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Looks like an update inbound.
Top-up opportunity.
Added up.
There they go!
Expecting a at some point tomorrow as the hot money traders that got in for the rise leading up to the anticipated news on Monday exit beforehand
Just a start and a long way to go.Crazy cheap and way over under stock.
Could be another high volume day today and test 4p
Samson - We know you are a genuine shareholder and I hear you loud and clear.
We will see how today and tomorrow ends. Normally after a spoke the sp goes down very quickly.
Whether this is different only time will tell. I have great respect for KDIX - he is in the know - but based on past history caution must be exercised.
Here we go again . People talking up this shareโฆ.
Not a deramper but weโve heard it all before . Tread very cautiously if investing in here is my advice. Worth a speculative punt โฆ
5# no way ๐๐๐๐
Yes i do like the new licence opp and see a multi-bagger EGT is also close to buying a mine in Europe so that why i am in both can do a HEX
Pet is much better 5X potential on licencing update.
David6576 I have bought PET and EGT Multi-bagger potential
Both legs in 3p, could be a strong close
Lovely morning should rally towards close
It has been NT for a long time. Big orders are being filled up for a reason.
Kdix - but this is all speculative - so far the only things that are confirmed are;
PET put forward a PROPOSAL not a BID back in Q3'23
PET fronted that PROPOSAL not any partner such as Itochu (else it would have stated this in the RNS)
PET do not have the financing to put forward a BID
Big buys are great confidence and investors snapping up any small dip. The bid looks very strong now with a tiny market cap.
Indeed beetroot.
There's no way that Petrel hasn't been planning for the funding requirements of a future licencing round.
Indeed they've been preparing for this for years.
Back in the Sept 2021 interims, there was an innocuous highlighted point stating:
"Shareholder base broadened, to prepare for expansion".
I asked DH what this meant. His reply:
" We have been meeting and presenting to institutional and semi-state shareholders willing to back longer-term, capital intensive projects in the Middle East and elsewhere".
(A semi-state company in the Republic of Ireland is effectively a state owned entity)
Later, in June 2023, this 'Future'ร looking statement was in the AR:
"Petrel is confident that necessary funding will be available for sound Iraqi and Ghanaian projects".
I asked DH: "
Qn: Is Itochu still a potential sugar daddy in respect of future funding?
DH reply: "Yes".
(This was the third time in 3 years he's confirmed Itochu are still available)
Given that PET cannot do this alone and would only be able to participate as a consortium - it is also therefore possible that another party to the consortium, such as Ithochu, is fronting the bid, both in terms of submission, and payment of the fee.
Just a start with 5X potential with a milestone licence update which is any time now.
Hi Andrbea - my read on this is kdix has mixed up proposal with the word bid and this may well be due to lack of preciseness used by DH himself at the AGM. The AGM was held in July, shortly after, in September the inerims were released. The wording in the interims was explicitly 'PROPOSAL', had a formal BID as part of the IOM 5th and 6th licensing rounds been submitted this RNS would have not used the word PROPOSAL but the word BID.
Add to this that window for BIDs only opened in late October and further the points about the bonds required to be submitted as part of any bid - bonds which PET does not have the financial resources to be able to put up.
In reply to Jallis
You maintain no bid..
what about the post by kdix yesterday?
He wrote: Yes, Petrel have definitely submitted a bid for the Merjan licence. This was confirmed at last years AGM. DH also confirmed that ours was the only bid back then.
It was the IOM that ASKED Petrel to make the submissions for Merjan AND previous Mezazoic/Paleozoic studies (aka geographical euphemism for Block 6). We dont have any confirmation for a definite bid on Block 6 (now called 'Anz' in the LR6 round) but I do know that Itochu are available as a funder, were given first dibs on it if offerred and their worldwide head of gas used to be an intern at Petrel in Dublin. Draw your own conclusions and likelihoods from that :).
Instance volume build-up in the last few days in anticipation of the update.
This is a strong buy-and-hold now anticipation of approval update which is due any time now. That's why I added up for my new holding. Hope you understand.DYOR.