TRP is about to drill the biggest oil prospect on the planet in 2014. 9.9 billion of oil.
Oil giant Repsol is lead drill with 30% to TRP.
If oil is hit sp will rocket to 70p - £5
Current sp is 2.98p
Madinat us Salaam 10 Aug'13 - 14:51 - 1348 of 1352 0 0
The imminent deal that Petrel are about to sign is genuine. My information from people at a certain province have confirmed it. Importantly, the ministry isn't interfering with any deals (not only oil.gas) that are thrashed out at Provincial/Governorate level. The provincial law (effective June) has now allowed provinces to devise their own deals - giving them greater autonomy.
I am trying to find out which Iraqi company Petrel have struck the deal with. The province in question is I believe Basrah. Petrel have done very well to finally get something in Iraq, especially with a company that does have quite lucrative licenses in the south. This Iraqi company is keen to diversify and liked Petrel's other ventures, especially the Irish JV with Woodside. One of the objectives is, I'm told, is to use Petrel to venture into the MENA region to explore for gas/oi.
As it's Eid I am unable to make contact with the officials I have good comms. Hopefully next week I'll see what I can get from them.
Munna Bhai MBBS
10 Aug'13 - 18:28 - 210 of 344 1 0
Just been told about madinat's post. It's very true. I found about it a week ago from Iraqi contacts that used to give me all the info I posted on here in the past.
By the way, my long talks with Teeling at the time he was taking action against me, were pretty fruitful. He admitted to me that he (and the directors) were amazed at how much of the info I posted was so correct, many a time posting details even before they knew about it. The directors actually felt I was an insider at the Iraqi ministry. I did however tell him I was not, and also explained to him who was passing the info on to me.
Anyway, wont be posting much, just wanted to make a point that Petrel have, after so many years, clinched a very important deal in Iraq. For a small company like Petrel, it is quite an achievement. I suspect it will be a model deal that will be followed by many others.
I know I was scathing about the directors going after licenses in the same league as the majors, however I am not shying away in admitting that they have really come up trumps with this Iraqi JV/deal. I would say it's absolutely transformational. And this time round, Sharistani and his cronies can do nothing about it. The regional provinces holds all the powers with respect to provincial deals - it's enshrined in the new provisional laws.
(yes I am the same munna bhai - I will stick to my promise of not posting anything derogative or libelous against Dr Teeling, any directors or any of the companies he is associated with - I promised him that and I will keep to that promise) By MichaelBloomberg
The Board of Petrel (AIM: PET) is pleased to announce that negotiations on a potential Iraqi investment are at an advanced stage whereby a private company with extensive hydrocarbon interests in Iraq would inject an asset into Petrel in return for a minority shareholding in Petrel as well as board representation. By armagain
Benefits of small cap oil explorers tie up with Aussie firm to become clear
Petrel Resources chartIrish oil firm Petrel Resources (PET:AIM) should be rerated as further details emerge about its farm-out deal with Aussie business Woodside Petroleum (WPL:ASX). The small cap explorer has hardly moved since the tie-up was announced last month (28 Jun).
Petrels chief executive officer David Horgan has told Shares that both parties have kept a lid on the contents of the agreement, covering its two licensing options in the Porcupine basin offshore Ireland. The details will stay under wraps until a work programme has been agreed with the Irish authorities.
"Consensus only consists of the house view but nonetheless we would buy at 14.5p."
What has been revealed is that Woodside will take an 85% interest in the assets. Another deal in the Porcupine basin was concluded between Europa Oil & Gas (EOG:AIM) and US firm Kosmos Energy (KOS:NYSE) in April. Again it saw the larger company snap up an 85% stake in two licensing options. In return it agreed to carry Europa through a $200 million work programme, implying a value of £18.8 million for its remaining 15% stake according to broker Northland Capital. By point of comparison Petrels current market cap is £11.1 million.
In the near-term Petrel may also see some tangential benefit from the results of drilling on the large wild cat prospect Dunquin, which is also located in the Porcupine basin. A well spudded in April targeting up to 8.4 trillion cubic feet of gas and 316 million barrels of associated liquids is being drilled by a consortium which includes ExxonMobil (XOM:NYSE) and Providence Resources (PVR:AIM).
Petrel at 14.5p By forwardloop
Unfortunately I pretty much completely agree with at least the sentiment of what you believe the terms of this farmout to be. Before anyone invests in this co. I'd strongly encourage them to do some background research on the directors and ALL their associated co.s (both current and historical). I had invested a few grand in another one of their ventures: Clontarf Energy (luckily however through personal circumstance I had to withdraw it all and didn't lose any money to speak of - bought originally at around 4p/ 5p..look at it now.& look back at the promises made & the relatively recent RNS re 'farmout' - absolute joke).
The trend with all these John Teeling, David Horgan et al co.s seems to be the following: promise their shareholders the earth & sell their 'blue sky' strategy for what appears to be very interesting & exciting projects with strong opportunity to make money. However after publishing & talking up their various co.'s strategies for exploration in certain key exciting high yield prospective regions around the world; these seem to have a strange habit of never materialising and or completely changing. Strategies seem to change regularly & nothing actually progresses. Or rather, those that do progress, do so in with terrible terms & in no way whatsoever how the shareholders were promised & the 'grand master plan was sold to them; making it IMO highly unlikely for the PIs to make a return on their investment. Have a look through their co.s' RNS' - mostly meaningless & the supposed 'positive' ones containing little to no actual information. As Queensgambit alluded to in Petrel's farmout RNS - what are the actual terms?????
Now before anyone accuses me - I'm absolutely NOT a basher as I was previously a holder of both Clontarf Energy and until very recently Petrel. I admit I bought without doing as much research as I should have done but luckily sold out of both without losing money. I'd strongly encourage all current investors and people thinking of investing to do some proper research into their various co.s including Pan Andean, Clontarf Energy. IMO these co.s are simply 'shells' from which the directors are guaranteed winners whilst us poor PIs IMO do not stand much (if any) chance of making a return. This is all simply my own opinion though so DYOR. By DarkKnight80
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thanks OllyJ1...hopefully as the sp has dropped alot....small market capitalisation so i suposse if news does come buyers will come and we can easily see 60%+ in one day...seen on other shares like CNEL, ATC, PEG
From the 19th Sep RNS
Woodside 85% and 90% (operator)
Woodside farm-in offers were accepted for offshore blocks located in the emerging Porcupine Basin off Ireland.
Petrel Resources plc has accepted Woodside’s offer to acquire 85% participating interest in Licensing Option 11/6 (comprising offshore blocks 45/6, 45/11 and 45/16) and Licensing Option 11/4 (comprising offshore blocks 35/23, 35/24 and 35/25).
And from the Woodside Website quarterly report:
During the quarter Woodside received gov approval to acquire an interest in three licensing option in the Porcupine Basin.
During Q4 work programs for the first exploration phase will be proposed to the relevant regulator, as part of the application for Frontier Exploration Licenses, the issue of which is a condition to the completion of the acquisitions.
So looks like there may be some news from that at some stage this year at least.
I've had a holding in this for about ten years now...! Seen the highs of £1.30 come and go. With an average of just under 60p, I've a lot of ground to make up! If (one day) my other shares do well, I'll sell everything and use the capital loss in this share to offset the gains in the others ;-> I don't think there's any news actually due - with this share, nothing happens for ages and then suddenly a great big progress update arrives.
That's what it's like with this share....no news for ages, then the share price begins to move in one direction or the other (presumably due to a leak), then the news comes out and, depending on the direction of the price move beforehand, it's either whoopee-time or shyte-time...!