Nom. Yes, exactly what I have thought all these years. Lundin's Nenes Corvo is a benchmark for Lagoa Salgada, and if it manages a fraction of the revenue it creates, we are onto dizzy heights here in years to come.
Furthermore I think that (by wording of last news items) there could be another project in the works here. They mention the injection of capital or projects into the company. It’s going to be interesting to see how it all works out imo
I have been doing extensive research on this over the last few weeks and seriously think there could be a takeover in the wings, IF Iraq seems more certain. I think this will develop over the next 6 months. Phew.. that took some effort - sorry!
Petrel's modest size has long constrained our growth in a Middle East & North Africa (MENA) region bursting with opportunity. Too few premier funding institutions supported projects in conflict zones. We need access to bigger projects and deeper capital sources."
"These director appointments may transform Petrel's fortunes. Michel Fayad brings a strong "Rolodex", a flow of high potential projects, as well as significant financial, including hydrocarbon, experience in the MENA region particularly."
"Petrel has 20 years of operating experience in Iraq and neighbouring countries. But past agility has not always been enough. The availability of substantial new backers can now boost Petrel's standing, and therefore the scope of projects that we can tackle. The MENA
So today they removed their old Iraq guy as a director and replaced him Tamraz’s right hand man Michel Fayad.
Who has these credentials..
He started his career as Financial Analyst at the MENA Hedge Fund of the Evolvence Group in Dubai (United Arab Emirates).
He is currently the Chief Financial Officer of KAF Investments and the Chief Global Strategist of Boost.
Extensive experience in policy, global strategy, and business development. Skilled at top-level negotiation, driving global operations and business expansion opportunities through investments, partnerships and acquisitions. Creates, structures, finances, implements and leads major international projects. Knowledge of emerging markets.
Petrel Iraq. which has been out of the picture for a decade or more.
Old Block 6: 2002 Petrel was awarded Block 6 in the Western Desert subject to ratification
The former Block 6 is located in the relatively unexplored Paleozoic Basin of Western Iraq. It covers 10,000sq km. There is 3,400km of seismic but no wells. The potential is a multi-billion barrel oil and gas field. Petrel have analysed all available data and are ready to drill.
ADME used to be MXO. A confetti issue shares company with no real interest in their holders. PET have kept dilution to a minimum since the Iraq troubles, and for all their faults the Directors have kind of cared about their baby..
But the point is, if you read the news wires Iraq oil ministry are granting blocks to companies again. Times are changing there, a Russian company was awarded a block just a couple of weeks back.. and .. if there’s going to be new oil coming out of Iraq then you can bet Tamraz is going to have his nose in the trough .. you can guess how and where.
Shaz. It has taken some time, but the buy in from JV down near 5p a year ish ago signalled the bottom. He knew it, we could all see it, but it’s taking the market quite a while to catch on to what a well ran, shrewd little outfit this is. They added to Gold positions at a fantastic time, and will pay off enormously as time goes by. We just need some bullish Zinc markets and sky is the limit