17 July 2014investor presentation● Neutral
Noosa conference presentation repeats the same portfolio and Uruguay core results, with the share price shown at 16c. Cash is still the March 2014 figure of $8.6m. No new results.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 July 2014investor presentation● Neutral
Melbourne Mining Club presentation by the Managing Director repeats the portfolio, Uruguay core results and capital structure (cash $8.6m at March 2014, 443.2m shares, 18c). The visible text shows no new results.
30 June 2014drilling progress report● NeutralMajor
The 580km Uruguay seismic is due to start around 7 July. Petrel has suspended support for the troubled third corehole, Cerro Padilla E-2, which will not reach target depth; the contractor continues at its own cost. Spain farm-out offers so far fall short of value, with talks continuing for months.
3 June 2014other● Neutral
Petrel's continuous disclosure and shareholder communication policy document, setting out how it meets ASX disclosure rules. Administrative; no new business information.
26 May 2014investor presentation● Neutral
Hong Kong and Singapore roadshow deck repeats known Uruguay, Spain and Cardium material. New figures: cash $8.6m at March 2014, market cap $80m at 18c, 443.2m shares, no debt. Seismic of 580km is said to start in June. No new results.
13 May 2014asset acquisition disposition● NeutralMajor
Petrel and partner Bernum have hired Macquarie to seek proposals for sale of their Lochend Cardium assets, including 2 producing wells. Petrel's share is about 3,019 net acres. It reverses the earlier plan to drill more wells; the stated aim is to focus on Uruguay and Spain.
8 Apr 2014drilling result▲ Good
Fresh testing of the Achar E-1 core, drilled over 2 years ago, shows porosity above 20% and permeability up to 2 Darcy, as high as 7 Darcy, in a lower sandstone. This backs the Cardozo Chico results 30km away. Cerro Padilla E-2 spudded and is at 216m.
13 Mar 2014half year report● Neutral
Half-year accounts to 31 December 2013 show a net loss of $1.30m (prior year $1.58m). Net assets rose $6.92m, mainly from consolidating SEI after the 51% step-up (including $4.6m non-controlling interest) and the $3m placement.
26 Feb 2014investor presentation● Neutral
Conference presentation in New York and London repeats known results. New figures: cash $10.1m at December 2013, 443.1m shares, market cap $100m at 22.5c, no debt. Mostly recaps Uruguay, Spain and Cardium. No new results.
24 Feb 2014drilling result▲ GoodMajor
Lab tests on Cardozo Chico core show porosity above 20% and permeability of 1-3 Darcy, over 20 Darcy in places. Petrel says this points to conventional reservoir potential alongside the shale oil. Data come from one corehole only; no oil flow has been tested.
21 Feb 2014director officer appointment● Neutral
Non-executive director David Hobday will retire on 31 March 2014, and a replacement search has begun. He stays on the board of SEI, which holds the Spain and Uruguay assets. The chairman credits him with asset selection.
21 Feb 2014resource reserve update● Neutral
Listing Rule 5 disclosure restates the November NSAI Tesorillo estimate for Petrel's 43.35% share: up to 1,304 BCF unrisked prospective gas (100%: 3,007 BCF). The report is unchanged. Also lists tenements and interests; no new information.
30 Jan 2014drilling result▲ GoodMajor
Final Cardozo Chico results show average organic carbon of 3.32% (max 11.6%) and free oil in samples. Cerro Padilla was abandoned at 860m because of hole instability, but found a 30 m Permian shale; a re-drill is planned at the contractor's cost. Oil generation is confirmed, not yet a flow.
17 Dec 2013capital raising announcement● NeutralMajor
Petrel raised $3m by placing 22,222,222 shares at 13.5c, an 11.5% discount to the 10-day VWAP and 5.3% dilution. The money funds the Uruguay coring and seismic and strengthens its hand in the Spanish farm-out.
16 Dec 2013farm in farm out completion▲ GoodMajor
Petrel exercised its US$5.5m first option, lifting SEI from 25% to 51%. That takes Uruguay to 51% and Tesorillo (Spain) to 43.35%, with funds mainly for 2014 seismic. The second option (to 60%, US$6m) is extended to 30 September 2014. Cerro Padilla is coring at 860m.
