Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Apr 2018capital raising announcement▼ BadMajor
The rights issue raised only $247,451 (61.9m shares) of the up to $4.5m sought, leaving a 1.06bn-share shortfall. Petrel says it will now take a non-funding position in Uruguay or sell project assets to cover unpaid liabilities. This is the less-than-half scenario outlined on 1 March.
27 Mar 2018capital raising announcement● Neutral
The rights issue closing date was extended nine days to 12 April 2018, with shares to be issued on 19 April, to give shareholders more time to take part. Timetable change only.
12 Mar 2018half year report▼ BadMajor
Half-year loss to 31 December 2017 was $19.97m, including $17.6m Uruguay and $1.35m Spain impairments, confirming the write-down flagged in February. Net assets fell $14.7m. The company is still seeking a partner or raising to restart Cerro de Chaga-1.
9 Mar 2018investor presentation● Neutral
Presentation on the Tesorillo gas project in Spain, restating the 1956 Almarchal-1 gas discovery, NSAI prospective resource of up to 2.3 TCF, and the Prospex sell-down for up to €2.05m funding a €3.82m work programme. Repeats known facts.
1 Mar 2018capital raising announcement● Neutral
Standard notice letters to overseas shareholders (not offered the rights issue) and option holders (no entitlement unless they exercise before the record date). The offer is 1,123,956,473 new shares to raise about $4.5m. Administrative only.
1 Mar 2018capital raising announcement▼ BadMajor
Petrel launched a rights issue of up to A$4.5m at 0.4c (2 new shares for every 3 held) to fund restarting Cerro de Chaga-1 ($2.9m) and pay $1.1m of creditors. Under half subscribed, it says it may sell assets to cover unpaid liabilities. Drillers took a 2% royalty for $1.66m of invoices.
1 Mar 2018capital raising announcement● Neutral
Formal offer document for the rights issue announced the same day: 2 new shares for every 3 held at 0.4c to raise up to $4.5m, open 1 March to 3 April 2018. Adds no new terms beyond the announcement; it flags the shares as speculative.
14 Feb 2018material agreement● Neutral
Cerro de Chaga-1 stays suspended. Petrel has appointed Euro-Latin Capital to find new partners for its Uruguay assets and is finalising terms for its drilling contractor to take part in the project. Continues the funding search begun in January.
7 Feb 2018listing compliance notice▼ BadMajor
ASX queried cash after the quarter showed $5.4m operating outflow and $831,000 cash left. Petrel says it is considering share issues, borrowing and a new partner, and that a write-down of the ~A$39m capitalised exploration cost is likely.
15 Jan 2018drilling progress report▼ Bad
Cerro de Chaga-1 remains suspended, with restart now expected mid-February because of equipment repairs and shipping delays. Petrel is reviewing funding and talking to potential new partners, possibly for a 20% stake. Follows the December suspension.
22 Dec 2017well test result▲ Good
Lab testing of the Cerro Padilla-1 oil found it similar to black oil, generated in the oil window and most likely from the Mangrullo Shale. Management says this proves a working hydrocarbon system. Petrel's interest is stated as 62.7%.
19 Dec 2017farm in farm out agreement▲ GoodMajor
SEI agreed to sell up to 49.9% of the Tesorillo (Spain) company to AIM-listed Prospex for up to €2.05m in three tranches, funding SEI's share of a ~€3.8m work programme. Petrel's net interest would fall to 31.4%. Prospex will operate.
11 Dec 2017drilling progress report▼ Bad
Cerro de Chaga-1 operations suspended over the holiday period after an unexpected fault caused hole stability problems and required cementing. Activity is expected to resume after 15 January. Petrel's interest is now stated as 62.7%. A setback after Cerro Padilla-1.
7 Dec 2017asset acquisition disposition● NeutralMajor
After the partner failed to fund a cash call, Petrel funded its US$2.04m share and paid US$1m for an option, lifting its stake in operator SEI from 51% to 62.7%. Cerro de Chaga-1 hit difficult drilling at about 558m.
