7 Mar 2019drilling progress report▲ Good
Operator Strike reports drill site preparation and civil works have started for West Erregulla-2. This is the first physical step towards the well planned for mid-2019, which Warrego holders will hold 50% of.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 Mar 2019capital raising announcement▲ GoodMajor
Warrego completed a convertible note issue raising $5.05m, $1.2m above the amount in the meeting notice. Notes convert into Petrel shares if the takeover completes, at market-based prices or the AIM listing price, with maturity 31 December 2019. Funds the lead-up to West Erregulla-2.
24 Jan 2019director officer appointment▲ Good
Former AWE chief executive David Biggs is to join the board as non-executive director, subject to approval at the EGM that votes on the Warrego takeover. AWE's Waitsia field lies 16km from the West Erregulla-2 well site.
14 Jan 2019drilling scheduled▲ GoodMajor
Strike secured the Easternwell 106 rig and expects West Erregulla-2 to spud in early May 2019. Reprocessed seismic lifts the best-estimate prospective resource to 1,162 BCF gross (581 BCF Warrego). The Petrel-Warrego deal still needs Petrel shareholder approval.
21 Dec 2018business combination▲ GoodMajor
Binding share purchase agreement signed for the Warrego reverse takeover, firming up the November term sheet. Warrego holders get about 77%; EGM planned 18 February and completion 19 February 2019. AIM listing is not a condition and may slip because of Brexit uncertainty.
18 Dec 2018farm in farm out completion▲ GoodMajor
Prospex paid €280,000 for a second closing, lifting its Tesorillo (Spain) stake to 15% (Petrel's falls accordingly). A final €1.725m for 34.9% depends on the MT survey and well approval. Petrel hopes to drill towards the end of 2019.
29 Nov 2018director officer appointment● NeutralMajor
After the AGM, Porter and Williams retired and Greg Columbus became Chairman, with Alex Sundich staying as non-executive director. Sundich will resign when the Warrego acquisition completes. Confirms the 22 October plan.
29 Nov 2018investor presentation● Neutral
Presentation on the proposed Warrego reverse takeover: Warrego holders 77%, Petrel holders 23%, company renamed Warrego Energy, a raising of about A$10m with AIM listing. Needs shareholder approval in January 2019. Repeats announced terms.
19 Nov 2018business combination▲ GoodMajor
Petrel signed a non-binding term sheet to buy private UK company Warrego via a reverse takeover; Warrego holders would get about 77% of Petrel. Warrego holds EP469 (West Erregulla), 50% farmed to Strike, which funds the first A$11m of a well planned for first half 2019. AIM listing sought.
15 Nov 2018listing compliance notice● Neutral
ASX temporarily paused trading in Petrel Energy shares on 15 November 2018 pending a further announcement. The notice gave no reason for the pause.
29 Oct 2018other● Neutral
Corporate governance statement for the 2018 year. Says the company follows most ASX recommendations but full adoption is not practical given its size. Administrative only.
29 Oct 2018other● Neutral
Appendix 4G governance checklist lodged with the annual report, pointing to the corporate governance statement. Administrative only, no new information.
26 Oct 2018annual report● Neutral
Full 2018 annual report; the chairman's letter says Uruguay farm-out drew no offers, hence the swap to Spain (97.5%). Focus is now Spain drilling and North Perth Basin (about 9,000km2), with executive and board pay suspended. Repeats results already reported on 28 September.
22 Oct 2018director officer appointment● NeutralMajor
Greg Columbus joins the board as non-executive director and is intended to become Chairman at the 29 November AGM. Russ Porter and Andrew Williams retire at the AGM. The company cites austerity and reduced funding; Columbus holds almost 10% of Petrel.
9 Oct 2018joint venture update● NeutralMajor
SIH converted its US$500k preference capital into an extra 8% of the Uruguay venture, leaving Petrel at 41% and SIH at 59%. SIH added US$60,000 more and may add US$100,000 under its US$1.5m right (for 9.7%). Follows the 49% swap interest earlier in 2018.
