Petrel Resources - moderated discussion/research part II

From the Londom meeting notes:

Just a few bits to add to the excellent information posted by others.

evening all...not long back. Told you I lived in the middle of nowhere!
A meeting on Persian Gold followed immediately on the heels of the PET meeting so you had to do the two to have any chance of asking questions informally.
BLT, bahouse myself and a French banker had a chat afterwards and compared opinions.
Eolas and SteveB have already given excellent reports from yesterday and reading through quickly I see that BLT and bahouse have also given valuable feedback.
DH spoke with his usual eloquence and intensity and painted an excellent picture of their prospects. The overall message seems to be that they are present where others fear to tread and that is paying off for them in spades.
Funding is not a problem. They raised £4.5million recently just by ringing round four institutions...nae bother!Their requirement for money at the minute is not high (in absolute terms). For risk-sharing projects, however, that is another matter and DH does not want to have a rights issue and dilute shareholders (including themselves..lol).Lots of Institutional cash is available and will be tapped into for risk-sharing contracts early next year. He stressed that, in contrast to dissenters and shorters claims, the money for S&L is already coming in, on time.
He has had many of the majors approach him. My impression was however, that they were keen to raise loans.
Block 6- Petrel are regarded as a legitimate company, no one has any objection to them so they are hopeful of the title for Block 6 when the new laws are passed and no one has challenged this.


Merjan- They were offered a block of their choice after some persuasion and chose Merjan because it is near to Block 6, for logistic reasons. Because of the insurgency, it is awkward to operate there properly just now.They got the data in early July. A lot of data had been squirreled away in people's garages etc during 'the troubles' and has re-emerged.

Merjan is not the 'new field'...it is in the south. He didn't say much about that today.I think it is at an early stage.

Jordan- he didn't mention Jordan in his presentation but he saw the Jordanian people on his visit and hopes that August will see that move forward. The paperwork is pretty well done and awaits the approval of Parliament.He thinks the PSA terms will be good but gave no numbers at all.

Overall impression- good. They seem to be getting offered more work than they had originally thought. DH stressed again that the big companies will not come into Iraq until things have quietened down. He says it is a great advantage being Irish..they are sort of independent. Halliburton are not popular with the Iraqis because they have created problems.He also mentioned, as fate would have it, that Hemrin and Kurmala dome contractors were having terrible trouble getting access to the sites they had won and were not making progress.
JT was in excellent form..very jolly and upbeat and obviously pleased with how things were going.