25 Oct 2021listing compliance notice● Neutral
ASX paused trading in PRM securities pending a further announcement. This came while Bowsprit-1 results were awaited; the reason is not stated in the notice.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
22 Oct 2021drilling progress report● Neutral
Bowsprit-1 drilled about 1,400ft in 24 hours to 4,730ft, progressing toward the T2 target at about 7,380ft. No new results.
21 Oct 2021drilling progress report● Neutral
Casing set and cemented at 2,900ft, blowout preventer installed, and drilling ahead at 3,260ft toward the main T2 target at about 7,380ft. Total depth of 8,600ft expected in about four days. No results yet.
18 Oct 2021drilling progress report● Neutral
Bowsprit-1 reached about 2,900ft and is preparing to run 10¾-inch casing. Drilling began 15 October. No new results; targets unchanged.
14 Oct 2021drilling progress report● Neutral
The Parker 55B rig arrived on site 12 October and is rigged up, preparing to drive 16-inch surface casing to about 250ft. Well plan and targets are unchanged.
12 Oct 2021drilling progress report▲ Good
Operations have begun at Bowsprit-1: surveying and mooring pylon installation started 11 October, with the Parker 55B rig due within 48 hours. This ends the hurricane delays; the well is vertical to ~8,600ft, T2 target 1.8-4.1 MMbbl at 25% chance of success.
24 Sept 2021other● Neutral
Corporate Governance Statement for the 2021 financial year, setting out the board's governance practices against the ASX Council's principles. Governance document only; the visible text contains no new operational or financial information.
24 Sept 2021annual report● Neutral
Annual accounts for the year to 30 June 2021. The review says Bowsprit is now 100% owned after the August Pinnacle buyout, and drilling is now planned for October 2021, later than the August target. Financial figures are truncated. The directory lists Alex Parks as non-executive director and Troy Hayden as CEO and Managing Director, which looks inconsistent with earlier announcements.
24 Sept 2021admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report for the year to 30 June 2021. Administrative only, with no new operational or financial information.
8 Sept 2021investor presentation● Neutral
Good Oil Conference presentation by the Managing Director on 8 September 2021, giving a company and Bowsprit overview. Visible text is only disclaimers and the start of the executive summary; the rest is truncated. No new information is evident.
7 Sept 2021drilling progress report▼ Bad
Hurricane Ida has further delayed the rig reaching Bowsprit-1. The prior operator evacuated, and flooding and debris hamper logistics. The rig is reported undamaged, and PRM says it has virtually no costs until the rig mobilises. No new start date is given.
26 Aug 2021debt financing● NeutralMajor
PRM raises A$750,000 through unsecured convertible notes to fund evaluation and contingent drilling costs for Bowsprit-1. Notes carry a 10% coupon and are repayable 31 January 2022, or convert at a 20% discount to the 10-day VWAP. Up to 7.5m 2c options are also planned.
20 Aug 2021asset acquisition disposition▲ GoodMajor
PRM completes the Pinnacle buyout, moving to 100% of the Bowsprit leases (from 50%) effective 1 August 2021. Pinnacle receives 20,524,144 PRM shares and a 5% royalty, payable only on the first US$12m of gross revenue. This resolves the long-pending buyout.
16 Aug 2021drilling progress report▼ Bad
Rig 55B is delayed about 10 days at its prior well, so Bowsprit-1 drilling now starts around 25 August 2021 rather than 15 August. The delay is attributed mainly to the prior operator's late start. Well plan and targets are unchanged.
9 Aug 2021regulatory community update▲ Good
The final Permit to Drill for Bowsprit-1 has been issued by the Louisiana Office of Conservation, so the well is fully permitted. Drilling is still targeted for about 15 August, to test six or seven sands, with the T2 at 1.8-4.1 MMbbl prospective.
3 Aug 2021investor presentation● Neutral
Investor presentation by the Managing Director, dated 3 August 2021, giving a company and Bowsprit overview (100% working interest in 1,154 acres leased). Visible text is only disclaimers and the summary; the rest is truncated. No new information is evident.
