Not in, but this has shot up.....a real gamble this one : could remain at low levels for a year or so or rocket in an instant if they are awarded anything.

I've been watching as well, been a dog for me due to my greed sometime back, maybe something positive coming out after all, but I won't hold my breath.
2517

seemingly 10x normal volume on a very quiet day
however, with a quote of 29/33 this remains a very dodgy outfit in which to invest - sorry; gamble

Do I detect a mellowing tone?
2517

not a lot but curious nevertheless

almost whole of yesterday's gain already lost, and that is just mid/mid, for spread remains its customary silly self

MM's seem to be doing everything possible to temp Pi's into shares before dropping the price. I've noticed for some time now, tiddlers going up one day and reversing the next. This market is evil and a minefield for PI's who continually put good money after bad.

Quickest way of losing your money in my opinion!

There was certainly much higher volume with yesterdays 30% sp rise, no suggestions of why, maybe PET being paid (at last) by the authorities for work done, but whatever the reason the sp retreat today would indicate a lack of conviction. Of course it may be just normal profit taking during a massive upward run, now that would be nice. (Everyone has a dream)
2517

From the Express 'Petrel Resources close to agreements to move ahead with exploration projects' Explains the rise in sp yesterday.
2517

PET always say this but then nothing happens.

Cynic,

What was you saying about PET being dead in the water ?

Wow up 40% this is a great share.

It wasn't but it should be now as long as promises aren't broken : 10 % of production......that is fabulous.....the sp could carry on rising for several days now...jumped in but did not get the best price....

I've been in these for a very long time and this IS good news and I hope you're right rf, I wouldn't object if they rose for several weeks.
2517

Pulled back a bit, but few people will have read the news....if the project takes off and I now think it will, Petrel will have one hell of an income coming in, in a few years time !...

And there will be comment in the city pages tomorrow.

Good luck to all holders its looking great now.

Monday, April 26, 2010

Petrel Resources settles Iraq issues
by Jamie Ashcroft


Petrel Resources (AIM: PET) has cleared the way for its expansion in Iraq, returning its attention to its primary field of expertise oil exploration. Petrel today announced it has resolved all the outstanding issues in relation to the Subba and Luhais oilfield development, with a new deal struck between Petrel, Makham - its Iraqi partner - and the Iraqi Ministry of Oil.

After twenty months in hiatus, the Subba and Luhais oilfield development in Southern Iraq is set to re-start shortly. And through the new deal Petrel will receive a total cash payment of US$7m and, crucially, it will retain a 10% profit-share from the two oilfields whilst having no further liability or exposure to the project.

Investors on London AIM market have embraced the news as shares surged over 40% in early trading, reaching 40p per share.

The company has already received the first cash payment of US$2m, and the remaining US$5m is expected through scheduled payments, in two tranches over 12 months.

Petrel now passes primary responsibility for the final phases of work to our Iraqi partners. We have effectively swapped Petrel's 50% holding for a 10% profit interest. This removes all uncertainty from the contract, Petrel MD David Horgan commented.

Petrel is an oil explorer, not a services contractor, so we are pleased to be able to refocus on growing our exploration interests in Iraq, which in our opinion remains the world's best oil province."

In a note to investors, London-based stockbroker Astaire Securities noted that Petrel will be relieved to have reached a settlement and the US$7m cash payments leaves the balance sheet in much better shape, as the company shifts its focus on winning E&P contracts in Iraq.

Horgan highlighted that this successful resolution, against a challenging background, reflects the goodwill and determination of both the authorities and its Iraqi partners, to overcome all obstacles in realising Iraq's great potential.

Going forward, the Petrel/Makman joint venture will now complete the oilfield development, with Makman assuming primary responsibility for the final phases of the work, including bulks procurement and implementation. With no further liability for the Subba and Luhais fields, Petrel will now turn its attention to exploring the oil-rich region.

Petrel was initially established in the nineteen-eighties and it has long been a fixture of the AIM market after it joined the LSEs junior market from the old OFEX market in 2000.

Yet another example of where PI's are getting stuffed by the MM's. Open much higher, get the PI's on board then drop the sp so they are trapped for weeks/months or they have to sell for a loss.

Seen it over and over again the past year or so. In this market the golden rule is let the sp drop right back before getting in and resist buying-in based on the fear that you're missing out.