Petrel Resources Share Discussion Threads

[dreamtwister] 17/4/2024 12:18

In March, Iraq's oil ministry said it would work with Siemens Energy and SLB, formerly known as Schlumberger, to process associated gas that would otherwise be flared as a byproduct of its crude production.

[dreamtwister] 17/4/2024 11:38

The capture of flared gas may just add further income by reducing pollution

and reducing Iraq carbon foot prints, the captured gas earning carbon credits

sold via block chain then again the gas to wire " crypto mining! even the oil

fields in remote locations accessed by mobile units.

capture of toxic fared gas is being adopted by the IOC,

with reference to petrel/Iraq history petrel has connections for Gas compressors

certainly a good reference for applications.

[kdickson] 17/4/2024 08:48

...and upwards! :)

[goggin] 17/4/2024 08:17

No problems, Onwards and ?

[slim pickings] 17/4/2024 07:22

All good KD, cheers :-)1Teemore, many thanks :-)

[kdickson] 16/4/2024 23:24

Hi Slim and Goggin, I owe you a sincere apology. Totally misinterpreted your responses and can now see they were aimed at the sole 'disruptor' who shall remain filtered. I owe you both a pint!
All friends again :)

[slim pickings] 16/4/2024 22:26

Actually in fairness to you Goggin, I think I got the wrong end of your post. Please ignore my recent responses to you, with my apologies. I think KD has unfairly maligned you too - there's a fair bit of misreading going on here.Anyway, KD appears to have put us on ignore for what it matters, but I'd refer him to my post 21480.Anyway, despite all that, I find his posts helpful and won't be adding him to my ignore list - keep up the good work KD.

[kdickson] 16/4/2024 21:38

Summary of posts Tues 14th April

There are 20 companies applying for the 30 licence areas (16 areas in LR5+ and 14 areas in LR6) so that's perhaps 11 companies going for the 16 LR5+ areas. And we know that Petrel were the only company that had applied for Merjan as DH stated at the AGM.

April 18th is the deadline for submission of bid bonds. A bid bond needs to be submitted to the Iraqi Petroleum Contracts and Licensing Directorate (PCLD) to guarantee the winning bidder’s obligation to sign any Contract.

The bid envelopes will be opened immediately by the PCLD following the deadline for their submission, which is April 28-29th for LR5+ (weekend after next).

Note: Winners may not be announced publicly at that point.

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Why is Petrel the only company [probably] to submit a bid for Merjan area?

1). Merjan is viewed as a minor field by larger IOC's so 'not worthwhile' developing. They're more interested in fields capable of several 100,000's bopd. Merjan supposedly could 'only' reach 100,000bopd.

2). Petrel (and Itochu) have studied the Merjan/Kifl area for years (at the IOM's invitations) so they've kind of cornered the market in terms of technical/geological detail so to speak for this licence. I'm sure other potential bidders know this so hopefully will not think they have a chance of competing.

3). The Iraqi's want "partners, not bosses" (DH's words) and that's the relationship that Petrel have been developing for 20+ years. Including employing local people for security, etc. Again, other companies will be aware of this strong bond so probably dont think its worth 'competing against the favourite'.

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PS 100,000 bopd would be worth £5+ share price when fully developed.

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Petrel have already brought a lot to the Iraqi's table and the Oil Ministry have great respect for them, especially a certain senior IOM official who has close ties. This is a key point as it is not always what you know but who you know!

Also, being an Irish company is another very key point as it is not just about economics in the region but politics.

Contractors and suppliers have already been identified for Merjan.

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...then there's also the 'rebranded' Block 6 to look forward to in LR6 ;)

[slim pickings] 16/4/2024 21:10

KD, don't lump me in with them. My Tamraz comment was a fair reflection, it was a farce. I hold a fairly balanced position and still hold here.Reread my comments, take note of who I'm responding to, and let me know if and why you think I'm still in that group !

[kdickson] 16/4/2024 19:46

Hahaha! Firstly Diddymen, then Diddy pointing to a Fenners post. Now Slim Pickings and Goggin.

A perfect, and oh so obvious, 'cause and effect' reaction when positive posts are pounced upon by the cowardly bullies.
Standard practice to push 'dangerous posts' off the screen.

Don't let any of them get under your skin. They DO NOT have your best interests at heart.

Anyway, I'm already falling into their trap of engaging with them.

In 'real life', would you continue to listen to a critical person trying to persuade you to lose your money?

No, of course not!
Filter them immediately and never unfilter!

[slim pickings] 16/4/2024 18:09

And presumably you did your own research, formed your own view, and made your own decision, for which you are solely accountable !It's a comments board with no qualification for membership - to point out the bleeding obvious, anyone can say pretty much anything.The comments are not gospel whatever is claimed, but they might cause you look at things differently and they thereby take your research in a different direction.Or you might choose to take a punt based on what others say - that's your choice, but it's not the responsibility of fault of anyone else. IMO

[slim pickings] 16/4/2024 16:20

Are you having a laugh... this is a discussion board and therefore full of personal views - as evidence by many things, not least the personal opinions of the directors often expressed on these boards by some. One thing this is not, is a source of financial advice - therefore throwing about personal estimations of value is not at all irresponsible - it is just a personal opinion and absolutely up for discussion and counter argument !

[dreamtwister] 16/4/2024 16:18

when the positive news broke the Sp raced to a c/£1.36 if i recall the Iraqi

government was implementing a oil law of what it still is pushing that aside

the oil minister was portraying to the IOC that repercussions for contracts via

the north of iraq "kurds" petrel terminated the contract with the Markman brothers

with 7 m compensation "payment for the gas compressor"& a deficit of a c/53m

their was a lot of propaganda @ that time that petrels claim to Block Six as a

replacement was being ramped but that became fake news as it was a verbal agreement

and nothing signed in the form of a written contract.

[kdickson] 16/4/2024 16:18

Then there's also the 'rebranded' Block 6 to look forward to in LR6 ;)

[kdickson] 16/4/2024 16:15

Thanks Diddy but I'll give that a miss.

And I totally disagree with you. Believe me, Petrel have already brought a lot to the Iraqi's table and the Oil Ministry have great respect for them, especially a certain senior IOM official who has close ties. This is a key point as it is not always what you know but who you know!

Also, being an Irish company is another very key point as it is not just about economics in the region but politics.

Contractors and suppliers have already been identified for Merjan.

[mcguines] 16/4/2024 14:24

Is that it??

Pheew, almost missed it!!

[valentine73] 16/4/2024 14:02

There we go

[valentine73] 16/4/2024 13:08

If there are any rumblings of success the share price will be a giveaway as the good ship Petrel is known to be quite leaky ;-)

[kdickson] 16/4/2024 11:04

PS 100,000 bopd would be worth £5+ when fully developed.