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Irish Involvement in Iraqi Oil.

category international | environment | news report author Saturday July 10, 2004 13:16author by iosaf - the ipsiphi Report this post to the editors

With the news that the Iraqi administration wishes to fill Oil supply / processing tenders by August

I thought to profile one of the companies which is unusual in that it has made bids for all three available contracts, and interesting in that it is Irish registered.

And that it's annual stock-holders meeting which allows the owners of the 55,913,669 shares to discuss policy, profit and direction will be held on Monday July 12th 2004.

Petrel Resources PLC, with offices at 162 Clontarf Road, Dublin 3, Ireland was set up in 1982. It moved from London’s Ofex Market to the London Stock Exchange’s Alternative Investment Market (AIM) in August 2000.

It's primary concern is Iraq, and it's workers have been active in that country since the beginning of the conflict bringing the world recognised "huckster celtic Tiger charm" to the negotiation tables of the Sheraton Hotel Baghdad.

In June 2003, it's managing director David Horgan, made the six-hour journey by car from Amman in Jordan to Baghdad.
Billeted at the Sheraton hotel in downtown Baghdad, he donned an Irish soccer jersey and, armed only with his camcorder, left the relative safety of the compound to get an important letter printed for a business meeting the following morning.

“I went down a side street to get the letter printed and when I came out, a number of armed men of military age approached me and asked me in perfectly good English where I was from,” Horgan recalls. “When I told them I was from Ireland, one of them shouted from the back, ‘Ah, Roy Keane’, and we all laughed.”

Horgan has spent the past four years trying to tie up an oil exploration licence in Iraq. Now, with Saddam out of the way, he believes that Petrel, a tiny oil player on the world stage, is on the cusp of something really big.

Why?

Because the Oil Giants don't really want to deal with the first Iraqi contracts, they are quite small, and Petrel have had almost five years experience with the Iraqis singing their first deal with Saddam In March 2002.

The company agreed a contract with the Iraqi oil ministry for exploration and development on Block 6 in the western desert, an area viewed in the industry as one of the world’s most exciting prospects. All the contract needed was Saddam’s signature which, unfortunately for Horgan and his shareholders, never materialised...

But work went on, whilst it had also been seeking an agreement to develop three existing oil fields in Southern Iraq while applying for exploration acreage in the Western Desert.
Iraq has known reserves of 123 billion barrels, the second largest repository in the world after Saudi Arabia which is believed to hold 265 billion barrels. But most of Iraq’s oil is in the east of the country. The Western Desert has hardly been explored. The Saddam Hussein authorities were keen for new exploration rather than the reworking of existing but run-down fields.

With the fall of Saddam, Petrel, whilst still mapping in Block 6, has dusted off its plans to revive two wells in Southern Iraq. It had completed, at a cost of $350,000, a feasilbility study on these two fields, known as Subba and Lohais, located close to the border with Kuwait. These fields used to once produce 140,000 barrels of oil per day (bopd). Before the War they were down to 25,000 bopd. According to Petrel chairman John Teeling, by mid 2003 they were producing a trickle. They could quickly be bought back to a level where their output would be 100,000 bopd, Petrel believes.

And they're putting a lot into it.

Mr Horgan, has now had six visits to Iraq since the fall of Hussein, and has been looking at fresh fields in the north of the country. Petrel’s engineers have prepared a proposal to develop the Khurmala Dome of the Kirkuk oil field. Petrel has raised £959,500 by an institutional placing.

You may watch the Stock of it's rivals which are listed in London in the Oil and Gas sector here-
http://focus.comdirect.co.uk/en/quick/uk/index.html?Show=main.html&sym=UB07.ISE


You may read lots about the company at it's website here-
http://www.petrelresources.com

You may be interested to know Petrel has also set up the Ireland-Iraqi Trading Company to exploit trade between the EU and Iraq in dairy and beef products, pharmaceuticals and certain types of machinery and supplies in return for oil uplifts under the UN Memorandum of Understanding. The Company also has operations in Sudan and Syria.

