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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
27 Apr 2022quarterly activities report● Neutral
March quarter report confirms Sasanof completion and the A$12.05m placement (Tranche 2 issued March), leaving 2.41bn shares and 912m options. PRM's Sasanof cost share is put at A$6.5-8m; Bowsprit T1 sidetrack remains a target (2P 330.7 Mbbl).
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.
27 Jan 2022quarterly activities report● Neutral
December quarter report restates the Sasanof 12.5% deal, the A$12m placement (Tranche 1 raised A$2.5m) and the dry Bowsprit-1 well suspended for possible sidetrack. PRM's participation still depends on Western Gas funding the full well. Drilling now expected 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.
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.
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.
20 Oct 2021quarterly activities report● Neutral
September quarter report: restates the 100% Bowsprit interest after the Pinnacle buyout (20.5m shares, 5% royalty on the first US$12m revenue) and the A$3.2m raising. Drilling began 12 October, after quarter end. The visible text is truncated, so cash is not shown.
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.
30 Sept 2021agm notice● Neutral
AGM set for 26 November 2021, with director nominations closing 8 October 2021. Director re-election and appointment will be on the agenda. Administrative notice only.
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.