Past year: ▼ 67%(0.10c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Mar 2023half year report● Neutral
Half-year to 31 December 2022: net loss A$394,501, against A$460,673 a year earlier. The Bowsprit lease was extended to March 2024 for the sidetrack. The company continues screening new ventures including hydrogen and helium.
9 Dec 2022director officer appointment● NeutralMajor
Ian McCubbing returns as non-executive Chairman from 9 December 2022. Jaap Poll, chairman only since May, steps down from the board but will consult on technical matters for three months. This reverses the May handover.
30 Sept 2022other● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2022, pointing to the statement on the company website. Administrative, no new substance.
30 Sept 2022annual report● Neutral
2022 annual report. The chairman's letter says Bowsprit-1 and Sasanof-1 both found no commercial hydrocarbons but were drilled on budget, leaving funds for new projects. PRM aims to broaden beyond oil and gas, citing its ECOSSAUS salt cavern stake and a Malaysian bid.
25 July 2022other● NeutralMajor
After the Sasanof dry hole, PRM reports A$2.8m cash at 30 June 2022. It took a 10.9% stake in salt-cavern explorer ECOSSAUS for A$100,000 and bid jointly 50/50 on a Malaysian Petronas discovered-resource project. It is also pursuing Bowsprit and other new ventures, including hydrogen and helium.
21 July 2022resource reserve update▲ GoodMajor
Netherland Sewell reaffirmed Bowsprit T1 reserves at 30 June 2022: 2P 330.7 Mbbl oil and 254.7 MMscf gas, worth US$15.35m (A$22.25m) at US$85.82 oil. 1P is 106.9 Mbbl and 3P 643.5 Mbbl. Sidetrack planning continues, with decisions after hurricane season.
14 June 2022drilling result▼ Bad
Sasanof-1 was plugged and abandoned after hitting 40m of net sand that was water-bearing. Early analysis suggests the western seal was breached and gas migrated out. The well cost under US$25m over 25 days, and the rig left on 12 June.
6 June 2022drilling result▼ BadMajor
Sasanof-1 reached 2,390m total depth and found no commercial hydrocarbons. The well will be plugged and abandoned. This is a dry hole for the prospect that carried 7.2 Tcf of 2U prospective gas, and PRM's managing director said he was disappointed.
3 June 2022drilling progress report● Neutral
The blow-out preventer and riser are installed and being tested on Sasanof-1. The 12-1/4 inch target section, from 2,072m to about 2,500m, is expected to be drilled over the weekend. No result yet.
30 May 2022drilling progress report▲ Good
The Sasanof-1 intermediate hole was drilled to 2,072.7m and cased. Formation tops matched pre-drill predictions and are consistent with the nearby Mentorc discoveries. The target reservoir is still expected to be reached 2-5 June.
27 May 2022drilling spud● NeutralMajor
Sasanof-1 has spudded, with the 36-inch conductor jetted in 1,068m of water. The well targets 2,500m total depth, and the reservoir is expected to be drilled through 2-5 June. PRM holds 12.5%; the result will decide the Sasanof bet.
23 May 2022drilling progress report● Neutral
The Valaris MS-1 rig reached the Sasanof-1 location after a 190 nautical mile tow, and 12 anchors are being set. Spudding will follow once anchoring is done.
18 May 2022drilling progress report● Neutral
The Valaris MS-1 rig began mobilising from Dampier for Sasanof-1, with about four days of tow expected and all drilling equipment loaded. Conductor jetting is expected the week of 23 May.
12 May 2022drilling progress report● Neutral
Operator Western Gas reports the Sasanof-1 rig is in Dampier harbour, on schedule to tow on 16 May, with crews aboard and supplies being loaded. Drilling is still expected on 24 May. No new results.
11 May 2022director officer appointment● NeutralMajor
Jaap Poll, an experienced geologist and company chairman, joins as independent chairman from 16 May on A$50,000 a year. Ian McCubbing, chairman since 2017, resigns that day, as he had earlier signalled he would after the Sasanof deal completed.
