i'm still waiting on that spike up

Ramp over?

Added some more this morning. 4k @ 124.6p within 123p to 127p buy/add range sp back testing 25 sma.Trend is up.

Buy the dips & add on weakness.aimvho.DYOR.

Market maker buying.Tick up^

DJ Iraq, 5 Oil Cos To Sign Tech Support Deals By Dec-Oil Min

AMMAN (Dow Jones)--Iraq's government expects to sign oil technical support agreements with five international oil companies before the end of the year, Oil Minister Hussein al-Shahristani said Friday.
"We're going to sign these agreements with five oil majors," al-Shahristani told Dow Jones in a telephone interview from Baghdad, but declined to name the companies involved. Some of these agreements would be signed within the next two months, he added.
These new agreements would help increase production in six Iraqi oil fields - Rumeila South, Rumeila North, Zubair, Subba/Luhais and Missan in southern Iraq and Kirkuk oil fields in the north, he said.
Al-Shahristani declined to give details on the cost of the technical support deals, but said they would be small contracts financed by the oil ministry.
The contracting companies would provide technical support, expertise and equipment to redevelop these oil fields, which are already producing.
These technical support agreements would be the first step before awarding service contracts to develop oil fields, he said.
Al-Shahristani said the ministry expected to issue the first round of tenders for international oil companies to develop its existing fields by the end of this year.
ENDS

Petrel has been active in Iraq for the last decade. The successful management-PET of the large Subba & Luhais oil field development in Southern Iraq....SEE PREVIOUS POST

HCL VERY CLOSE

Iraq security head: Oil law blues a deal
Posted : Fri, 05 Oct 2007 21:19:58 GMT

WASHINGTON, Oct. 5 Iraq's national security adviser says a deal is "very close" on a federal oil law -- one where "everybody goes home partly unhappy."

Mowaffak al-Rubaie was largely optimistic Friday in a speech during a Washington visit, including on plans to protect and bolster the crucial energy sector.

The most prominent part of this has been a national oil law. It's stalled in Parliament over concerns private and foreign companies will be allowed too much access to the currently nationalized oil sector and a larger debate over how much control the federal, regional and provincial powers will have.

"I wouldn't like to say the hydrocarbons law only needs to cross the t's and dot the i's," Rubaie said at the Center for Strategic & International Studies, a Washington think tank. "We have been saying this for long. But I'll tell you what: There is a huge pressure from everywhere, inside and outside the country."

The U.S. government has pushed the Iraqi government on passing the controversial law both publicly and behind closed doors. It is billed as a way toward reconciliation, since sales from the world's third-largest reserves last year brought in 93 percent of the federal budget.

"We need to apply more pressure, on everyone, to agree on a compromise hydrocarbons law whereby all parties go home partly unhappy," Rubaie added. "That's the best compromise I think, whereby everybody goes home partly unhappy. And that compromise, I think we are very close to that. We need some tweaking on that."

He said the debate is more a constitutional one than political. The Kurdistan Regional Government interprets the constitution whereby federalism is decentralized. Many more nationalist blocs in government want the central government to set oil policies.

This week the KRG signed two more oil deals on their own with foreign firms. These and many others it has signed are considered illegal by Baghdad.

Ben Lando, UPI Energy Editor

Copyright 2007 by UPI

http://www.earthtimes.org/articles/show/119608.html

Oil security improves, Iraq chief predicts
Posted : Fri, 05 Oct 2007 21:45:53 GMT



http://www.earthtimes.org/articles/show/119615.html

Baban, a Sunni, calling for the speedy adoption of the Law of the national oil and gas.
____________________________________________________________________________

Political first: parliamentary and governmental sources: Kurdistan oil contracts illegal

Baghdad-Sabah
Said a member of the Committee of oil and gas in the Iraqi Parliament Jaber Al Khalifa that the contracts signed by the government of the Kurdistan region in the field of oil with a number of foreign companies illegal

And Khalifa said in an interview with "Radio SEWA" The government of the Kurdistan region exploited some loopholes which allowed her constitutional signing such contracts.
The Kurdistan Regional government had announced Wednesday that it approved four contracts for the exploration and production of oil, and also approved two projects to build new lines in the province. In turn, the Minister of Planning Iraqi Baban in an interview with the (Radio SEWA) that the Iraqi Oil Ministry would discuss the legal contracts entered into by the government of the Kurdistan region. Baban said that the text of the Iraqi Constitution, which gives authorization for the Kurdistan region for the disposal of the oil wealth is still the subject of controversy and debate, calling for the speedy adoption of the Law of the national oil and gas.

http://www.alsabaah.com/paper.php?source=akbar&mlf=interpage&sid=50381

The end of Ramadan 13th. October 2007.Time when all good news released.......diary watch 13 October onwards.Next week-end possibly a special one? Contract news anytime October-December.

