Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Jan 2015quarterly activities report● Neutral
December-quarter report recaps the 597km seismic and the Uruguay certification (up to 902 MMBBL net; the report headline says 908). New: the placement and share purchase plan are complete at 11.5c, and new Almarchal core results do not all match the 1956 data, so the Spain resource is under review.
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.
30 Oct 2014agm notice● Neutral
AGM presentation recaps the year and Uruguay core results. It says the seismic is essentially complete, with preliminary interpretation already showing potential leads and possible prospects, and asks whether drillable targets exist. No new figures.
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.
22 Oct 2014quarterly activities report▲ Good
September-quarter report: 496km of the 580km Uruguay seismic done by 20 October, with excellent early data. In Spain, sampling of the 1956 Almarchal core and new gravity data are hoped to revive farm-out talks. Tesorillo resource unchanged at up to 1,304 BCF net.
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.
30 July 2014quarterly activities report● Neutral
June-quarter report: seismic acquisition is about to begin, contractor now Panamerican, taking up to 10 weeks. Cerro Padilla E-2 contractor has suspended operations and compensation talks have begun. Petrel may fund 2015 work differently than its 51%-to-60% SEI option. Spain farm-out talks continue.
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.
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.
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.
30 Apr 2014quarterly activities report● Neutral
March-quarter report mostly recaps Uruguay core results and the Tesorillo resource. New: Cerro Padilla E-2 spudded 1 April, now at 494m; Petrel took 60% of two more Lochend sections, lifting net acreage to 2,816 acres; the 580km seismic is planned this quarter.
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.
