Petrel Resources Share Discussion Threads

[jimduggen] 12/5/2024 19:20

Number of projects received no bids and companies have until Monday to submit their bids for these projects, Oil Minister Hayan Abdel Ghani said.

These include Anbar, Okashat, Anah and Al Anz blocks with oil and gas potential in Anbar province; Pulkhana field with oil and gas reserves in Salahuddin province; Tel Al Hajar block with oil and gas potential in Nineveh province; Block 11 in Muthana province; and Qalaat Salih block with oil potential in Maysan province.
SO BLOCK 6 ( AL ANZ)
Received no bids

[steveberyl] 12/5/2024 18:44

Great work Muddy. Really appreciate you sticking with it, all day.

That bit re Injunction means the Principals have millions of reasons to ensure the IRAQ tender market delivers something to PET Holders


Billions involved here, even a Tiny % would take Pet to another level.

[bronislav] 12/5/2024 17:29

Tamrazs shares bought back for o.8p .from memory .300 grands worth...I wonder if they are all in the hands that picked them up ie teeling and co.

[haveapunt1] 12/5/2024 17:27

@f31. Official? There was only an “official̶1; proposal as per the RNSs. No bid was ever announced. This has been invented by shareholders. The company have been clear to the market in RNSs ie declaring making a proposal. Not a bid. It really is that simple so I’m surprised at why people as harping on about bids.

[smcl] 12/5/2024 17:16

Pet could only bid with a realistic possibility of winning in a JV arrangement.
If an award was worth say 200 billion over a say 10 year period- 5% of that would be 10 billion for example. Massive relate for Pet- if that were the case or a similar scenario. It would appear that it might not take a lot to make Pet into something spectacular. Just the humble opinions of a long suffering blah blah….

[felix0007] 12/5/2024 16:59

Steve there can be an awful lot of maybe's here but the bottom line is that Pet did not bid!! You've got to be in it to win it simple as that!!

[felix0007] 12/5/2024 16:59

Steve there can be an awful lot of maybe's here but the bottom line is that Pet did not bid!! You've got to be in it to win it simple as that!!

[steveberyl] 12/5/2024 16:32

Contradictory? Maybe Chinese have done a deal with Pet to ensure Chinese deal was in fact the only one. A Pet Bid may well have been submitted for Merjan and Pet made a proposal to Chinese that Pet would Withdraw if Pet was given a minor JV role in order that Chinese did not feel `Isolated`

Any JV will not be highlighted by Iraq, that info will only come Next week sometime, if in fact a JV was cobbled together. Lets face it, a JV would suit PET for multiple reasons and holders as well. We can only wait.

Either way, I would bet a lot of Money that Pet will not leave Iraq Empty handed. I forgot, I already have Bet a lot of Money on Pet.

[f31] 12/5/2024 15:58

Malc5,
It is as you say, you don’t spend 20 years in a race to simply turn away at the finish line.
Which how it feels like.
So, I would totally understand it if they would have sacrificed Merjan in order to secure some other great win.
But “sacrificing” Merjan would have meant NOT putting a bid in ?

It now turns out of course that somehow they have indeed NOT put a bid in, but this looks to me as completely contradictory to what was officially communicated ?
It’s all very strange.

Hopefully you are right and e.g. perhaps they have withdrawn the Merjan bid at the last moment, hence leaving the Chinese bid as the only (remaining) bid.

Looks like no further news today on any of this.
We’ll have to wait now to see what develops tomorrow and/or the rest of the week.

[jimduggen] 12/5/2024 15:56

100% it isn’t over.

Should see another share rise tomorrow as it becomes more leaky

[apfindley] 12/5/2024 15:43

Looks like the weekend ramp machine is in motion.Does nobody learn from the previous ramping attempts which have all ended up at nothing but lies and fake articles and straw-clutching for non-existant links between petrel and major companies.The dame people pumping now are the ones who orchestrated the FAKE Sheik nonsense which lured people in a couple years ago.And where is the sheik now, where are all those stories and links...in the dustbin of lies as usual.Have a word with yourselves, this is nothing more than a pump by a group of con artist private investors, fleecing other private investors.

