I hate to say it but I don't think this will ever come good. I can see an occasional spike on the cards but apart from that, I think this is going to drift under 5p and lower. Here are the facts:
IRAQ: The political situation in Iraq right now is awful, the block 6 oil field PET have interests in are in a war torn part of the country which quite frankly show no signs of stabilising in the next 5 years, maybe ever. PET have got a million to one shot of ever getting oil out here. If Iraq carries on the way it's going, they can kiss the licence goodbye.
Ghana: No chance of this ever coming good. Ghana is a corrupt country and the dispute over the oil field here is going to hold this one up for years.
Ireland: No commercial oil discovery ever been found here, and this is likely to remain the case for years. This is PET's only hope and to be honest it's not looking good.
I sold here at loss months ago when we spiked to 19p. I don't want to be doom and gloom but my advice would be sell up, and invest your money elsewhere. REM are looking very tasty right now, no point sitting on dead money here, it's only going to get worse.
This is good news coming out of Ghana, David Horgan is an excellent negotiator and he will I'm sure get the best deal possible for pet. Watch this share take off once the Ghana project is sorted as Ghana is what's been holding it back. Also look out for updates on Ireland and Iraq which will show the futures looking bright. Pet is holding three aces.
you read the Clontarf RNS released today ?....... looking pretty dire on the Ghana front. The Ghana govt has gone ahead and ratified the licencs for Tano Block which the US company owns... the same license covering Clon/Pet area.......Ghana govt effectively ignoring the court order.
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