Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Jan 2017quarterly activities report● Neutral
December-quarter report: Uruguay rig contract signed, mud pump shipped, rig due by end of February, drilling from April. The $5.25m raise is confirmed. David Casey also became chairman of SEI, the 51%-owned Uruguayan operator.
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.
31 Oct 2016quarterly activities report● Neutral
September-quarter report: the four-well programme (about US$3.5m) is funded from the $3.86m raised so far, with approvals said to be imminent and drilling due to start in January 2017. Spanish drilling approval is still awaited, so the JV has asked to suspend activities.
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.