[felix0007] 12/5/2024 15:39

Steve yes Devon Loch seems very relevant and as I said rant over!! Why 4.40pm tomorrow as it may be too late by then??

[steveberyl] 12/5/2024 15:26

To take the Analogy of Grand National a stage further into the reality of the Situation as it is at this very moment. I suggest everybody remembers Devon Loch.

This is not over, not by a long chalk. Put the claws and Knives away until Monday 13/05/24 at 4.40pm

[malc5] 12/5/2024 15:20

Yes Totally agree Phil, this is far from over, merjan has been sacrificed imo, you dont spend 20 years in a race to simply turn away at the finish line, lets see what happens.

[maxk] 12/5/2024 15:19

Phil

That sounds like the triumph of hope over experience 🎈

[phil mcavity] 12/5/2024 15:08

We have NOO clue what the `Proposal` referred to.
This charade in the Arab`s tent is far from over.
I haven`t even heard that fat lady warming up.
I`m confident that the last 20 years in the wilderness has not been wasted.

[elmfield] 12/5/2024 15:06

I suggest David'sinbox needs filling up. You can only mess up so many times before it is time to go but to infer something that perhaps isn't true is a step up on the incompetence scale? To put it kindly. Clarification would put this to bed.

[3mio] 12/5/2024 15:05

Good afternoon all.

Having been following the posts of the last few days it seems there is a lot of clutching at straws. Too many false dawns over the years with Teeling and Horgan at the helm as we have all come to know.

Horgan has some serious question to answer to us shareholders as his years of spin especially in recent times on what has been a long journey just does not cut the mustard with me and no doubt some others on here.

PET has little if anything to show from what has been spin, spin and more spin from Horgan while all the while salaries are either paid or deferred.

[hammerr] 12/5/2024 15:01

I couldn’t agree more with your comments F31. How can they spend so much time and effort and not put in a bid!!!

[f31] 12/5/2024 14:44

I still don’t understand any of it about Merjan, I’m still flabbergasted.
If someone would have suggested a week ago that Petrel had not put in a bid for Merjan, I would have taken that as utter nonsense and completely unthinkable.
I mean, come on - it’s Merjan we are talking about !!!

At the AGM David clearly said they had put in a proposal AND that we were the only one.
Using the words “we are the only one” (“as per May 2023”, I believe he added) suggests that he was referring to this 5+ bidding round ?
He then even refers to Petrel’s “fine-tuned” submission in his Interim Statement on 18th September.

Jimduggen’s link…..
This report clearly states that the deadline for submitting applications and bids for the 5+ round was on 15th June 2023.
In other words, David’s statement of…. “we have submitted a proposal”… at the AGM in July and in the Interim’s on 18th September, (so…AFTER the bid deadline !!), could hardly be interpretated as anything else but a statement that Petrel had submitted a bid for Merjan in this 5+ round ?

So, for all kind of reasons, including e.g. our historical studies on Merjan within a TCA with Iraq, but especially also because of the above mentioning of their Merjan proposal submission both in the AGM and in the Interims on 18th September, shareholders were fully justified to conclude (if not being convinced ! ) that Petrel had put in a bid for Merjan.
And not only shareholders, but also the Market in general, hence the strongly increased recent trading, coupled with price increase.

Some significant trading took therefore place on justified assumptions of Petrel’s participation in the bid round.
So it seems unavoidable to me that Petrel HAS to come out with some clarification statement on Monday or anyway immediately after the bid rounds have completed i.e. next week ??

For the same reasons as above, we can also not be sure that a bid has been put in for Block 6 (even when the Interim referred to submitted proposalSSS), but hopefully some positive news can still be included in such statement, be it either via some form of consortium participation on Block 6, or perhaps with a back-up plan already in place via a pre-agreed RTO