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* Tamraz.
Plus to boot I think the Tamaraz fiasco just about sums Petrel Resources up here. Need I say more. I hope I eat my words. But I doubt very much a return on my investment here. I keep checking in from time to time.
My opinion is Hold because that is all we can do at the moment. Now - IMO pet res has not made a bid for any licenses either - for me they do not have the capability or capacity to do so. As funds have been mentioned then they don’t have. With regard to the SP rise to 150p + this was just after the Gulf War when Iraq was liberated ( so called liberation!) and then of course the speculation poured in about PETs capabilities to tender/ develop oil fields. Who was to know then as we do now that this so called Company is full of bluster. I know this company more than most having seen its rise/ and fall over all of these years. I hope I’m wrong but I don’t see any submission made. If there was why would they not tell us in a RNS??
Further to my pevious post - from the website:
Each company in a consortium must pay the Participation Fee. The Participation Fee for the Fifth (+) Round Offering is US$100,000 and for the Sixth Round Offering is US$100,000. A company may obtain the data packages and participate in both rounds by paying a Participation Fee of $150,000.
"...It should be noted that this Participation Fee is not a “purchase” of the data package, but a fee which allows participation throughout the process (including access to the underlying technical data, draft contracts, etc., and participation in any workshop/webinar that may be organized)..."
"...If a bidder is bidding for more than 1 Contract Area, a separate bid bond must be provided for each bid. Such bid bond(s) must be presented before the date for the submission of bids. A bid bond will be in the amount of five million United States Dollars (US$5,000,000)..."
Petrel does not even have enough cash to make the bids for its two blocks thus highly likely no bid has been made.
According to Iraq's Ministy of Oil's PCLD $100K is required prior to a bid being made for each block and $5,000,000 for each block a bid is submitted for. Thats $200K for both Block 6 and Merjan prior to making the bid and $10M to submit the bid for both blocks.
As at 30th June Petrel had 51K EURs and has since raised circa £108K from warrant exercises. That's about £150K in cash if all overhead expenses are excluded.
It's not possible for these bids to have been submitted. This is all a load of hype over nothing. Rise on hot air. Baseless speculation.
Monetary criteria for bids can be seen here:
https://iraq-pcld.com/initial-tender-protocol/
Lets be honest here. I'm here for a short term trade. I firmly believe that this will rise next week in anticipation of the licences. So what is wrong with that may I ask Pauly?
Sampson - I remember that well. Yes of course many of us genuine investors did know that. Had we known that as nickrubens said - we would have sold out.
Can people please beware of this nobody mr_calm who seems to have suddenly infiltrated this board and is pretending to be an expert.
There should be a build up in anticipation of licence between tuesday and friday next week. By the following Monday the oil ministery should have confirrmed if PET were successful as previously the confirmation is within a day or two i think
Why did it go.up so high back then? Was it cos of license news?
Yes mate you are exactly right. Well I didn’t know it was going to tank did I. At this time I was in at 27p. I remember it very well shooting up to 150p +. I had no clue and was abit naive to investing tbh. Oh well. Yes I saw it go up and back down again!
Licences given out next week. Expect a big rise next week. Bank Holiday Monday so from Tuesday onwards
"Panic Seller done and dusted."
Panic seller is likely someone who couldn't believe his luck today! lol and I would say there is a good reason to panic as you might never see this price again. I wish I had panic sold many years ago.
Would like nothing better if this took off but been around long enough to know better lol
Panic Seller done and dusted.
And then come.the derampers.that follow as simply as night follows day, to get q cheaper entry
Mrcalm - as is customary with every board I am involved in , as soon as the sp rises serial rampers suddenly appear and start my making bold predictions and multi post. Welcome.
Glad.to be in before the herd arrive
And 2.9 has just been paid
My bad, the ask has been raised. Now expect bid to rise
2.52 to sell. Bid will tick up soon
This baby 4-5 withinnweeks in 2019. Expecting bags before next saturday
The chart looks really strong and NT. 🚀💪💪
Sampson, if you have been in as long as you say you have, then you had the opportunity to sell around 157p back in 2007. I first bought these around 2004, sold some and bought back, and still holding. It's no good blaming the company for your investment decisions. GLA
Snap. Same average as mine . Should have sold out when that crook tamraz created that spike.
I feel your pain but if a miracle is going to happen, the only time it came come is the next few weeks. If it misses the boat then unlikely to happen.
Mate I’m holding these at 8pence average. But have held these over the years at all sorts of price. Before around 27p.
This company is not to be taken seriously and no way should you/ or anyone be too involved in this company.