Petrel Resources Share Discussion Threads

[kdickson] 01/10/2020 15:03

Interesting to see these items listed on the forthcoming Iraq Petroleum Conference agenda:



There's been a big move by state oil companies in the last few years to start selling/trading their own oil instead of via traditional 'middle men' trading companies. This can be by the NOC on its own or as JV's with companies who have the experience of oil/gas trading.



So, if the INOC law revisions get passed then SOMO will become part of the Iraqi National Oil Company (i.e. INOC state company) and I think that's what these agenda items are referring to.

The interesting point, from Petrel's perspective, is that we are very close to TWO experienced oil/gas/commodity trading companies with Itochu and Netoil.

Itochu is Japan's largest trading company  (€30b mcap; $100b sales) which DH has recently confirmed they are in contact with ("Like other Japanese giants, Itochu wants equity barrels. Itochu is active in Iraq but wants Petrel to operate").

Then there's Netoil with huge experience also in oil, gas and commodities trading (Tamraz was always considered to be an 'oil trader').

Note that a new UK registered 'Netoil Oil and Gas Trading Company Limited' was  set up in September last year:



And an associated website has already been created for it (still in draft format).




You can see why these agenda items about an "NOC-backed by trading houses" takes on some significance at a time when the Iraq government is pushing to get their INOC law (and so company) approved, plus Petrel have relationships with two major trading houses!

And Petrel "remains highly thought of by Ministry of Oil officials".

[exile] 01/10/2020 14:58

elmfield... not this time around.

[fatgreek] 01/10/2020 14:56

One whiff of news this will be 10p plus and that's before the herd get in...

[bountyfull] 01/10/2020 13:25

True but a little more than rumours. High risk for high reward and if that is not your cuppa then this share is not for you.

[fenners66] 01/10/2020 13:18

Yes there has been plenty of research done here over the last 20 years

Profits - NIL
Current projects - NIL
Accumulated losses - HUGE
Share dilution - Massive
Current assets excl intangibles - tiny
Failed projects - loads
Delays - almost everything
Employees - very few
Shared directorships diverting time and effort - loads

etc
but gamblers have their - rumours.......

[bountyfull] 01/10/2020 12:45

I expect f66 all those other opportunities have not been researched as thoroughly as this one.

[kdickson] 01/10/2020 11:19

I'd hate to look back and not have bought in at this absolute steal of a price after a development contract is awarded.

QN: On a scale of 1-to-10, how strong do you estimate Petrel’s current chances to, on our own account, realize a significant income generating deal in Iraq, and what would be the expected timeline?

DH: Odds-on, and inshalla sooner than you think [KD: Passing of INOC law?]

[fatgreek] 01/10/2020 11:02

Same bought a few this AM

[currypasty] 01/10/2020 10:43

had a little dabble this morning at 3.9.. I know nothing, but its usually bounced off this level in the fullness of time.

[valentine73] 01/10/2020 10:42

He's too busy banging his head against that brick wall he built

[elmfield] 01/10/2020 10:37

You in yet exile?

[fenners66] 01/10/2020 09:35

"Hopefully things will be clearer over the next few weeks."

We have been hearing these platitudes for decades, not weeks.

About this time Last Year we had the definitive - we need just 90 days ...

90 days !!

all talk of getting anything in 90 days has suspiciously disappeared

and those that were calling $100m asset in 90 days as BS from the outset
have been proven correct
again !

[brian boru] 01/10/2020 09:18

looks like cpap has regenerated.....................yet again!

[kdickson] 01/10/2020 09:05

It's October!:)

Plenty happening this month...

- INOC Law revisions still being pushed hard (required for upstream projects to be attractive to IOC's)

- Iraqi PM visiting Paris in a couple of weeks (possible meeting with the TG)

- Iraq Petroleum conference on 20th (agenda topics include INOC and reforming of upstream contracts)

Hopefully things will be clearer over the next few weeks.

[the chairman elect] 01/10/2020 08:40

Make mine a very large one thanks!

[elmfield] 01/10/2020 08:37

Small top up anyone?

[ducky fuzz] 01/10/2020 07:53

Hi exile .. no of course I didn't phone him.

I bought my 400k PETrel shares on the back of the Concert Party buying in & bringing the $100m asset. This did not materialize & of course I am gutted. But you can understand that Covid might have screwed this particular plan in the short term.

Did you read in Interim statement & Teeling's comments ?

Now of course a lot of Chairmen talk up their prospects .. Teeling does not. Teeling gives incredibly negative, like no one else. He will write hundreds of words on reasons why PETrel's Irish prospects have gone. If we were screwed he would tell us & blame everyone bar himself.

Instead he said "Petrel is well funded for ongoing activities. The focus is once again Iraq".

Not Ghana & Iraq. But Iraq. Why does he single out Iraq ?

Of course we may get nothing but I do think there is a good chance. I think Teeling thinks we are in the running. Maybe knows PETrel are in the running.

If I sold & PETrel did get a contract I think I would be very unhappy for the rest of my life. So I'm going to be rich or go down with the ship. I'm sure you understand my point of view & probably agree with what I am doing. DF

[lippe] 30/9/2020 22:22

Dougal Horgan lolz ...

[kdickson] 30/9/2020 21:51

Great price for that 100k buyer today.
On any deal announcement, such as a development contract on Merjan, I can see the share price at £1+ within days.

[fenners66] 30/9/2020 20:10

From the CLON thread

fenners66
30 Sep '20 - 20:08 - 12747 of 12747

Horgan and Finn are Directors of Greenore Gold (as well ) so they have their next director's remuneration sorted out for when this one ceases....

Hard life.

Funnily enough though the blurb refers to them as having "experience" elsewhere it does not name the directorships for Finn or even state that Horgan is even a director elsewhere.

Why not state that they are "working" on sooo many projects ?
That their time is spread so thin?

Of course despite naming some historical companies , they do NOT name PET or CLON as credible experience for investors in Greenore to consider .... why not ?

[exile] 30/9/2020 13:30

Did you call him DF ? Was that your 100,000 just traded ??? What did he say ?

[exile] 30/9/2020 12:59

It's ben said before, any production based on the history of Teeling "The serial entrepreneur" and "Rev Dave" would be in the same genre as "The PRODUCERS" (both versions) or "Polka King" starring Jack Black. The only problem with the script would be the level of failure over such a time scale may be a bit too far fetched to be remotely credible.