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tumbling again

is it time to get worried

scotty...i been looking at the number of buys each day this week...someone is hoovering them up....can't be long now either way...feeling confident if the present process continues..

watcher

i dont know

but volumes seem a lot less of last week or so.........and graph is going down and down......on 2nd stage down by looks of things

Look back over the posts and chart for 3 years or so, rumours of contracts, shares go up, contracts fail to materialise months after they should have, due to all manner of things, religious hols, D Horgon "dying in a car crash" etc etc, where is the HCL that should have gone through in September? down comes the share price. I'm not trying to be negative, I really believe PET will come good, just that if you are thinking of buying at well over 1, do your homework! I still believe they will hit 50p then I wil buy back in, if not I am in NPE & PXS. I'm not trying to be negative, just realistic.
Good luck to all those holding.
Chris

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http://video.google.com/videoplay?docid=-3589236097139993875&q=war+for+oil+2003&total=142&start=0&num=10&so=0&type=search&plindex=2

The moment of truth is getting ever nearer, I was under the impression that the HCL was to have been passed before the end of september, however by the end of the year (we are told) it will be passed, 6 weeks to go then.
2517

i hold my hand up now and re-confirm that i am not a fan of this stock ...... this is primarily because i am fed up getting burnt by minnow oilies and also because PET are attempting to operate in super-unstable iraq, albeit that in 3/5 years (if we're lucky) that may have changed for the better.

in the meantime, i post below a 6 month chart which rather disturbingly shows sp zipping south through both 25 and 50 dma without pausing for breath ..... not a good sign




could have posted much the same about FOGL, though in that instance, the great weakness is that the sp is totally dependent upon accurate speculation!

Security is improving.Wouldn't compare PET with FOGL.PET assured ratification Block 6 on passing of HCL.Waiting on news of contracts pre and or post HCL.

When PET awarded contracts re-rating sp follows on proven oil reserves.

Let's invest in a war zone. Erm, don't think so. ;-0

PET have been working in Iraq for a decade under SH & 5 successive governments!

PET has very successfully operated EPC - Engineering, Procurement and supervision of Construction contract at the Subba and Luhais (S&L) oil fields.Largest contract of its kind.

PET have also completed TCA - Technical Cooperation Agreement on the Merjan field.Merjan has 700-800 million barrels of proven reserves.Actual reserves are likely to be in excess of 3 billion barrels.In a TCA they do a study of the field using modern 3D seismic and work with the Iragi Ministry of Oil, doing training and transfer of technology. This allows them to design a plan for the development of the field. In addition, it builds trust between the parties.

PET have been awarded TCA & started work on another Dhafriya oil field.Dhafriya was mentioned at AGM & confirmed in Interims.

TCA work is partnered with ITOCHU one of the biggest Japanese trading companies & largest purchaser of crude oil.

PET were awarded exploration rights for Block 6 (Sunni) in the Western Desert.This is an unexplored area of Iraq estimated over 100 billion barrels of oil in the Western Desert.PET working there over the last 7 years 3-5 billion barrels of oil recoverable.Block 6 awarded in days of SH.Technocrats at the Oil Ministry have told PET title to Block 6 will be ratified by the government on passing of HCL.

Then you have Halfaya.We know that PET have been asked by those at highest level of MOI to have a look at Halfaya.More recently PET went to meet with Senior Iraq officials in Tehran mainly concerning oil fields in Iraq.Halfaya is in the south - Shia area.Halfaya gigantic company making with 14-16 billion barrels of oil.There are differences of opinion on how much can be recovered 4b low MOI estimate & 8b-10b ITOCHU I think.

Halfaya is expected to produce a minimum of 600,000 b/d and to produce for 30 years.

PET is able to work in Iran.An Irish company is a neutral country teamed up & partnered by ITOCHU Japanese neutral.Scales tip PET as favourites for Halfaya.btw PNG sister company works in Iran (Shia)

Reference has been made to a second giant oil field which PET has also been asked to look at.

If all of the above were not enough PET has been awarded Jordan PSA East Safawi (Sunni) which will come into its own 2008/2009.