28 Sept 2018annual report▼ BadMajor
Year to 30 June 2018: net loss $29.1m, including $19.1m impairments and an $8.2m loss from de-recognising Uruguay as a controlled entity. Total assets fell from $34.4m to $4.6m; net assets $3.5m. Focus shifted from Uruguay to Spain and North Perth Basin.
23 Aug 2018investor presentation● Neutral
August Tesorillo presentation restating the 1956 Almarchal-1 gas discovery, NSAI prospective resource up to 2.3 TCF and the Prospex deal funding a €3.82m programme. Includes €280k for the survey and €1.725m for a well. Repeats known facts.
13 Aug 2018capital raising announcement● NeutralMajor
The placement and share purchase plan finished, raising $1,061,000 at 0.21c ($735k placement, $326k from the plan, which was below the $1m sought). Management salaries are halved for the current quarter, with no guarantee beyond it.
13 Aug 2018other● Neutral
Top 20 shareholder list at 13 August 2018 showing 2,399,437,494 shares on issue. Discovery Investments is the largest holder at 6.57%, and David Casey holds 4.36%. Administrative only.
16 July 2018drilling progress report● Neutral
Tesorillo magnetotelluric survey contracts are awarded, but fieldwork waits for an exceptionally late Spanish harvest to end. Results are expected late 2018, with a well targeted for 2019. Prospex rises to 15% on funding the survey.
4 July 2018investor presentation● Neutral
Presentation backing the 4 July raising: placement of $735k and SPP up to $1m at 0.21c. Shows cash of about $0.18m at the March quarter, no external debt and market value of $4.6m. Repeats the announced terms and use of funds.
4 July 2018drilling progress report▲ Good
Tesorillo magnetotelluric survey is said to be imminent, with contract awarded and approvals in place. Environmental assessment for a well is being finalised and early talks held with drilling contractors. Prospex funds the work for up to 49.9%.
4 July 2018investor presentation● Neutral
July presentation on Uruguay restating reduced exposure: Petrel 49% of SEI, SIH funding and able to reach up to 68.5% with a further US$1.5m. Recaps Cerro Padilla-1 oil at 793m, the Chaga-1 fault and NSAI resource up to 910 MMBBL oil and 3.1 TCF gas. Repeats known facts.
4 July 2018capital raising announcement● Neutral
Chairman's letter and terms for the share purchase plan: up to $1m at 0.21c, parcels from $2,000 to $15,000, open 13 July to 7 August 2018, shares issued 13 August. Administrative detail of the 4 July raising.
4 July 2018capital raising announcement● NeutralMajor
Petrel placed 350m shares at 0.21c to raise $735,000 (134m need approval at an early-August meeting) and launched a share purchase plan of up to $1m at the same price. Funds are for working capital and restructuring; management pay for Jan-June is share-based, subject to approval.
7 June 2018farm in farm out completion● NeutralMajor
Petrel completed the 27 April swap: Tesorillo (Spain) interest rises to 97.5%, Uruguay falls to 49%. No Uruguay Letter of Intent was reached within the five weeks; a partner is still possible but needs all parties' and ANCAP approval. SIH has invested US$500k.
5 June 2018other● Neutral
Corporate Governance Statement, current as at 25 October 2017, setting out board roles and ASX governance compliance. Administrative only; no new operational or financial information.
22 May 2018investor presentation● Neutral
Presentation on the north Perth Basin permit application STP-EPA-0127, restating the option on Palatine, that native title terms are agreed, and a staged work programme totalling $15m if granted. No new announcement beyond the 3 May release.
3 May 2018asset acquisition disposition● NeutralMajor
Petrel extended its option to buy Palatine Energy, holder of a north Perth Basin permit application (STP-EPA-0127, 2.2m acres), for $10,000. Purchase would cost $200,000 in cash or shares plus $100,000 in shares later. This is a new Western Australian thread, dependent on native title agreements and permit grant.
27 Apr 2018asset acquisition disposition● NeutralMajor
Petrel swaps a 13.7% SEI interest for all of SEI's Spanish Tesorillo interests, lifting its Spain stake to 97.5% but cutting Uruguay to 49% (SIH 51%). SIH may fund up to US$500k for 8% more. Petrel has five weeks to find a new Uruguay partner.