Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Oct 2015annual report● Neutral
2015 annual report restates the year: the 597 km Uruguay seismic, the 910 MMBBL and 3,105 BCF gross certification, and the Spain re-certification. The chairman says the challenge is funding further appraisal, with partners and financial investors being sought.
13 Oct 2015admin correction● Neutral
Appendix 4G and corporate governance statement for the year to 30 June 2015, lodged with the annual report. Compliance paperwork only, with no new business information.
17 Sept 2015annual report▼ Bad
Statutory accounts for year to 30 June 2015 show a net loss of $5.78m (2014: $2.90m), including a $3.16m Cardium impairment. The share purchase plan closed with 5.55m shares issued at 4.5c, well short of the $1.2m target. The company is still seeking to sell its Canadian project.
3 Sept 2015investor presentation● Neutral
RIU Good Oil Conference presentation repeats the known Uruguay and Spain resource figures, cash of $2.0m, 481.7m shares and no debt. No new information.
25 Aug 2015capital raising announcement● Neutral
The 4.5c share purchase plan closing date is extended from 27 August to 4 September 2015, with shares issued 11 September. The company gives the reason as more time for eligible shareholders to participate.
3 Aug 2015investor presentation● Neutral
August investor presentation repeats the Uruguay (464 MMBBL oil plus 1,583 BCF gas net) and Spain resources. It shows cash of $2.0m, 481.7m shares and no debt, and says the July raise supports ongoing Uruguay farm-in talks. Nothing new.
30 July 2015investor presentation● Neutral
July investor presentation repeats the updated Uruguay and Spain resources and the partner search. It shows cash of $2.0m after the placement, 485.1m shares, no debt, and says farm-in talks are under way for 2016 and 2017 work programmes.
27 July 2015capital raising announcement● Neutral
Share purchase plan terms: eligible Australian and New Zealand holders can buy up to $15,000 of shares at 4.5c, targeting up to $1.2m. Opens 31 July, closes 27 August; scale-back possible. Details of the previously announced offer.
27 July 2015capital raising announcement● Neutral
Updated terms and conditions for the 4.5c share purchase plan: closing 27 August, issue 4 September 2015, first trading 7 September. Repeats the earlier offer terms.
27 July 2015capital raising announcement▼ BadMajor
Petrel completes a $1m placement of about 22.2m shares at 4.5c, a 10% discount, plus a planned share purchase plan of up to $1.2m. Far below the 11.5c raise in October 2014. Directors' shares need approval at the 8 November AGM.
22 July 2015director officer appointment● Neutral
Andrew Williams, a former energy analyst at Royal Bank of Canada and Credit Suisse, joins as non-executive director. The company says he will help with access to capital markets.
9 June 2015farm in farm out agreement▲ GoodMajor
Petrel and SEI start a formal search for a farm-in partner for the Uruguay concessions, hiring Royal Bank of Canada, after unsolicited interest from several parties. This advances the partner search flagged since January; no deal yet.
15 May 2015resource reserve update● NeutralMajor
Uruguay re-certified with gas now included: up to 464 MMBBL oil plus 1,583 BCF gas net to Petrel (910 MMBBL, 3,105 BCF gross). Oil falls from 902 MMBBL net in January; management says total is slightly lower in barrel-equivalent terms. Lead B upgraded to a prospect.
15 May 2015admin correction● Neutral
The share registry, Boardroom, changes its Sydney address from 18 May 2015. Administrative notice only.
7 May 2015resource reserve update▼ BadMajor
Spain Tesorillo re-certified: unrisked prospective resource up to 992 BCF net to Petrel (2,289 BCF gross), down from the earlier 1,304 BCF net. Gas in place roughly halved, but the top-end resource fell about 24%. Resolves the review under way since January.
17 Mar 2015investor presentation● Neutral
Conference presentation by the MD recapping Uruguay seismic and the 902 MMBBL net certification. It shows cash of $2.5m at 31 December 2014, 462.9m shares and $0 debt. Little new beyond known facts.
