Past year: ▼ 67%(0.10c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 July 2026drilling scheduled▲ GoodMajor
PRM sets a pathway to drill helium and hydrogen targets in June/July 2027: Eyre resource review by end August, Northern Hinge by end September, drilling costs in October. Initial costing is about $5m for three wells; farm-out is being considered. 2026 work is covered by existing cash.
11 June 2026drilling result▲ GoodMajor
Independent lab analysis of 63 soil gas samples confirms helium up to 63ppm and hydrogen up to 3,427ppm (air corrected); 64% of samples showed elevated hydrogen. Backs up the May field results; next step is integrating with geophysics toward seismic and drill targets.
7 May 2026drilling result▲ GoodMajor
Initial PEL 803 soil gas results confirm helium (up to 36ppm), hydrogen (up to 1,105ppm instantaneous, a figure the company says may be a sampling artifact) and methane (up to 5,000ppm). Early-stage; lab results on 63 samples still pending. Resolves the pending survey thread.
17 Feb 2026drilling scheduled● Neutral
Preparation has started for PRM's first geochemical survey in PEL 803, combining soil gas and water bore sampling over about two weeks from April 2026. Seismic is anticipated in the second half of 2026. Schedule is slightly later than the 'early 2026' target.
19 Feb 2025drilling progress report● Neutral
Plug and abandonment of Bowsprit-1 has begun, with Petroleum Coordinators Inc. managing the work. Completion is expected in the coming weeks. This continues the wind-down after the lease was relinquished in April 2024.
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.
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.
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.
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.
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.
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.
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.
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.
