Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Sept 2017investor presentation● Neutral
Presentation of the capital raising: 1.1c issue price, up to $5.45m, shares rising from 1,165m to about 1,680m. Cash was $0.8m at 31 August. Repeats known terms and the Uruguay, Spain and Canada asset descriptions.
28 Sept 2017capital raising announcement● NeutralMajor
Petrel raises $3.5m to $5.45m at 1.1c: an $880,000 placement of 80m shares is done, plus a 1-for-3 entitlement offer of up to $4.57m, underwritten to $2.61m, with free 4c options. Management says the Uruguay programme is behind schedule and over budget.
28 Sept 2017other● Neutral
ASX lifts the trading suspension on Petrel immediately after the capital raising announcement, ending the halt that began 26 September 2017.
28 Sept 2017capital raising announcement● Neutral
Prospectus for the 1-for-3 entitlement offer at 1.1c, raising up to $4.57m, partially underwritten by Patersons. Each new share carries a free 4c option expiring 31 October 2018. Offer opens 10 October and closes 24 October. Repeats the terms announced the same day.
27 Sept 2017other● Neutral
Petrel extended its voluntary suspension by a further day to finalise a proposed placement and rights issue, now expected to end by 28 September 2017. No size or price disclosed yet.
26 Sept 2017other● Neutral
Petrel requested an immediate trading halt pending an announcement about a proposed capital raising, expected to last no longer than 27 September 2017. No details of size or price yet.
11 Sept 2017drilling progress report▼ Bad
Fishing recovered only some of the broken drill pipe; further equipment is held up in Miami by US storms, after earlier flooding delays in Houston. Drilling stays suspended with 10m of basalt left, and the operator is reviewing operations.
28 Aug 2017drilling progress report▼ Bad
Drilling at Cerro Padilla-1 is suspended after the drill string parted, with about 10m of basalt left before casing point. Fishing gear is being shipped and drilling is hoped to resume by week's end. The CEO calls it disappointing and acknowledges shareholder frustration.
25 Aug 2017drilling progress report● Neutral
Petrel confirms Cerro Padilla-1 is drilling at about 420 metres, with expected total depth of 815 metres. Simple depth update; no results.
11 Aug 2017drilling progress report▲ Good
Final operational approval has been issued and drilling has restarted at Cerro Padilla-1. Management expects the next update to be results or completion of operations at the well.
1 Aug 2017security holder rights change● Neutral
Standard notice to holders of listed 4c options (PRLO), which expire 30 August 2017. Holders can exercise, sell (last traded 0.3c) or let them lapse. Shares last traded at 2.6c, below the 4c exercise price. No underwriting is in place.
25 July 2017drilling progress report● Neutral
Cerro Padilla-1 has reached about 100 metres, surface casing is set and the blowout preventer is installed and tested. Drilling ahead awaits final operational approvals from the authorities for the four-well programme.
4 July 2017drilling progress report● Neutral
The crew has returned to site and drilling at Cerro Padilla-1 is due to restart later in the week, following the suspension announced 13 June. No new results.
26 June 2017drilling progress report● Neutral
After a review, the operator ordered downhole motors and diamond bits to cope with unexpectedly hard shallow rock, and the crew returns towards the end of the week. Management says prospectivity is unchanged and some lost time may be recovered.
13 June 2017drilling progress report▼ Bad
Operator suspended Cerro Padilla-1 drilling at no cost after slow progress and unexpected drilling problems, to rest the crew and rethink strategy and equipment. Resumption is hoped within 10 to 14 days. A setback to the programme timing.
5 June 2017drilling spud▲ GoodMajor
Cerro Padilla-1, the first well of the four-well programme and the first onshore Uruguay well in about 40 years, spudded over the weekend. It targets Tres Islas sand and Permian source rock at shallow depth, with estimated OOIP P90 of 21 MMB.
1 June 2017drilling progress report▼ Bad
Spudding of Cerro Padilla-1 is delayed again by late arrival of equipment, now in Uruguay and being adjusted. Spud is expected within days. Another short delay to the programme start; no results.
30 May 2017investor presentation● Neutral
ASX Spotlight conference deck: cash $4.0m including the placement, $1.4m letter of credit, 1,165m shares, market cap $41m at 3.5c. Repeats known NSAI resources (P50 405 MMbbl oil and 1.5 TCF gas, PRL only). No new results.
26 May 2017drilling progress report▼ Bad
Rig setup is nearly done, but a final piece of equipment delayed in the US means Cerro Padilla-1 is now expected to spud mid the following week. This is another small slip to the start date; no results.
15 May 2017drilling progress report● Neutral
The New Force rig is on the first Uruguay drill site and in final setup. Drilling starts after final onsite inspections. This continues the long run-up to the four-well programme, with no spud date given and no new results.
3 May 2017capital raising announcement▲ GoodMajor
Petrel placed 73.5m new shares at 3.4c to raise $2.5m, over 30% oversubscribed. The money is a contingency for the Uruguay wells (deepening, testing, overruns), plus working capital and keeping pace with partner funding to avoid dilution.
3 May 2017investor presentation● Neutral
Presentation for the 1-2 May 2017 placement. Cash is $1.7m (March quarter) plus a $1.4m letter of credit with drillers; no external debt. Proceeds cover drilling overruns, deepening, testing and matching partner funding. Repeats known Uruguay resource; no new results.
27 Apr 2017drilling progress report● Neutral
The Uruguay rig has been unloaded at Montevideo and cleared customs. It will spud once final onsite inspections are done, expected in the coming weeks. This is the first onshore well in Uruguay in about 40 years; no spud date yet.
18 Apr 2017investor presentation● Neutral
April 2017 investor presentation: market cap $44m at 4.1c, cash $5.0m (December quarter), 1,091m shares. Describes Uruguay drilling as imminent and repeats known resource and well objectives. No new results.
4 Apr 2017price query● Neutral
ASX queried a rise from 2.5c to 3.5c. Petrel said it had no undisclosed information, noted the rig is due in Montevideo mid-April, and put the move down most likely to drilling getting closer. Spud depends on customs and local logistics.
16 Mar 2017drilling progress report● Neutral
The rig is being loaded in Houston for departure and should reach Montevideo in about 30 days. The mud pump has already landed in Uruguay. Drilling is now guided to start in late April, a little later than earlier guidance.
10 Mar 2017half year report● Neutral
Half-year to 31 December 2016: net loss $1.01m (prior period $1.02m). The rights issue raised $4.85m after costs and SEI's other shareholders added $1.67m for Uruguay. Spain's Tesorillo-1 approval is still pending, with activities suspended.
2 Mar 2017investor presentation● Neutral
March 2017 investor update: cash $5.0m, 1,091m shares, market cap $27.3m at 2.5c, drilling/spud now expected in April. Repeats the known Uruguay resource and four-well objectives. No new results.
24 Feb 2017drilling progress report● Neutral
Rig shipment has begun: the first shipment left Colorado, trucking to Houston takes two weeks, and the ship is scheduled to sail 11 March 2017. The mud pump is already on the water. No change to the four-well plan.
13 Feb 2017admin correction● Neutral
Corrects a heading in the December quarterly report so it says conventional oil targets in Uruguay, not unconventional. The MD says the focus has moved to conventional potential. No new results.