5 Mar 2015half year report▼ Bad
Half-year to December 2014: net loss $4.6m (vs $1.3m), driven by a $3.16m write-down of the Cardium assets to nil on oil prices and the Cardium market. Placement and SPP netted $2.09m, the SPP raising only $258,000. Spain core results still being reconciled.
27 Feb 2015admin correction● Neutral
Petrel files its Corporate Governance Statement for the 2014 Annual Report, which had left it out. It says full adoption of ASX recommendations is not practical at its size, and the board lacks a majority of independent directors. Administrative.
29 Jan 2015director officer appointment● NeutralMajor
Stephen Mitchell retires as Executive Chairman and director on 31 January 2015, as flagged in October. Alex Sundich, a non-executive director since listing in 2012, becomes non-executive chairman from 1 February. Mitchell stays SEI chairman and a consultant.
13 Jan 2015resource reserve update▲ GoodMajor
First independent certification for Uruguay: unrisked prospective resource of up to 902 MMBBL net to Petrel's 51%, up to 1,768 MMBBL gross, across 20 conventional leads of 2 to 241 MMBBL. Built on the new seismic; the company now plans to look for partners.
20 Nov 2014capital raising announcement● Neutral
The closing date for the share purchase plan at 11.5c is extended from 27 November to 12 December 2014, with shares issued 18 December. The company says this gives shareholders more time to consider the offer.
3 Nov 2014drilling result▲ GoodMajor
Petrel's affiliate SEI finished 597km of 2D seismic across the Salto and Piedra Sola blocks in Uruguay on 30 October. Early analysis showed good data through up to 1000m of basalt, a deeper basin in Salto and potential conventional leads, with more processing still needed.
28 Oct 2014capital raising announcement● Neutral
Details of the share purchase plan: eligible Australian and New Zealand shareholders can buy up to $15,000 of shares at 11.5c, aiming to raise up to $3m (max 26.1m shares). Not underwritten; opens 5 November, closes 27 November. Follows the $2m placement.
27 Oct 2014director officer appointment● NeutralMajor
Managing Director David Casey's contract is extended two years to 1 August 2016, with a further one-year option. Executive Chairman Stephen Mitchell will not renew and retires from the board on 1 February 2015, staying on as SEI chairman and consultant.
27 Oct 2014capital raising announcement● NeutralMajor
Petrel completed a $2m underwritten placement at 11.5c (about 17.4m shares), a 4.2% discount to the last close, plus a planned share purchase plan of up to $3m. This follows the $3m raised in December 2013 at 13.5c, at a lower price.
30 Sept 2014annual report● Neutral
2014 annual report. The chairman says Spain farm-out to fund a roughly US$12m twin well is taking longer than expected, and Canadian sale is also slower, with exit sought alongside partner Bernum in late 2014. Seismic completion is the main goal for the year ahead.
9 Sept 2014investor presentation● Neutral
Good Oil Conference deck repeats the Uruguay, Spain and Cardium portfolio and corehole results. New figure: cash $7.9m at June 2014, market cap $71m at 16c, 443.2m shares, no debt. A seismic update page is mentioned but not visible in the text.
28 Aug 2014drilling progress report▲ Good
139km of the 580km Uruguay seismic is done, with data quality on the first two lines described as excellent and early signs of clear structure. Pace has lifted to about 12km/day. No targets are yet defined.
7 Aug 2014drilling progress report● Neutral
Acquisition of the 580km Uruguay 2D seismic has begun after parameter testing, run by Panamerican Geophysical for SEI. It is expected to take 10 weeks. No data results yet.
29 July 2014director officer appointment▲ GoodMajor
J. Russell Porter, CEO of NYSE MKT-listed Gastar Exploration, was appointed a Petrel director effective 29 July 2014. He previously worked with managing director David Casey on the Narrabri gas project, where Gastar held 35% and Casey ran Eastern Star Gas.