But that these operations are not so easy to pin down.

other links-
www.oilbarrel.com - oilbarrel.com is an editorially-led website for those interested in the oil industry.

www.rigzone.com - Your gateway to the Oil and Gas Industry

last link is to Petrel's 2003 report.

www.petro21.com - the global petroleum and energy portal strategy, knowledge, networks

www.energy365.com - an internet-based oil and gas industry consultancy

www.uk-analyst.com - provides free market rounds up and stock tips from industry experts.

www.advfn.com - Share prices, company and market news, charts and a custom monitoring service.

www.uk-wire.com - Ulitmate Company Announcement Service

Related Link: http://www.petrelresources.com/_investorRelations/Petrel_Report_2003.pdf
author by Eoin Dubskypublication date Sat Jul 10, 2004 14:18author address author phone Report this post to the editors

I wish there were a way to 'flag' these sort of well-researched articles on Indymedia, which cover stories otherwise missing from the mainstream media entirely (you'd swear there was no oil in Iraq if you only read the Irish Times, Indo, etc.).

The FT had something about David Horgan's ambitions in Iraq a few weeks ago too I think. He's spoken a few times on RTE tv and radio, making the point over and over that the invasion would increase the likelihood of terrorism, rather than diminish it. Once when he was on a panel with Ed Horgan (no relation) on Marian Finucan's radio show he was asked what sort of a man Saddam Hussein was. He thought about it briefly and replied saying something like "if he were a politician in Ireland, he'd be in the PDs". I'm told Marian's jaw dropped, and she asked him in a joking manner to "c'mon you can't mean that!" or something. He reaffirmed it, and she moved quickly on to another question for Ed.

author by paul otoolepublication date Sat Jul 10, 2004 17:58author address author phone Report this post to the editors

Iosaf,
David Horgan has said.... 'Iraq needs investment not invasion' .....on questions and answers. He has condemned the invasion and occupation citing it as a disaster for the pro-war agressors.
Do you know what the deal is between his company and the Iraqi's he's dealing with?. I'm inclined to think that he is one of the good guys. I've met him once and he has a huge insight into the complications of what is going on over there than most, having dealt with all sides of the conflict. He moves as freeley among the Iraqis as anyone can without contractors or mercenaries 'protecting' him, this to me speaks volumes given the circumstances.If his company extracts oil and the Iraqis fairly benefit, I'm all for it.

author by paul cpublication date Sat Jul 10, 2004 18:47author address author phone Report this post to the editors

i take your points it seems the dave horgan knows what he's talking about anyway

a "good capitalist" might be hard to swallow for some round here?

isn't that the point though iraqis need investment its not charity he's doing here itd for huge profit...

thats the same for all infrastructure projects whether they are fixing water , electricity or building a school, they are making huge profits, isn't that the only reason you'd work in such a place but then again who would you get to rebuild the country for nothing?

does wearing an irish jersey still save your life round the world ?

if he told those guys that a 1/4 of the american troops go through shannon would they still be laughing?

i dunno

author by iosafpublication date Sun Jul 11, 2004 19:24author address author phone Report this post to the editors

This article is assembled from the webpage of the company in question and it's own communications and quotation from interviews given by the director and executive.
I have expressed no personal opinion in the article.
I haven't even made one of my usual anagrams or jokes.
I didn't even mention Bush.
I didn't squeeze in any annoying detail about life in contemporary Barcelona, which is by the way hosting a inter-religious conference as part of the Forum 2004 and if you bothered to buy a ticket, you can now go on universal culture religious simulators and "into test your faith before you buy" tents.
Apparantly it's very popular, and the local TV people whom we generally all like, BTV even though they are TV, and TV is Toxic, and if you watched less TV you'd be less worried about the Snuff coming out of the US struggle for democracy videos, anyway
BTV went and filmed a while.
People smiling with you know "the eyes" explaining the presence of the fat older dude covered in flowers in the corner.
:- "He's our spiritual master and a man of great spiritual attainment and we are all now signing the mantra for world peace".
Next tent-
Take off your flip flops.
Wear the little Forum 2004 sponsered "I forgot to cover my head shame on me jeexebul i must be" handjerchief.

