Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Jan 2017price query● Neutral
ASX queried a share price jump from 1.3c to 2.4c on heavy volume. Petrel said it knew of no undisclosed information and attributed the move most likely to getting closer to starting its four-well Uruguay drilling programme.
21 Dec 2016contract award● NeutralMajor
SEI signed its drilling contract with New Force Energy Services for the four Uruguay wells. Tax and labour-law complexity delayed it, so equipment now ships in late January and the rig in February, later than the mid-December target.
1 Dec 2016capital raising announcement▲ GoodMajor
Final shortfall tranche of $1.38m placed, completing the rights issue at about $5.25m of the $5.3m maximum; only $54,237 (about 1%) went unsubscribed. The extra funds give room for expanded testing or more drilling.
23 Nov 2016investor presentation● Neutral
AGM presentation: cash $3.3m, 911m shares, drilling expected from February 2017 with rig on site end of January. Repeats the known four-well objectives and resource; no new results.
22 Nov 2016joint venture update▲ GoodMajor
Funding for the four Uruguay wells is confirmed: Petrel funds its 51% and SEI's other shareholders (49%) have committed their share. This resolves the open question of funding. Rig contract is close to final and the rig is expected to mobilise in January.
28 Oct 2016annual report● Neutral
2016 annual report. The chairman says Uruguay is the main focus and Spain a lower priority. He describes a strategy of proving the asset and then bringing in a larger partner or exiting. The four-well programme is planned for late 2016 and early 2017.
28 Oct 2016other● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2016. Administrative filing with no new business information.
24 Oct 2016capital raising announcement▲ Good
Second shortfall tranche placed, raising $420,000. Total shortfall placed is $866,323, leaving $1,434,237 available before 30 November 2016.
10 Oct 2016capital raising announcement▲ Good
First tranche of the rights issue shortfall placed, raising $446,323 at 1c. The funds go toward Petrel's 51% share of the Uruguay four-well programme, with a new rig to be mobilised from the US.
21 Sept 2016annual report● Neutral
Statutory accounts for the year to 30 June 2016: net loss $1.82m, down 68.5%, and net assets $22.4m. Uruguay drilling approvals were submitted in May 2016; the rights issue raised $3.0m, with $2.3m shortfall still to place. Canadian asset is being sold.
13 Sept 2016investor presentation● Neutral
Good Oil Conference presentation by the CEO. It shows cash of $3.1m, 830m shares and a $8.3m market cap at 1c, and repeats the known Uruguay resource and four-well plan. No new results.
1 Sept 2016capital raising announcement● NeutralMajor
Rights issue closed with $1.72m of valid applications; Patersons' underwriting takes up the rest to reach $3.0m, against a maximum of $5.3m. About $2.3m of shortfall remains to be placed by 30 November 2016.
26 Aug 2016capital raising announcement● Neutral
Reminder to eligible Australian and New Zealand shareholders that the 1c rights issue closes at 5pm AEST on 30 August 2016. Administrative reminder only; no new terms.
19 Aug 2016investor presentation● Neutral
Reissued rights issue presentation with an updated timetable; it drops the earlier gas share-value claim. It repeats the known NSAI Uruguay resource (P50 405 MMbbl, 1,472 BCF) and the four-well plan. Nothing new.
16 Aug 2016capital raising announcement● Neutral
Letter to shareholders outside Australia and New Zealand says they cannot take part in the 1c rights issue. Their entitlements go into the shortfall.
16 Aug 2016capital raising announcement● Neutral
Letter to eligible shareholders on the 1c rights issue: one new share per share held, up to 530.1m shares and 265.0m options, raising up to about $5.3m. Shares trade ex-entitlement from 16 August.
12 Aug 2016capital raising announcement● Neutral
Prospectus for the 1-for-1 rights issue at 1c, raising about $5.3m with no minimum, partially underwritten by Patersons. The offer opens 19 August and closes 30 August. Formal document of the already announced raise.
12 Aug 2016capital raising announcement● Neutral
Petrel confirms rights issue shares and options will be issued on 5 September 2016. Timing confirmation only.
11 Aug 2016capital raising announcement● Neutral
The rights issue timetable moves back by about a day. The prospectus is lodged on 12 August, the offer closes 30 August, and shares are issued 5 September. Terms are unchanged.
5 Aug 2016investor presentation● Neutral
Presentation supports the 1c rights issue. It shows cash of $0.5m at 30 June and 529.1m shares, rising to 1,060.1m if fully subscribed, with no debt. It repeats the known Uruguay resources and claims the gas target alone implies a share value above 23c.
5 Aug 2016other● Neutral
ASX lifts the suspension of Petrel's shares immediately after the rights issue announcement. Administrative notice only.
5 Aug 2016capital raising announcement● NeutralMajor
Petrel launches a renounceable 1-for-1 rights issue at 1c to raise up to $5.3m, with $3.0m underwritten by Patersons, plus a free 4c option per two shares. The company says the farm-out process may not have produced a partner, so it will fund Uruguay drilling itself.
4 Aug 2016other● Neutral
Petrel's shares are suspended at its own request on 4 August 2016 pending an announcement of a proposed capital raising. The suspension is expected to end by 5 August.
7 Mar 2016half year report● Neutral
Half-year to 31 December 2015: net loss $1.02m (prior period $4.6m), expenses down 32%. Barnett Shale sold back for nominal consideration; Uruguay four-well permitting started. A $775,000 placement at 2c was completed in February 2016. The report lists Williams as non-executive director in one place and chairman in another.
5 Feb 2016capital raising announcement● Neutral
A $40,000 top-up placement of 2m shares at 2c, with the same 5c options, lifts the week's placement total to $750,000.
3 Feb 2016capital raising announcement● NeutralMajor
Petrel completes a $710,000 placement of 35.5m shares at 2c, with one 5c option per two shares expiring January 2018. Funds finalise the four-well Uruguay permitting and the farm-out. Price is below the 4.5c raise of July 2015. Casey's 1m shares need approval.
1 Feb 2016investor presentation● Neutral
January 'year of Answers' presentation by the Managing Director repeats the known Uruguay (464 MMBBL oil, 1,583 BCF gas net) and Spain (992 BCF net) resource figures. Visible text shows nothing new.
1 Feb 2016other● Neutral
Chairman's letter says oil prices have fallen further and Petrel has cut costs, with director and executive pay deferred and potentially forgone or paid in shares later. It says partner talks continue and the four-well Uruguay programme could cost as little as US$3.5m.
29 Jan 2016quarterly activities report● NeutralMajor
December-quarter report says the Erath County Barnett Shale project has been sold. Permitting is under way for a four-well Uruguay programme (US$3.5m, 100% basis) and new parties have joined the farm-out process. One shallow gas target has a 240 BCF P50 resource.
9 Nov 2015investor presentation● Neutral
AGM presentation repeats known resources and says partner feedback has shaped a more focused Uruguay appraisal programme. It confirms the Spain suspension request pending Tesorillo-1 drilling approval. No new result.