23 Nov 2017investor presentation● Neutral
AGM presentation recapping the year's delays and operational troubles, the Cerro Padilla-1 oil discovery, and Cerro de Chaga-1 drilling ahead at 480m. Repeats known facts and resource estimates; no new announcement.
13 Nov 2017drilling spud▲ GoodMajor
Cerro de Chaga-1 (Panizza), the second of four Uruguay wells, spudded late on Friday and had drilled to 100m, with surface casing cemented. It targets the largest regional high with four-way dip closure; Petrel holds 51%.
7 Nov 2017capital raising announcement● Neutral
Administrative filing for the issue on 7 November 2017 of 415.3m shares at 1.1c, each with a free 4c option expiring 31 October 2018, completing the entitlement offer to fund Uruguay drilling.
7 Nov 2017other● Neutral
Top 20 holder lists for shares and 4c options as at 7 November 2017. Total shares 1,651,148,436; top 20 hold 35.8%, led by Morgan Stanley nominee (3.97%) and Discovery Investments (3.53%). Administrative, no new events.
7 Nov 2017other● Neutral
Distribution analysis of shareholdings as at 7 November 2017: 2,289 holders of 1.651bn shares, and 929 holders of 420.2m listed options. Administrative register data only.
6 Nov 2017well test result● Neutral
Formal test disclosure for Cerro Padilla-1: zone at 794.9-796.7m swabbed for 3 days, under 1 barrel of oil recovered, no net pay reported. Company calls the oil insignificant and clearly not commercial, though it confirms some programme objectives.
2 Nov 2017well test result▲ GoodMajor
Production testing at Cerro Padilla-1 recovered a small amount of oil to surface from 2m of sand at 795m, the first oil produced in Uruguay. The CEO says the well appears off structure and the oil is not material. Rig is moving to Cerro de Chaga-1.
1 Nov 2017capital raising announcement▲ GoodMajor
Entitlement offer closed fully subscribed, raising $4.57m at 1.1c; shareholders took 76% of the shares and shortfall applicants took the other 24%. Underwriter took none. Together with the $880,000 placement, this funds the Uruguay programme. Refunds of $3.49m were due.
25 Oct 2017annual report● Neutral
Corporate governance checklist (Appendix 4G) lodged with the annual report, for the year to 30 June 2017. Administrative; no operational or financial information.
25 Oct 2017annual report● Neutral
2017 annual report. The chairman says the Uruguay programme is significantly behind schedule and over budget, and that a drilling review has been done. He says completing the programme is in the company's interest but warns there is no assurance of positive results.
23 Oct 2017drilling result▲ GoodMajor
Cerro Padilla-1 reached 845m and logs confirm 2m of oil-saturated sand at 793m, which the company calls the first hydrocarbon discovery in Uruguay. It describes it as modest; the well is being completed for production testing. Resolves the drilling troubles with a first result.
19 Oct 2017capital raising announcement● Neutral
Entitlement offer closing date pushed back one week to 31 October 2017, with shares and options now to be issued 7 November. Company says the extra time is for shareholders to consider the offer.
11 Oct 2017drilling progress report▲ Good
Fishing has recovered the parted drill string at Cerro Padilla-1, resolving the late-August stoppage, and drilling has restarted past the basalt at about 503m. New onsite managers, New Tech Global Ventures, now run operations after reviewing them.
10 Oct 2017other● Neutral
Administrative notice that the prospectus and application forms for the entitlement offer were posted to eligible shareholders on 10 October. The offer is still due to close 24 October.
29 Sept 2017annual report● Neutral
Statutory accounts for the year to 30 June 2017: net loss $2.06m (2016: $1.82m), net assets up 44% to $32.3m mainly from capitalised Uruguay drilling costs. Notes the drill string setback and the placement and entitlement offer after year end.
28 Sept 2017capital raising announcement● Neutral
Letters to shareholders and option holders on the entitlement offer: 415,324,258 new shares at 1.1c, record date 6 October. Overseas holders are ineligible. Administrative; no new terms.