What are you doing?
:- we're singing our mantra for world peace and making some food.
Next tent-
The variety of world religions as represented in Barcelona is quite stunning.
Some things do strike one, in a short forty five minute TV report, even one made by the BTV people.
These are-
* wash your feet.
* sing a bit.
*there are often people looking like statues or statues covered in flowers these are expensive.
*everyone wants peace.
*the food is good.

Something else which I knew before hand anyway, is that Indian religions really win on the popular music front. BTV lingered on a nun who had been sent on day release from her convent to keep an eye on it all sitting next to her bowl of curried lentils listening to the sitar and in common words "trance right out".
Lovely.

Anyway. If anyone wants to read all the article, and go to the links, and then wants to make suggestions on C&P and "reduction techniques" then go leave a comment.

The man's name is Horgan. That's good enough. he can't be too bad. We could easily control the "horgan name" just as we do the "higgins name"... and indeed we've got the russian dramatists sort of covered too.
He also said Saddam was like the PDs. He's enlightened.

anyway-
happy sunday.
om.
I'm writing my internal report. you know.

author by Anthony - Indymedia Irelandpublication date Sun Jul 11, 2004 21:11author address author phone Report this post to the editors

I thought the above report was a fine example of of a writer taking the initiative to do some research and writing a factual and accessible article. I'd say it's probably one of the better news reports that Indymedia has had submitted in the last while. It's also quite unique among Indymedia articles in that there's virtually no editorialising in the article - quite refreshing.

author by Hilaalpublication date Wed Jul 14, 2004 22:30author address author phone Report this post to the editors

He has spoken out against the invasion of Iraq from before the start. He has spoken out against UN sanctions and the whole mess the US has been orchestrating there for years.

There is no problem with people like David Horgan coming to Iraq and buying oil. The Iraqi people who have dealt with him have found him a good man. He is welcome to buy all the oil he wants.

Unlike the US/UK and their slaves he does not want ot kill Iraqis and install his own puppets so as to ensure he can buy the oil cheap.

He is an excellent example that not all business people need to be unethical and stepping in time to the New World Order beat.

author by Denny O'Mearapublication date Thu Jul 15, 2004 10:11author address author phone Report this post to the editors

Funny to see it recognised as a "well researched" article since you admit you sourced the article from...... "the webpage of the company in question and it's own communications and quotation from interviews given by the director and executive." Yeah a lot of

Nice propaganda for the US oil companies who are being beaten to the punch by the likes of David Horgan. Yes, David has driven hundreds of miles overland into Iraq on many occaisions. Unlike the US thieves who fly into Baghdad Airport and travel little with their convoy of private security killers. David Horgan moves freely inside Iraq because the people of Iraq recognise him as a decent and honest businessman who wants to buy the oil they want to sell.

Why such venom and bitterness against an Irish oil company ? What nationality are you that can spot......the world recognised "huckster celtic Tiger charm" ..........as you put it? The big story here is your racism and how it seems to be invisible to those who laud your bogus propaganda article.

I suppose since David Horgan has incensed the US and it's posse so often by speaking precisely and confidently against their sham invasion. He has often spoken against the war from before it started. He has often spoken against the US methods of war, invasion and torture inside Iraq and while this has obviosly annoyed the US and people like the writer it has gained him the respect and admiration of the Iraqi people and those of us who joined him in opposing the war and invasion. This is why he moves freely inside Iraq and why he is welcome is welcome in every town he has visited, by the ordinary people and not just the US approved puppet.

This anti-Irish rubbish is pointless except to blacken an strong opponet of the war and invasion.

And that's right "IOSAF", you wrote all this shit about a decent man and then you never even mention Bush. Well done!

I know "ISAF" is the name under which Irish soldiers are serving NATO in Afghanistan..........but what is "IOSAF"? Neat propaganda man, so what party have you infiltrated? And for who?

