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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 July 2016quarterly activities report● Neutral
June-quarter report: Uruguay drilling documents were submitted in May, with approval expected in the third quarter. The company says current cash covers permitting and counterparty talks, and it is assessing options to fund drilling. The four-well programme still costs about US$3.5m.
29 Apr 2016quarterly activities report● Neutral
March-quarter report: Uruguay approvals paperwork for four wells (about US$3.5m) is due for submission in early May, and new parties are still joining the farm-out. Spanish partner Vancast has withdrawn, leaving SEI with 100% of the Tesorillo JV (Petrel 51%).
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.
28 Oct 2015quarterly activities report● Neutral
September-quarter report: Uruguay 2016 work programme permitting has begun and the farm-in partner search continues. Petrel has asked Spanish authorities to suspend activities until approval to drill Tesorillo-1 is granted, a delay for the Spain farm-out. The $1m placement and share purchase plan are completed.
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.
31 July 2015quarterly activities report● Neutral
June-quarter report recaps the May re-certifications (Uruguay 464 MMBBL plus 1,583 BCF net; Spain 992 BCF net), the Uruguay partner search, the $1m placement, the ongoing share purchase plan and Williams' appointment. Mostly known items.
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.
30 Apr 2015quarterly activities report● Neutral
March-quarter report: Uruguay seismic modelling is advancing toward next-stage well locations, with SEI ready to consider partners. Spain resource is being re-certified and new groups have joined the farm-out. A Uruguay resource review is under way as gas is now considered likely.
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.