft

4. Cash and cash equivalents
................................................2007........ ......2006........................................................... ............
Cash at bank.........................6,710,767.......9,450,875Bank 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.

http://www.khaleejtimes.com/DisplayArticle.asp?xfile=/data/b usiness/2008/June/business_June718.xml&section=business

"We chose 35 companies of international standard, according to their finances, environment and experience, and we granted them permission to extract oil," Asim Jihad, spokesman for Iraq's oil ministry, told AFP.
Why would they choose PET for any exploration contract when they now have an abysmal financial situation ?  So pretty obvious why PET are not on the list.  Not to forget they have ZERO experience of exploring or discovering any oil.... not a single drop of oil to its name.

why would ANYONE give them a contract now ? They are in a financial mess. No NET cash. BUT in net debt. One of the conditions of awarding contracts by the IOM is that the company should be financially sound. PET is anything but that. Not to forget they are in dispute with the IOM.... you really think the IOM would even contemplate awarding PET any new paying contracts ?

PET ARE FINISHED IN IRAQ !!

fusebox - 04 Jul 2008 22:42 - 761 of 774
8para
its a dog. PET has got nothing going for it.
------
you and pet have something in common then (sad git)spending friday night alone at your pc, ring the samaritans they will chat with you.
go on you know you want to

says the one who is posting on a Saturday...

someone who doesnt post on these boards would call you a mega 'sad git' for ever spending time posting on these boards.. let alone on a saturday...... what a hypocrite !!

Technically PET are insolvent and still trading which i'm sure is illegal. I know of some large long positions who are aware of this and, even though they are not telling, I'm convinced they are drip feeding stock into the mkt to unwind their positions, hence the drop. There's little doubt in my mind that we will see 20p soon because these people have huge amounts of stock to get rid of. Reminds me of VOG another ADVFN hype, but at least VOG have some assets and are producing and - last time i looked - have little reason to anticipate extinction. PET isn't for widows and orphans, it's for lunatics with no respect for their own money. It's a disease. PET has bankrupted two people in the last month - If only their families knew the truth.