26 July 2021asset acquisition disposition▼ BadMajor
PRM will not buy 20% of Patriot Hydrogen: unresolved issues remained after due diligence and terms could not be agreed. This ends the hydrogen deal announced 31 May. The company says it will keep reviewing green energy options and is focused on Bowsprit-1.
20 July 2021contract award▲ GoodMajor
Rig contract signed with Parker Drilling (Rig 55B) for Bowsprit-1, with drilling expected around 15 August 2021. Well depth rises from 8,000ft to 8,600ft to test six sands, at about US$2m for 10-12 days. T2 target remains 1.8-4.1 MMbbl prospective, 25% chance.
19 July 2021director officer appointment● Neutral
Troy Hayden, formerly CEO of Tap Oil and a Woodside executive, joins as independent non-executive director from 16 July 2021, ahead of Bowsprit drilling. Patric Glovac, GTT-linked director, resigns. Hayden's salary is $36,000 plus 3m performance rights, subject to shareholder approval.
22 June 2021joint venture update▲ Good
Patriot Hydrogen, in which PRM plans a 20% stake, reports a second order for one unit at A$2.9m from Sweetman Renewables, for Q4 2021 delivery. It is conditional on the buyer's funding and 30 days of due diligence. PRM's own due diligence continues.
21 June 2021contract award▲ GoodMajor
Signed a Master Services Agreement with Completion Specialists Inc. to manage drilling of Bowsprit-1 in July-August 2021, with a vertical well to about 8,000ft targeting the T2 sand (1.8-4.1 MMbbl prospective, 25% chance). It moves the planned drilling forward.
18 June 2021admin correction● Neutral
ASIC has registered the change approved by shareholders on 30 April: the company is now Prominence Energy Limited, a public company limited by shares, instead of Prominence Energy NL. Administrative only.
15 June 2021other● Neutral
ASX paused trading in the shares pending a further announcement. The pause preceded the same-day Patriot Hydrogen order news.
15 June 2021joint venture update▲ Good
Patriot Hydrogen, in which PRM plans a 20% stake, says it has a first order for two units at about A$2.9m each from Port Anthony Renewables, for delivery in Q4 2021. The sale is conditional on the buyer securing funding and 30 days of technical due diligence.
8 June 2021investor presentation● Neutral
Update on the proposed 20% Patriot Hydrogen purchase, still subject to due diligence and shareholder approval. Describes the modular biomass-to-hydrogen units (about A$2.9m each, first unit expected early 2022) and attaches a Patriot presentation. Mostly background to the 31 May deal.
31 May 2021capital raising announcement▲ GoodMajor
GTT Ventures has committed to raise A$3.2m before costs. It funds a Bowsprit vertical well in July-August 2021 to about 8,000ft, targeting the T2 sand (1.8-4.1 MMbbl prospective, 25% chance). It also funds a 20% stake in Patriot Hydrogen for 25m shares, $250,000 and 3m options, a new direction.
10 May 2021other● Neutral
Notice that 30.4 million unlisted options at 4c expired on 31 December 2020. Issued capital is now 604.9m shares and 205.4m listed 2c options, plus 17m performance rights expiring April 2024.
12 Apr 2021regulatory community update● Neutral
Louisiana lease extension to 14 March 2022 is fully executed. Main drilling permits stay valid to October 2021, with only the drilling bond remaining. Energy Advisors is pitching the Bowsprit farm-out, and new-asset talks with several parties have not produced a selection.
16 Mar 2021half year report● Neutral
Half-year accounts to 31 December 2020 show a net profit of $897,719 (prior year loss $714,430). The company has no production. The report notes the January placement and the Bowsprit lease and Pinnacle extensions to March 2022. The text does not explain the profit.
15 Mar 2021regulatory community update▲ GoodMajor
Louisiana extended the Bowsprit leases by 12 months to 14 March 2022, and Pinnacle extended the buyout completion date to the same date, with completion before drilling. Management says it is reasonably confident of a farm-out and drilling this year, citing oil near US$65.