Maybe the answer lies down in the Curragh or up on Parkgate Street ?

author by Philbypublication date Thu Jul 15, 2004 10:32author address author phone Report this post to the editors

Smells like a very catholic dosser famous five article? Could it be so........ "om" , "happy Sunday"..........OM ?

"OM" as a Moron would say? A moron like the Dalai Lama who has expressed his support for the US war against terrorism.

The US are dragging our all their trolls these days. Beware ALL groups eminating from religious bigots in the US !

author by TTpublication date Thu Jul 15, 2004 11:58author address author phone Report this post to the editors

'but what is "IOSAF"?'
You certainly don't know much about Irish names. Iosaf is the Irish for Joseph, and he is a regular contributor here on the Irish Indymedia site.
Now tell me about your name, I always understood 'Denny' to be a Surname, not a first name, though I suppose some Irish-Americans might adopt it as a first name because it sounds 'Oirish'

author by N*E*R*D*publication date Thu Jul 15, 2004 12:20author address author phone Report this post to the editors

Christian name derives from Dionysos. Also a company that sells Steak and mouse pies based just outside Portadown.
TT isn't that a Manx name?

author by ipublication date Thu Jul 15, 2004 12:31author address author phone Report this post to the editors

Excellent article from Iosaf. Let's not be sidetracked by any more nonsense about names. The real issue is Irish involvement in supporting the carnage.

author by o as ifpublication date Thu Jul 15, 2004 15:50author address author phone Report this post to the editors

of the same name at the expense of Ahern's government actually...

Next Tuesday July 20th 110,000 extra shares will be issued on the AIM London exchange as part of an extension of equity by Petrel.

Their sharevalue peaked for the last two weeks on Monday naturally with the shareholder meeting, [and our added attention].

Now Mr Teeling on how his company see the war- this is an excerpt of the 2003 company report given 23/6/04 and ought clear up lots-

"Let me put our operation in the context of developments in Iraq and the oil
industry.

IRAQ

The outcome of the invasion of Iraq was predictable. There may be a greater
longer-term geo-political strategy but Iraq and its people are paying a high
price. Wrecking the infrastructure and dissolving the entire bureaucracy of
soldiers, police and civil servants could only have one outcome - chaos. So it
has turned out. Who was going to run the country? Who was going to fix the
water, power, medical and transport systems? Recent months have seen the
re-employment of bureaucrats. The process will continue. Experienced
administrators, trained police and army personnel will bring some semblance of
order. The lights will come back on, roads will re-open and hospitals will get
supplies. The financial situation is, and will remain, in crisis. Oil revenue
from 2 million barrels a day is not adequate to fund the current needs of the
country, to repair and expand infrastructure, to service more than $100 US
billion in external debt and to develop the only productive asset in the country
- oil. The external debt will have to be written off and massive aid injected to
kick start the rehabilitation process.

Social and economic progress requires a stable political structure. It is hoped
that the provisional government taking power in July can establish a
constitution and a forum acceptable to the differing views in the country. Iraq
is a beautiful country, the cradle of civilisation. The people are
sophisticated, educated and cultured befitting a civilization with thousands of
years of history. The country has a pivotal role to play in the development of
world oil and in the political evolution of the Middle East."

Charming? - Yes.
Celtic Tiger? - well they went from a low of less than 12stg a share in 2002 to about 50 now.
Huckster? - all Irish are hucksters.

political???
"The external debt will have to be written off and massive aid injected to
kick start the rehabilitation process"
hmm.
[this will be a series]

author by Rubypublication date Thu Jul 15, 2004 16:12author address author phone Report this post to the editors

Iosaf, you mention a John Teeling. Would that be the same John Teeling with an interest in a company called African Diamonds, also in Clontarf? The address does sound very familiar.

author by Rubypublication date Thu Jul 15, 2004 17:24author address author phone Report this post to the editors

Link to African Diamonds and John Teeling.

Related Link: http://www.afdiamonds.com/_companyProfile/chairmansStatement.shtml
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