Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Jan 2014quarterly activities report● Neutral
December-quarter report recaps known items: SEI step-up to 51%, the 3 TCF Tesorillo resource, oil generation in both coreholes, and Cerro Padilla's abandonment at 860m with a re-drill planned. New detail: several companies lodged expressions of interest in the Spanish farm-out, with a decision expected within a few months.
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 2013agm notice● Neutral
Proxy results for the 13 November AGM, decided on a show of hands. Resolutions covered the Mitchell re-election, the remuneration report, a share issue ratification and share issues to directors. Proxy votes were mostly in favour; the remuneration report drew 2.2m against and 10.8m abstentions.
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.
30 Oct 2013quarterly activities report● Neutral
September-quarter report: Cardozo Chico reached 694 m and confirmed oil generation; Cerro Padilla was drilling at 363m after the blowout preventer delay. Spanish farm-out adviser Challenge Energy engaged, bids due mid-January 2014. US$5.5m held for the SEI 51% option.
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.
29 July 2013quarterly activities report● Neutral
June-quarter report recaps the year's deals. New detail: the Cardium well, after the 150 bbl/d initial rate, now flows a stable 35-40 bbl/d. Uruguay coreholes are expected to start in August.
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.
6 June 2013farm in farm out agreement● NeutralMajor
Petrel and partners start a farm-out process for the Tesorillo gas project in Spain, covering 38,000 ha. This follows the January licence cut and the farm-out sought earlier. No partner or deal is yet announced.
27 May 2013asset acquisition disposition● Neutral
Sale of Petrel's interests in NSW licences PEL 6, 427 and 428 to Comet Ridge completes after ministerial approval on 10 May. Total NSW sale proceeds were $1.05m. Funds go to Uruguay and the Cardium project.
16 May 2013investor presentation● Neutral
RBS presentation repeats known facts. Shows cash $8.2m after Cardium completion plus $0.7m from NSW sales, 408.9m shares, no debt, market cap $37m at 9c. Holdings diluted: Casey 8.6%, Mitchell 6.8%.
13 May 2013asset acquisition disposition▲ GoodMajor
Petrel completes the Cardium acquisition: the C$2.8m purchase price is paid, giving it 40% of up to 8 gross sections. About C$0.5m of further costs for well equipping and leasing are due within a month.
8 May 2013capital raising announcement▲ GoodMajor
Petrel completes a $10.65m raising at 8.5c: 90.0m placement shares ($7.65m) and 35.3m SPP shares ($3.0m). About two thirds of the SPP was taken up; the shortfall went to professional investors. Shareholders approved the placement on 7 May.
2 May 2013production update▲ GoodMajor
The 16-19 Lochend Cardium well, bought in March, achieved a 30-day initial production rate of 150 barrels of oil a day, which the company says is slightly above expectations. This gives Petrel its first oil cashflow.
1 May 2013drilling scheduled▲ Good
Uruguay survey interpretation is done and two coreholes, about 700 m and 1,300 m deep, are planned in Piedra Sola from late May or early June, subject to approvals. The coreholes will test source and reservoir rocks. Slips from the earlier April target.
24 Apr 2013investor presentation● Neutral
Presentation repeats known facts. Updated figures show cash of $1.6m at 31 March 2013, $0.7m from NSW sales, and raising of $10.5m with 123.5m new shares. Market cap $37m at 9c.