26 Nov 2013other● Neutral
Director interest notices: shares issued to directors as a bonus under the AGM resolutions. David Casey's holding rose by 1,117,169 to 38,661,520 shares; Hobday received 201,592 shares. Administrative.
13 Nov 2013investor presentation● Neutral
AGM presentation recaps the year: share price 6c to 18c, Uruguay and Spain acquired, NSW sold, Cardium bought. It lists 2014 plans: Uruguay seismic, possible 51% SEI step-up, 1-2 Cardium wells, Spain farm-out. Cerro Padilla now at about 700 m. No new results.
12 Nov 2013resource reserve update▲ GoodMajor
Independent certifier NSAI puts Tesorillo (Spain) unrisked Prospective Resource at up to 3,007 BCF (3 TCF) at P10, with a P50 of 1,209 BCF. Petrel holds a net 21.25% now, 43.35% if it lifts SEI to 51%. This is the first resource figure for Spain, still undrilled prospective gas.
16 Oct 2013drilling result▲ GoodMajor
The shallower Uruguay corehole, Cardozo Chico, hit a 10 m Permian shale at 457 m with 3.3% average organic carbon and signs of oil generation. The deeper Cerro Padilla well is delayed by a faulty blowout preventer. Early encouragement, not yet a flow or resource.
10 Oct 2013annual report● Neutral
2013 annual report. The chairman says low gas prices and lower production have put Texas Erath work on hold, so it was written down. Spain farm-in is sought, with a possible well late 2014. The Cardium may be monetised if markets suit.
19 Sept 2013annual report▼ Bad
Full-year statutory accounts to 30 June 2013 show a net loss of $6.93m, against $2.09m a year earlier. It includes a $3.14m impairment of the Erath (Texas) gas assets. Net assets rose $3.82m on the $10.65m raising.
4 Sept 2013drilling spud● NeutralMajor
Petrel and operator SEI spudded both Uruguay coreholes on 2 September 2013 in Piedra Sola: Cardozo Chico E-1 (planned 750 m) and Cerro Padilla E-1 (planned 1,250 m). Drilling was expected to take 30-40 days, with lab results 1-2 months after completion.
4 Sept 2013investor presentation● Neutral
RIU Good Oil conference presentation repeats known facts: cash $8.7m at June 2013, no debt, about 407m shares, market cap $45m at 11c. It notes the Uruguay corehole programme has started. No new results.
3 Sept 2013drilling scheduled▲ Good
Uruguay ministerial approvals are received and rigs mobilised for the two coreholes, now estimated at 750 m and 1,250 m, over 4-6 weeks. This resolves the approvals delay that pushed drilling back from the earlier target.
20 Aug 2013director officer appointment● Neutral
Executive director Russell Langusch resigns, citing reduced need for his services now the core projects are established. He stays on as a part-time consultant. He was Orion's managing director before the January 2012 merger.
14 Aug 2013regulatory community update▲ Good
Uruguay's state oil company ANCAP found free oil at 450 m about 4 km from Petrel's Piedra Sola concession, which ANCAP called non-commercial. Petrel says it adds a target for its coming coreholes. It supports the basin thesis but is not Petrel's own discovery.
31 July 2013other● Neutral
Petrel notes that three brokers have started research coverage: Paradigm (22 May), Foster (12 June) and Clarkson (30 July). No operating or financial news.
18 July 2013investor presentation● Neutral
RBS Morgans conference presentation repeats known facts: cash $8.2m, no debt, about 409m shares, market cap $37m at 9c, and the Uruguay, Texas, Canada and Spain projects. No new results.
9 July 2013drilling scheduled● Neutral
The two Uruguay coreholes (700 m and 1,300 m) are now expected to start in August, as approvals took longer than planned. Drillers are contracted. Petrel's option to lift SEI from 25% to 51% costs US$5.5m. Another slip from late May/June.
6 June 2013investor presentation● Neutral
June presentation on the Tesorillo gas project in southern Spain: 38,000 ha, with the 1956 Almarchal-1 well having flowed gas. Next steps are permitting a twin well and seeking partners. Multi-TCF is the company's indication, not a booked resource.