Petrel Resources Share Discussion Threads

[ajj2003] 11/5/2024 18:54

Explains why today some of the fields were left open, with no bids acceptable to the IOM, awaiting further acceptable bids in the coming days.

[haveapunt1] 11/5/2024 18:52

Bids are over 3 days

hxxps://www.thenationalnews.com/business/energy/2024/05/11/iraq-opens-gas-and-oil-reserves-for-development-as-it-seeks-to-boost-revenues/

I also still stand by the company have never said they are bidding. Proposals yes, but never have they confirmed any “bids”.

This has been invented by investors

To date the board have avoided dilution, been fair to SHs and appear to have had their interests at heart in difficult times, but this is the risk. A company in a poor political area (I remember FRR years back!), and without help at high levels it’s a pointless company

[steveberyl] 11/5/2024 18:43

All bids will have been opened Today and brought great Confusion and argument amongst the Principality that meant MANY decisions could not be made, ad hoc today.

What we have now is `Horse-Trading` hard politic talking. Probably bringing together Different parties to discuss further Contracts and Licenses. Obviously many Bids did not meet the strict criteria, meaning the vast majority of Contracts and Licenses remain outstanding. Far to early to cry FOUL.

All still to play for there is plenty left to sweeten the pill.


Just maybe PET IRAQ Advisors knew how to succeed without Actually Bidding? PET are no Strangers to ARAB Custom`s. To me this stalemate is contrived.
Seems the Main players were Chinese, they have been Accommodated, now it is time for others. Fascinating that USA GLOBALS do not appear to be in the Bidding.

[phil mcavity] 11/5/2024 18:31

Are the Directors of PET really that deceptive?
They must know that there is some substance in their "Proposal".

[jimduggen] 11/5/2024 18:06

This guy thinks they had no interest at any point.

[jimduggen] 11/5/2024 18:00

The block was offered in the fourth oil licensing round in 2012, but no bids were received.

Petrel Resources' claims it was awarded Block 6 in 2002 "subject to ratification"; According to Iraq Business News' Expert Blogger Ahmed Mousa Jiyad, "Its claim of 2002 agreement with the Oil Ministry in Baghdad on an exploration contract over 10,000 sq km in the Western Desert was not supported by credible legal documents. Moreover, the company was not even qualified by the ministry for any bid round when the company applied for such qualification between 2009 and 2011."

[jimduggen] 11/5/2024 17:54

The instability that plagued Iraq since 1990 has continued, and indeed worsened since 2014. Contractual terms have generally been uneconomic due to excessive state take and inadequate incentives under service contracts available, bureaucracy and general administrative inertia due to which the hydrocarbon law and revenue-sharing laws have still not been passed, fifteen years after the 2003 war.
Politics change but geology doesn’t. Therefore we have maintained an Iraqi presence since 1997. We continue to hold an interest in Western Desert Block 6 and Merjan oil-field.

Well they still hold an interest according to the website

[kdickson] 11/5/2024 17:49

Clontarf Road appear to be keeping tight lipped. This may be because they have to continue to be so if an award is pending (e.g. Anz).
It does look indeed as if ZPEC have wone Merjan....but still no confirmation if they are on their own or part of a consortium.

[jimduggen] 11/5/2024 17:48

If we only lose 50% we will be lucky

[steveberyl] 11/5/2024 16:40

I always allow ladies to have the last word

[taxibabe1] 11/5/2024 16:31

Yeah it was a sale hence it dropped

[haveapunt1] 11/5/2024 16:29

Steve, are you blind or looking at the wrong day. You can see by the trades made at the time (11:24). Take a look, really not rocket science buddy

[alicat1] 11/5/2024 16:27

One thing we can be sure of is that if this has been another false dawn with PET then there will be those who revel in the misery of those who have lost out.

[steveberyl] 11/5/2024 16:08

Look at the time and the Bid/Ask it is you that is silly. Grow up.

[haveapunt1] 11/5/2024 16:01

Steve I would just be careful calling people out for spouting nonsense. If you look at the 1m on the 9 May, all buys were in the 3.22 region. The million sell is 3.055.

You’ve made yourself look silly, maybe that will teach you to stop calling others out.

[felix0007] 11/5/2024 15:57

Very wisely said Steve but with a certain sympathy and understand too Pauly. I can’t believe we will get nothing from this so let’s be patient. Sorry my little moan a little earlier was more around a broken down car this morning at 3.30 soma
Missed flight at 6.00 and a wait
Still at the airport until 8.30pm!!! Could have been a better day!!

[bigbudda] 11/5/2024 15:50

Im hoping the Silence from Clontarf is they are doing it proper and keeping hush hush until a reward is given to us

[elmfield] 11/5/2024 15:46

I'm waiting to see what KD says first. I don't think this is all over yet.

[malc5] 11/5/2024 15:45

Does seem strange all this talk about Merjan over the years, then when it comes to the crunch they havent even bidded, maybe theyve done a deal with something else, who knows.

[kdickson] 11/5/2024 15:45

f31, no, Anz not mentioned yet. But this bidding stuff is going on for another couple of days.

[steveberyl] 11/5/2024 15:39

Claw`s and Knives did not take long to come out, Ceremony is not yet over.

Even when the curtain drops, wait for Pet RNS on Mon with any more unknowns.

Far to early to be casting aspersions. So far everything is going smoothly, please wait until the end which might be a few more days. PATIENCE should be a commodity Pet holders know.




Somebody posted a barefaced lie earlier, concerning a 1M Share sale? Somebody knew to dump, they said, It was in fact A BUY over asking price. Such nonsense is destructive.