.

Hatto - 9 Oct'07 - 22:43 - 8238 of 8238


DCD......

1. The Iraqis will pass the HCL that is certain IMHO.

The SP is likely to rise when the HCL is being debated.

2. S&L will be upgraded to a Technical Agreement & announced this year (whatever that means).

3. Block 6 will probably be confirmed this year.

4. From the interim results....

* Continued strong relationship with Iraqi Ministry of Oil
* Passing of Hydrocarbon Law will allow application for Production Sharing
Agreements
* Strong progress at Subba & Luhais field: completed surveys and initial
delivery of equipment underway
* Successful completion of Merjan Oil Field Technical Co-operation Agreement
(TCA) in partnership with ITOCHU
* Awarded a TCA over the Dhufriya oil field in Central Iraq, to be carried
out in partnership with ITOCHU

5. Plus we have Halfaya.

---------

6. Plus we had the Director options....200,000 @ 131p last week.....Would that be granted unless the PET board were convinced that PETs SP was likely to rise on the back of contracts.

7. We have East safawi in jordan, drilling to start at end 2008/early 2009.

8. Plus we have very few competitors with any Iraqi experience.

9. Plus we have successfully worked with the Iraqi for 10 years & over the past few years at S&L.

10.Plus we know that DNO were offered 350M for its fairly iffy assets/contract awards in the Kurdish North. If PET gets half what we hope for then I see a 350M market cap on the cards for PET.

11.Plus PET has a good working relationship with Iran. PETs major potential play at Halfaya is on the Iranian/Iraqi border.

12.Plus PET is prepared to start work straight away & not sit on any contract award.

-------------

I feel very positive on PETs SP prospects, but of course I am biased & may be wrong in my reading of the situation....But I don't think so.

Any thoughts on pets...is it worth buying at 1.30 mark?

Background to placing @ 115p.

http://www.advfn.com/cmn/fbb/thread.php3?id=15250788&from=9155

mclellan - 16 Oct'07 - 15:24 - 9155 of 9218

And, as if by magic!!

David Horgan (dhorgan@cooleywhiskey.com)
Sent: 16 October 2007 14:18:41
To: Fiona *********@hotmail.com)
The placing was at the request of a founder institution that wanted to increase its stake. I called around the other institutions and all paricipated. This should show sceptics that Petrel is well supported.
Regards, David Horgan
-----Original Message-----From: Fiona ********@hotmail.com>Date: Tue, 16 Oct 2007 13:41:02 To:David Horgan Subject: Share Placing
Dear David
I see there has been a placing of Petrel shares, amounting to about 4-5%. Presumably these shares have not gone to one 'institution' since there has been no RNS for an over 3%new holding. Would Itochu be alowed to take part in a share placing..or is that a 'secret'?
Best wishesFiona

http://www.advfn.com/cmn/fbb/thread.php3?id=15250788&from=9173

mclellan - 16 Oct'07 - 15:46 - 9173 of 9226


I replied to David and received this:

De Beers is a great company and generously financing AFD. Yet the market perceives that they control AFD. We want to use Itochus credibility and balance sheet, without a similar effect.
Regards, David Horgan ----
-Original Message-----From: Fiona ********@hotmail.com>Date: Tue, 16 Oct 2007 14:33:36
To:David Horgan
Subject: RE: Share Placing
Thanks, David
Yes, De Beers seem to cause their problems. I see some big B trades on AFD yesterday and that FDI have sold their stake.I am hoping that the Iraqis will get around to looking at the HCL in their next series of meetings, now that Ramadan is over, Eid is celebrated and consensus is building!Hope things are going well 'on the ground'.
Best wishes
Fiona

samforever - 13 Oct 2007 15:35 - 292 of 294
Any thoughts on pets...is it worth buying at 1.30 mark?

Link to more research:
http://www.advfn.com/cmn/fbb/thread.php3?id=15203266

General advise buy the dips & on weakness.DYOR.

For information only.

chway14 - 18 Oct'07 - 10:14 - 9577 of 9594


Another promising reply from PET.
Below is the reply to my e-mail


We went to Tehran mainly to meet senior Iraqis.
Itochu is sending a high level delegation specificall to meet petrel.