In PET therefore you have in prospect billions barrels of oil, minnow to independent Iraq Oil company.

PET have raised funds recent placing.We know Founder requested placing- Gartmore buying back shares sold @ 60p for 115p.No cash problems as partnered by ITOCHU to be paid in oil therefore no dilution of shares.

David Horgan MD is impressive.Watched War for Oil video & UK Iraq Commision dozens of times.DH highly respected with qualifications to boot.He is one smart cookie.Trust & respect Company & management.

PET in line for PSAs probably by another name in respect of contracts awarded before HCL is approved.DYOR.

I work in the oil business and have done for 27 years. Over the past 4-5 years I've worked with numerous people and not 1 would go over there no matter how much you pay. Some might, but they're few and far between.


How you going to drill your wells without us?

Big Al,Don't need you thanks,you've hit the nail on the head neither you nor majors can start work immediately.*PET can.PET are in Iraq & working have been for 10 years.No problems South Iraq & border Iran.First mover advantage.Partner Japanese giant ITOCHU.btw PET sister company PNG working in Iran.

As an OIl man you will appreciate billions barrels of oil very cheap to recover,under $2 per barrel.

*"I was at the AGM. Extremely bullish. Halfaya talked about at length. 14BB field, estimated that 8BB are recoverable. Approached by Government at the highest level to look at field. It is a political decision. Want to be ablt to demonstrate that work can be done in Iraq. It is close to Iranian border and therefore off limits for most companies. Iraqi officials well aware that companies will sign agreements and then do nothing until security situation improves. That is why they will offer Halfaya to Pet. It will be a demonstrable success."

Block 6 awarded PET under pre-2003 SH.Take a look similar Block 8


"an official said the intent had already been conveyed to the Indian government"
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Baghdad won't hang up on RIL, ONGC deals sealed by Saddam
20 Nov, 2007, 0330 hrs IST,Rajeev Jayaswal, TNN
NEW DELHI: Reliance Industries (RIL) and ONGC combine may heave a sigh of relief as Baghdad has assured that oil deals committed in the Saddam regime would not be annulled.

While ONGC Videsh (OVL) may revive the contract for the Block 8 in the western deserts, this would also brighten the chance of RIL, OVL and Sonatrach consortium for getting the Tuba oil fields in which RIL and ONGC would have 30% equity stake each. While the agreement for Block 8 was signed during the Saddam regime, the Tuba deal was finalised in the same regime but it could not be concluded.

Stating that Iraq has assured to honour deals signed during the previous regime, an official said the intent had already been conveyed to the Indian government. Official sources in the petroleum ministry also confirmed about the Iraqi assurance. We have been told that the new oil & gas law in Iraq would have a clause that would protect deals committed by the previous regime. Prospective oil and gas blocks would be awarded through open competitive bidding process, an official said.

It is understood from sources that these contracts would be amended within the framework of the proposed Iraqi oil & gas law expected to be announced shortly.

Iraqi officials, however, cautioned that the federal government would not recognise any new oil deal with provincial governments. Referring to over a dozen oil deals signed by the Kurdistan Regional government (KRG) with international oil companies, Iraqi oil minister Hussain Al-Shahristani, on the sidelines of the third OPEC summit said that these deals were illegal. RIL has recently executed two production sharing contracts with the KRG covering petroleum exploration activities in the Rovi and Sarta Blocks in the Kurdistan Region of Iraq.

OVL had signed an exploration and development contract for the Block 8 in the western desert of Iraq with the Iraqi government owned Oil Exploration Co (OEC) on November 28, 2000. The contract was subsequently ratified by the Iraqi government and the same was conveyed to OVL in May, 2001 as the effective date for this contract. The work could not be started due to the UN sanction.

For the Tuba field, the consortium had completed negotiations with the previous Iraqi government but the deal could not be concluded due to the change of the government

http://tinyurl.com/2jg44o

if Al has hit the nail on the head, why invest at this moment in PET? ..... it may be wonderful in 2/3/4/5 years time, but meanwhile you are betting on hypothesis