Petrel Resources Share Discussion Threads

[lithological heterogeneities] 13/9/2020 19:38

So we must be close then :0)

[kdickson] 13/9/2020 19:30

So, 19 years of accrued knowledge on the area :). No other company comes close to that. The oil and gas are still there.

[lithological heterogeneities] 13/9/2020 19:08

2001.....lol !

[ducky fuzz] 13/9/2020 18:58

Thanks kd .. & another sleepless night :-)

[kdickson] 13/9/2020 18:53

Just re-reading Friday's Gas World article (see yesterday's posts 17373-5) about the giant Akkas gas field, and noticed:

"...the MO will ask other international companies very soon to develop the field with the option to extend to the Lower Khabour, Akkas and Hot Silurian formations AND/OR NEIGHBOURING BLOCKS to reach a plateau of 1bn ft³/day.”



A neighbouring block that is known to be gas prone is our Block 6!



If we revisit the placing RNS from this May, it said:

"Petrel expects to enter into re-qualification discussions with the...Ministry of Oil.  Discussions may cover Petrel's past studies on the Merjan-Kifl-West Kifl area, and the Mesozoic and Paleozoic potential of the Western Desert".

At the time I assumed the mention of  'Paleozoic potential of the Western Desert' was meaning Block 6 but now I'm thinking that it may also have been referring literally to the geological term "Paleozoic".

This ties in with the geological terminology stated in Friday's IOM statement where Muhammed Al-Aboudi (DG of the reservoirs and fields development directorate at Iraq’s Ministry of Oil) mentions 'Lower Khabour', 'Akkas' and 'Hot Silurian' formations. These are known geological formations (layers) in the Paleozoic interval as shown below from previous Akkas well logs:



I guess what I'm getting at is Petrel have immense geological and petrochemical  experience and knowledge of, not just Block6, but of the WHOLE Western Desert (the 'regional model' they have always referred to over the years).

Who better to be involved in developing gas prone Block 6 AS WELL AS the huge Akkas gas field nearby, both linked by the same underlying geology, than a company like Petrel (with backing from Netoil or Itochu). Especially as current South Korean operator of Akkas are dragging their feet and Saudi's Aramco are not showing any interest in previously agreed talks about getting involved.

...AND also right next to the much touted Basra to Aqaba pipeline route.

I think all the clues are there in plain sight.

[easwarareddy] 13/9/2020 13:12

Have a look at icon... huge upside and multi bagger imminently.. next week should see us multiples of where we are now imo.

[bronislav] 13/9/2020 11:35

Brian..agree .as with lots of companies extreme caution needed but it could be rewarding if all plays out.A watch this space scenario.

[brian boru] 13/9/2020 10:33

Bron - For Mr Horgan to intimate that a deal in Iraq is odds on and close is a huge heads up.............

we all want that to be true but past performance advises extreme caution!

[lithological heterogeneities] 13/9/2020 10:13

Come on Pet !

[bronislav] 13/9/2020 09:52

Lots of potential here to strike a deal in Iraq.Surely the big stumbling block is the share sale issue and court case with the new significant shareholders.One would conclude that is in the interest of all parties to resolve their differences.For Mr Horgan to intimate that a deal in Iraq is odds on and close is a huge heads up so he must be comfortable that the issues with Tamraz Et al are no hindrance to a signed deal in Iraq or that the Tamraz issues are equally close to being resolved.

[elmfield] 11/9/2020 19:03

Wonder if the dark side will be on overtime during the weekend.

[bountyfull] 11/9/2020 19:02

Excellent research kd - thank you for sharing.

[ein4] 11/9/2020 17:36

Hi Curry, lets hope both have a great six months, I expect Pet to go a lot higher than the previous price in Jan 20 0f 24p, fingers crossed.

[ajj2003] 11/9/2020 16:41

Usually an update from JT in the second half of September. Wonder what he has to say?Should be fun finding out if today is anything to go by ;)Have a good weekend and stay safe.

[ducky fuzz] 11/9/2020 16:36

Been an awesome day. DF

[the sage] 11/9/2020 16:35

Roll on Monday.

[currypasty] 11/9/2020 14:32

Hi ein4, hope you are well. News shortly on Iraq would be most welcome, as just a few crumbs for PET will see that 20+p again in a flash, imho. I could do with a winner as one of my other shares has nearly halved in the last couple of weeks...lol

[ducky fuzz] 11/9/2020 14:24

Yet another 100k buy :-)

[ein4] 11/9/2020 13:43

Looking quite interesting, news shortly? lets hope its on Iraq?

[elmfield] 11/9/2020 13:39

Same as you but certainly taken the opportunity
that a low price has given,don’t need to rise much
to be in profit.

[currypasty] 11/9/2020 13:36

Thanks elmfield.. as you know Ive been in PET on and off for 20 years.
There is a time to be buying, and pay interest, and a time to switch off and leave in the bottom drawer, and wait...

My gut feeling is that PET are in with a chance of something in Iraq, and the prize is huge... If not ill just switch off for another year, or ten.

[kdickson] 11/9/2020 13:27

Note this phrase from later in the article:

"...the MO “will ask other international companies VERY SOON to develop the field”

[kdickson] 11/9/2020 13:21

Ok look. Oil Minister having talks with South Korea ambassador yesterday. I bet the Akkas gas field was being discussed as South Korea's KOGAS are dilly dallying as per the above article and might be replaced. Now, who do we know that has an intimate knowledge of the Akkas region in the Western Desert? ;)