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 !!

im in a meeting monday and will be placing an order tomorrow ...

if you have to pick

also ..... it took me 10 minutes to read your rantings , and then post, hardly sad .

sad is sitting here refreshing every few minutes and posting your rubbish, ive seen you on advfn aswell, youve obviously got a large short in and i can tell you with all honestly your going to really lose alot of money early next week if what im hearing comes to fruition.

right im off to enjoy the rest of my evening with my family in my lovely home ...

seeya loser.

the interest on a 17m overdraft must be above 1m per year?

8para.... too right.... aaccendo thinks its a good thing... hence he will be buying Monday.

8 0'clock on a saturday night and the muppets were still at it,
oh poor little things it is so sad. (8<)

moormoney - 6 Jul'08 - 12:03 - 63806 of 63811

Has anyone seen the posts from Fusebox on an ADVFN competitor? They make worrying reading and are very damaging to PET---I'm wondering if the company has a case against him.


Moormoney, I challenge you to state what have I said that is libellous. If its damaging then so be it. I posted stuff that is directly from the annual report. And it has been damaging..... the share price has halved from its recent highs.

georgeski - 6 Jul'08 - 12:45 - 63810 of 63811


fusebox is on the other thread under another name. I read his posts on mone*am, and he is either working for a competitor or a blatant liar. He should be made to put up the proof of his outrageous allegations or done for libel. In none of his posts does he say this is only my personnel opinion, so he is done for.


You as well george, what have I stated that is libellous ?.. come on... put up or STFU !!

EVERYTHING I HAVE STATED ARE FACTS - FROM THE ANNUAL REPORT !!

there seems to be a lot of ranting and raving here .... imo, there is patently no rush to buy this stock, EVEN IF they secure some sort of licence to dig holes in the sand ...... it ius a racing certainty that the oil companies will not be feather-bedded but will actually have to risk plenty for any reward

Decent volume this morning.
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