Member Info for apple-bees

Monthly update and news on Ghana and Ireland got to be due soon

Should be interesting

Buy 17.70 and Sell at 16.77 !

Petrel Resources plc is an AIM listed (Ticker: PET) oil & gas explorer focussed on projects in Ireland, Iraq and Ghana. These are exciting projects in the right areas with encouraging results. Proving up two blocks in the Irish Porcupine Basin. There is a one billion barrel potential on Quad 35; part of our 11/4 Licencing Option. A presence in Iraq since 1999 and completed projects in Subba and Luhais and Merjan. Awaiting ratification in Ghana following the completion of technical and financial work

Poss oversold, hence the slightest deviation moves them up and down, the move buys the better the price. Smiffy, I agree monthly RNS due, good news expected from Ireland and Ghana?

They need shares :)

Should be interesting this afternoon, once the bell goes :)

Forget Ireland for now, the Ghana Licence update is overdue. Now that the elections are over, hopefully the next RNS will clarify........."Ghana is the hottest hydrocarbon exploration area on earth. Recent giant offshore discoveries are drawing Ghana to the first rank of oil producers. Petrel, with two associate companies and a local partner, applied for, and obtained, a concession, Tano 2A close to the big Kosmos/Tullow discoveries. Cabinet and parliament approval is taking a long time, understandable when you realise that the legislators have to learn about and understand the effects and impact of oil wealth. The curse of resources is well known.

Thanks.....I like Northland Capitals wording in its latest release with a mid cap price of 31p, however, realistically if you average that we'll be looking at 24-28p on the break:)

For almost 30 years Petrel has been an oil explorer. Exploring is a high risk strategy which means we have a high probability of failure. To date we have failed to deliver real value to our investors but we have survived. In that time we have reinvented ourselves to work in three different continents, in Europe, Asia and Africa. Where do we stand now? We have cash, over £4m, expertise, data, skills and live operations. We will continue to work in Iraq, we are hopeful of a successful conclusion in Ghana and exciting prospects are opening up in Ireland. But we are not satisfied. We are examining ways in which we can use all of the assets and expertise in Petrel to revitalise interest in the company. In a time of massive economic uncertainty, Petrel, with cash, is in a good position.

Thanks

Where did you get the revised targte from

the ask!

If the charts indicated oversold yesterday, what are they going to say this afternoon?

This month, Petrel Resources (“Petrel”) announced significant progress on its desk-based technical work on its two Porcupine Basin (Irish Atlantic Margin) licence options. The major positives were the potential size of the targets and the number of different play concepts identified in stacked targets in Tertiary, Cretaceous and Jurassic age zones. Petrel announced that its Quad 35 targets may aggregate 1bn bbls for the Tertiary alone. With size one of the most important factors in attracting a farm in partner to fund costly seismic and deep water drilling (potentially c. $100m), the announcement was welcomed by the market and shares appreciated c. 350% on the day. We are mindful that these are still early stages pre-farm out and pre- comprehensive 3D seismic (though the company is currently processing a 700 km2 line for the eastern portion of Quad 35). However, the completion of this in depth work suggests a greater probability of farm out success with a number of boxes ticked so far and others being worked on and we have upgraded our valuation range to reflect this scenario. We now view our Base Case as unlikely and upgrade our Mid Case to 15.8p (previous 10.9p) and Upside Case to 31.1p (previous 14p).

I'm still here, lol, I think George meant 50p Med-Long term, I'm still going on 31p short term due to RNS expected soon :)

Hopefully the next due RNS will blow this out of the water :)

to buy another 2K worth, 17.30 on the ask.......................

keep the buys coming :)

wacked 3K into NVTA, bought here again instead :)