10 May 2022joint venture update▲ Good
Clontarf Energy (AIM: CLON) bought 10% of Sasanof by taking 10% of Western Gas (519P) and funding 20% of the well. PRM keeps its 12.5%. Interests: Western Gas 52.5%, Global 25%, PRM 12.5%, Clontarf 10%. Drilling still due 24 May.
6 May 2022director officer appointment● Neutral
Sonu Cheema was appointed Joint Company Secretary from 6 May 2022, alongside Anna MacKintosh. Administrative change only.
6 May 2022investor presentation● Neutral
May 2022 investor presentation from the managing director, framing Sasanof as high-impact exploration and Bowsprit as conventional oil development. The visible text is mostly disclaimers and the executive summary is cut off; no new figures or results are shown.
5 May 2022drilling scheduled● Neutral
Equipment loading has begun, with the rig due to leave for Sasanof-1 on 16 May and drilling to start about 24 May. PRM's managing director expects the well result in early June.
6 Apr 2022drilling scheduled▲ Good
Rig mobilisation for Sasanof-1 will start between 9 and 16 May 2022, with the program expected to take about 26 days including mobilisation. Approvals and contracts are in place; no new results.
31 Mar 2022farm in farm out completion▲ GoodMajor
PRM completed the acquisition of 12.5% of Western Gas (519P), holder of the Sasanof permit, issuing 90m shares and 30m options to Western Gas. This completes the deal announced in December; drilling expected May 2022.
16 Mar 2022half year report● Neutral
Half-year to 31 December 2021 shows a net loss of A$460,673 against a prior-year profit. Notes the Bowsprit SL 21754 lease extended to March 2023 while SL 21787 will not be renewed, and shareholders approved the Sasanof deal on 19 January.
15 Mar 2022joint venture update▲ GoodMajor
Western Gas secured funding commitments for the remaining 25% of Sasanof-1, so the well is fully funded. This meets the condition on PRM's participation; PRM's 12.5% working interest can now complete. Drilling expected May 2022.
3 Feb 2022regulatory community update▲ Good
Western Gas received final regulator (NOPSEMA) acceptance of the Sasanof-1 well operations plan, the last major approval needed before drilling. Drilling remains scheduled for Q2 2022.
20 Dec 2021regulatory community update▲ Good
Operator Western Gas won NOPSEMA acceptance of the Sasanof-1 Environment Plan, keeping drilling on schedule for March/April 2022. Tranche 1 (250m shares) was issued 15 December; an EGM for Tranche 2 is planned for January.
7 Dec 2021farm in farm out agreement▲ GoodMajor
PRM signed a binding term sheet for 12.5% of the Sasanof gas prospect (WA-519-P), paying 25% of the well (US$5-6.25m) plus 90m shares and 30m options. It also secured a A$12m placement at 1c. After the Bowsprit dry hole, this is the new project sought.
23 Nov 2021other● Neutral
Required disclosure of JobKeeper payments: two individuals, A$12,000 received in FY2020 and A$43,800 in FY2021, with no voluntary repayments. Compliance notice only; no operational or financial change.
28 Oct 2021drilling result▼ BadMajor
Bowsprit-1 found no commercial hydrocarbons in the vertical section; the shows were residual. This ends the T2 exploration bet. The well will be suspended and the horizontal T1 re-entry (2P 330,000 bbl) planned after winter, while PRM seeks new oil, gas or green hydrogen projects.
27 Oct 2021drilling progress report● Neutral
At 8,233ft, T2 remains inconclusive and three deeper sands show gas peaks and 'fair gas shows'. Drilling has stopped due to slow progress, and wireline logs will be run to evaluate the shows before total depth.
25 Oct 2021drilling progress report● Neutral
At 7,582ft, the T2 target at about 7,400ft showed a modest gas peak and a 'fair oil show', but data is inconclusive until logs are run. The rig is pulling out to change the bit; next target T3 at about 8,000ft.
