Petrel Resources - moderated discussion/research part II
pixi - Thu, 22 Dec 05 :
There's strong support on the chart at 50p. I'm just interested in the closing price at the end of each day.
Anyone who thinks this is going down to 2, 20 or 30 has been taking banned substances, and needs to go and visit their GP.
The big picture comes from out of the desert, and Petrel could do well considering it is the only European oil company in Iraq. I repost the following:
"All of the major oil companies would love to be in Iraq, but it will take them at least two years to get involved.
Petrel is the only European company with a foot in the door. Its relationship with the Iraqi oil industry should prosper, and other contracts should follow.
Iraq is the least-explored of the oil-rich countries. It has the world's second largest oil reserves, and new exploration will probably raise it to 200bn-300bn barrels of high-grade crude, which is extraordinary cheap to produce.
There should be a gold rush of profits for oil in the post-Saddam era and Petrel has a head start."
Geoff Foster, Market Report, Daily Mail, September 8th, 2005.
It is no coincidence that Saudi Arabia has boosted exploration activites recently: "Middle East E&P at its highest but the region is gearing up for even more drilling activity."
Drilling Contractor, Sept/Oct 2005
