This is from dec 2003, but it will be usefull for new readres.
IMO nothing has changed and petrel will get block 6 signed off soon.
In 2002, Petrel signed an agreement with Iraq's oil ministry to explore Block 6 of the western desert, a 10,000 sq km area about half way between Baghdad and the Jordanian border. As the dust of battle settled, Petrel returned to find many of its key contacts in place and ready to honour pre-war agreements. But it also found widespread destruction and looting of equipment and data.
According to David Horgan, Petrel's managing director, the oil ministry has retrieved about 40 per cent of geological information lost during the war. Some contributions came from Petrel, which duplicated and safeguarded key data on the western block.
Douglas Wright, a private investor, says he is growing "more and and more confident" in his 2 to 3 per cent holding in Petrel.
"I think Iraq is going to be major," he says. "Petrel, which has been in there from day one, will get a good slice. For a small company, they only need to get a small slice."
Maurice Cassidy, a long-time investor in oil, gas, and mining companies, says Petrel's involvement in Iraq is the main attraction for him. "I like the play. If Petrel is able to bring current negotiations to fruition and start to develop some of the wells, what will the share price be then?"