________________________________

From: John Teeling
Sent: Thu 18/10/2007 08:28
To: David Horgan
Subject: FW: petrelresources.com RF:f51c055





-----Original Message-----
From: petrelresources.com cf [mailto:info@petrelresources.com]
Sent: 17 October 2007 19:32
To: Petrel Resources (info@petrelresources.com)
Subject: petrelresources.com RF:f51c055

\\ Contact Form:
Site: www.petrelresources.com
Name: John

Date: 17/10/2007 19:32:12
\\ Message:
Attn. David Horgan.
Dear David,
It was reported over the weekend that you were in Iran on Saturday.
Are you contemplating extending your oil explorations into Iran as well as Iraq and Jordan,or could it be that you were discussing oil fields close to the Iran/Iraq border.
Another point is the Itochu visit you mentioned this week,are they actually visiting Petrel Resources or just Ireand in general.
If positive,I think that both the above points bode very well for Petrel.
I like the way you have handled the recent placing.
Looking forward to an interesting reply.
Kind regards
John

Sharing post with MoneyAM with any who might want to read it or not.

barkerman - 18 Oct'07 - 11:12 - 9617 of 9622


This is a good read from fyb contributor.MIT.







Moneyintransit
Gold Contributor



Joined: 02-Nov-04
Location: Ireland
Posts: 343 Posted: 18-Oct-07 at 08:02 | IP Logged

--------------------------------------------------------------------------------


I don't believe a 3m additional shares by the institutions would realistically be possible through normal trading. I feel very positive about this development. Below is an email I sent to family and friends who are also in Petrel.

***********************************************

Hi All,

Petrel's official announcement yesterday about the placing of an additional 3 million shares is very positive news.
For those of you that missed it I'll will copy it here below my own message, as well as an email reply from David Horgan (Managing Director) to a question from a shareholder about this placing.

First of all the announcement, which states:
The net proceeds amounting to approximately GBP 3.5million will be used to take advantage of selective opportunities when they come available
following the imminent passing of the Hydrocarbon Law

There are 2 very positive indications in that line.
They mention the IMMINENT passing of the Hydrocarbon Law:
With Petrel's good contacts within the oil ministry this means that they still believe that this law is getting close now.
They also mention that the funds will be used to take advantage of opportunities when they come available following the passing of this law.
WHEN.... they come available..............not... IF...... they come available.
Another positive indication re-confirming that Petrel is still anticipating that they indeed will get a contract following this law.

So all in all a re-confirmation of the expectation that the law is getting very close, that Petrel will most likely get a contract following this law, and they have an additional 3.5 million GBP as working capital.


Then the email reply from David Horgan.
He explains that the additional shares were placed AT THE REQUEST of an Institution that wanted to increase it's holding in Petrel.
So the Institution (Gartmore is mentioned in a press article today) actively approached Petrel to ask if they could arrange a substantial number of additional shares for them because they want to increase their institutional investment in Petrel.
And with the significant size of their desired increase in investment, this could only be achieved by an additional placing.
An extremely positive development that a large Institution like Gartmore wants to increase it's holding in Petrel.
That states a lot of confidence.
Later on followed by other Institutions, as you will see in the email !
This re-confirms that the professional institutions still have very positive expectations about their investment in Petrel.
You could add to that that the timing of their increase might not be complete coincidence, just before the passing of the law.

And before I forget, David also mentions in his mail that ITOCHU, the Japanese oil multinational and Petrel's guaranteed funder for USD 200 million for projects in Iraq, is visiting Petrel in Dublin this week.
Would the timing of their visit be coincidence, just before the passing of the law ?
It could be a polite visit, but I rather think this is to discuss specifics now that the law is close and work needs to be prepared for near future ?



At the end of this week, the holy Muslim holiday "Eid" will be finished.
Personally I still think some very important development could come soon after the end of this parliament holiday, when they can start working again.
So maybe the end of October a big move in the share price is still possible ?

Anyway, everything is coming more and more together :
Institutions that increase their investment in Petrel at this very moment / Oil law imminent / ITOCHU in Dublin with Petrel / several emails from David Horgan over last 2 weeks indicating that Petrel's excellent chances are still on track.
So even if it won't be by end of October, it will certainly be before the end of this year.
Even think of end of first quarter 2008 as the ultimate delay.
But by then we will see at the very very least 3 times the value of today.

So keep the faith.
I don't want to tempt faith, but if you're clever start putting some champagne on ice !!
Good Luck

Monitor & keep close watch on PET coming days & weeks.

Read that Zak Mir latest target price for PET is 190p...next few weeks watch for breakout next leg up

but not today i suspect!