Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
31 July 2017quarterly activities report● Neutral
June-quarter report: Cerro Padilla-1 spudded early June and reached about 100m after delays; approvals awaited. Next is Panizza-1 (TD 1,450m), with results sought before the 30 August 2017 option expiry. Resource estimates unchanged (P50 net 206 MMBBL and 751 BCF).
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.
28 Apr 2017quarterly activities report● Neutral
March-quarter report: rig cleared customs and will spud after final inspections, with the programme now described as starting in May 2017. Spain's Tesorillo-1 approval is still outstanding after over three years. Resource estimates are unchanged.
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.
