7 Sept 2023investor presentation● Neutral
Presentation at the Good Oil and Gas Energy Conference, 'Small Explorer, Large Prospects'. Text provided is only disclaimers; likely repeats known facts but no new information visible.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Sept 2023investor presentation● Neutral
Investor presentation, 'Small Explorer, Large Prospects'. Text provided is only disclaimers; no new information visible.
31 Aug 2023resource reserve update▲ GoodMajor
Netherland Sewell assesses Big Apple at 1.37 Tcf unrisked mean net prospective gas resources and 426 Bcf risked, net to PRM's 80.25% NRI. Chance of success is 28-32% per sand. These are undiscovered volumes; farm-out is planned for early 2024.
23 Aug 2023drilling progress report▲ Good
PRM bought all available seismic and mapping confirms a closed Big Apple structure of about 7,370 acres, in line with pre-bid estimates. Volumes have gone to Netherland Sewell for audit; farm-out is planned for early 2024.
15 Aug 2023security holder rights change● Neutral
Notice that 45,594,779 listed PRMOB options, now exercisable at 40c after consolidation, expire 1 September 2023. The share price was 1.7c on 10 August, so the options are far out of the money (inference: they will likely lapse).
31 July 2023remuneration report● Neutral
MD/CEO Alex Parks's cash pay rises from A$252,000 to A$260,000 (excluding superannuation), effective immediately, following a remuneration committee review.
31 July 2023quarterly activities report● Neutral
June quarter report: cash A$0.75m, down from A$1.66m. Shareholders approved the 1-for-20 consolidation on 2 June. Big Apple leases awarded after quarter-end; PRM plans to seek a farm-in partner at the February 2024 NAPE conference.
17 July 2023asset acquisition disposition▲ GoodMajor
PRM is awarded the two Big Apple Gulf of Mexico leases it bid on in March, 100% interest, 80.25% NRI, five-year term, no minimum work program. It will buy remaining seismic and have resources independently reviewed, then may seek a farm-in partner.
2 May 2023security holder rights change● Neutral
Consolidation timetable confirmed: every 20 securities become 1, cutting ordinary shares from 2,424,608,819 to 121,230,441. Listed options' exercise price rises from 2c to 40c. Shareholder vote is 2 June 2023; new shares issue 15 June.
2 May 2023security holder rights change● NeutralMajor
Timetable for a share consolidation to be voted on at an EGM on 2 June 2023, with the effective date also 2 June. The ratio is not stated in this text. Shareholders' holdings would be reduced in number by the consolidation.
28 Apr 2023quarterly activities report● Neutral
March quarter report: cash A$1.66m. PRM is preferred bidder on the Big Apple Gulf of Mexico blocks, pending BOEM approval. The Bowsprit lease runs to March 2024, and the project awaits a farm-out partner to fund the well.
30 Mar 2023asset acquisition disposition▲ GoodMajor
PRM is apparent high bidder at US$145,000 per block on two Gulf of Mexico blocks off Texas (100% interest), holding the 'Big Apple' gas prospect. Award is subject to BOEM review of up to 90 days. A farm-in partner is likely to be sought for drilling.
30 Mar 2023other● Neutral
ASX lifted the trading pause on PRM immediately. Administrative notice with no substance of its own.
30 Mar 2023other● Neutral
ASX paused trading in PRM securities pending an announcement. This relates to the Gulf of Mexico bid news released the same day; no substance of its own.
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.
24 Jan 2023quarterly activities report● Neutral
December quarter report: cash A$2.16m. Bowsprit sidetrack costed at US$3m to drill and US$1.5m to complete, with initial flow about 1,500 bopd expected. PRM will seek a farm-in partner at the NAPE expo in February 2023. Screening new gas ventures.
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.
31 Oct 2022quarterly activities report● Neutral
September quarter report: cash A$2.22m. Bowsprit sidetrack now most likely Q1 2023, and farm-out talks with Louisiana companies have begun. The Malaysian 50/50 bid with Qyrin awaits award, expected Q4 2022. No production.
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.
16 Sept 2022agm notice● Neutral
Administrative notice: the AGM is set for 14 November 2022, with director nominations closing 26 September 2022. No other substance.
29 July 2022quarterly activities report● Neutral
June quarter report: Sasanof-1 (PRM 12.5%) found no commercial hydrocarbons; PRM's final share of well cost expected under A$400,000. Cash A$2.8m. Bowsprit sidetrack targeted for Q4 2022 after hurricane season. Sonu Cheema is now CFO and Company Secretary.
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.