fusebox - 04 Jul 2008 22:42 - 761 of 774
8para
its a dog. PET has got nothing going for it.
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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.

Well said Self !!

the balance sheet clearly shows they are in one big mess.

The share is artificially held up by mug punters. The vast majority of the stock is held by PIs. And naive PIs have been sucked in by the rampers. Each time Horgan replies to a ramper (namely mclellan, hatto and a few others) - Horgan replies with the usual vague rose tinted general crap..... the rampers post it on the boards.. and the mugs buy.. and you can see the share rising... BUT now its all changed.. its having no effect and the penny has dropped. PIs are finally clocking and realising PET's days are numbered.

And notice how Horgan said they wont be bidding for "service" contracts. Yet PET recently bidded for this contract :

http://www.bseindia.com/xml-data/corpfiling/announcement/BGR_Energy_Systems_Ltd_050608.pdf


The guy is a bullshitter !! Like Horgan said they would be drilling in Block 6 in April 08.


LOL

"PIs are finally clocking and realising PET's days are numbered." - i'm not sure i'd agree fusebox. I am amazed at just how deep the delusion has sunk in. Yes, there are a couple of big holders who now have doubts but the majority are holding to their fantasies even as their positions sink into the red by the day. I don't want to name names, as I don't want to give a clue as to how I know, but there are people in serious financial trouble who are beyond talking to. It's very sad when you hear of people losing their homes and life savings on this crap. Horgan is only getting away with it because it's AIM. Reading the PET thread on ADVFN used to be an entertaining lull in-between trading sessions but it's actually becoming disturbing (certainly McClellan is) when you know the reality.
Have a good weekend.

fusebox
} = The MUPPET SHOW
Self19

..

Who does Pet have the loan with and how much are they due from work done?

troys
page 39 : "The project is financed by a letter of credit, of which the amount outstanding at year end is 17,033,795 to the Trade Bank of Iraq"

Trade receivables 28,950,934

Trade receivables relates to amounts billed in respect of the Subba & Luhais development services contract during 2007.

page 40 of the annual report :

Bank overdraft 17,033,795

The bank overdraft represents the amount drawn down on a letter of credit which is in place in respect of the Subba & Luhais development contract.

page 39 :

Included in the Group trade receivable balance are debtors with a carrying amount of 23,528,278 (2006: Nil) which are past due at the reporting date for which the Group has not made any impairment provisions as there has not been a significant change in credit quality and the amounts are still considered recoverable. The average age of these receivables is 151 days (2006: Nil).


so they are owed 23,528,278 by the IOM which is effectively in dispute.

thanks fusebox. Why is it in dispute?

there were errors which caused the dispute and non-payment of invoices, although they were not the Iraqi Oil Ministry's fault:

1. The invoice raised by Petrel for basic engineering specified payment to be made to Petrel's bank rather than the JV bank account under Makman's control. The Iraqi Trade Bank (imo correctly) refused to pay because it contravened the Letter of Credit terms.

2. There was also a disagreement with Makman about financing the approx. $150 million of remaining procurement. The JV agreement with Makman requires it to be funded 50/50, although Petrel wanted Makman to fund 100%.

3. Makman managed to raise finance for the purchase of the GE compressors, but Petrel withheld the shipping documents required for Makman to get re-paid.

4. When the letter of credit expired in December 2007 (which was not reported to the shareholders), Makman refused to extend the performance Bond required to get the letter of credit re-activated.

5. Petrel can dissolve its JV with Makman, and lodge a new Performance Bond to get the letter of credit changed into Petrels name. David Horgan has objected to having to pay the high costs for the bond to be re-issued.

The S&L nonpayment business hasn't just happened recently! The dispute between Makman, PET, and SCOP seems to have been on going for at least 18 months.

Why have PET denied this up till now?

Those that are now trying to say the delay in paying PET is just down to procedure at the IOM finance dept. are talking through their arses! It is nothing of the sort!!

Jeez fusebox ... you are one serious nutcase , ive just read through your posts and you really are skirting on the edge of slander.

you really should use in my opinion more often ,

id look in the mirror and ask yourself why you are spending your life on a bb instead of enjoying life, most pet holders are probably outside in the fresh air or enjoying their families.

your very sad

oh forgot to mention why i am actually here, i dont hold pet but intend to buy tomorrow,

ive heard good news is on the way very very soon.

i dont hold pet but intend to buy tomorrow,

acccendo, good for you.. i think you'll find it impossible to buy tomorrow, especially being a Sunday.

Certainly buy on Monday... if you like flushing money down the loo.

by the way aaccendo.... most people who dont even post on bulletin boards could ask you the same question as to why you even bother reading or posting on such boards... they would could you very sad as well !!

Hi guys,
Fusebox is obviously plucking figures from the sky.

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.



To clear the situation, there is no overdraft at all mentioned in the final results. He is just trying to short PET with slander.

Read the final results below:

http://www.investegate.co.uk/articlePrint.aspx?id=200806200700051416X

hlyeo98 - you silly muppet.

that's where I got the overdraft figures from you idiot.

check it out yourself :

http://www.investegate.co.uk/articlePrint.aspx?id=200806200700051416X

its at the bottom of the page, under :

4. Cash and cash equivalents


AND its also in the annual report...I've given the reference you ignoramous :

page 40 of the annual report :

Bank overdraft 17,033,795

The bank overdraft represents the amount drawn down on a letter of credit which is in place in respect of the Subba & Luhais development contract.

==========

and 'slander' is spoken.... libel is written... which I have done neither !!