Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Apr 2013quarterly activities report● Neutral
March-quarter report recaps the Cardium acquisition (40%, about C$3.3m), the $10.5m raising and the completed Uruguay survey. Uruguay corehole drilling is now expected to start in May rather than April, subject to permitting.
16 Apr 2013investor presentation● Neutral
April presentation repeats the Cardium deal and raising. Pro forma figures include placement and SPP: $11.5m funds, 135.5m new shares, market cap $42m at 10c. No new operating results.
2 Apr 2013capital raising announcement● Neutral
Details of the share purchase plan: eligible Australian and NZ holders can buy up to $15,000 of shares at 8.5c, a 15% discount to the 26 March price. Capped at 35.3m shares ($3.0m); open 8 April, closes 3 May 2013.
2 Apr 2013capital raising announcement● NeutralMajor
Petrel launches a raising of up to $10.5m to fund the Cardium purchase and Uruguay work: a roughly $7.5m placement at 8.5c, plus a up to $3.0m share purchase plan at the same price. Placement needs shareholder approval at a 7 May 2013 meeting.
28 Mar 2013investor presentation● Neutral
Corporate presentation repeats known facts. Shows cash $2.8m at 31 Dec 2012 plus $0.7m from NSW sales, 283.5m shares, no debt, market cap $28.4m at 10.5c. Barnett net acreage given as 2,847 acres, differing from the 3,711 previously stated.
28 Mar 2013investor presentation● Neutral
Presentation on the Lochend Cardium deal: 40% of 5,120 gross acres for C$3.27M, one producing well, and net reserves potential of 3-4 million barrels (company's figure). Strategy is to sell or borrow against reserves or production within 12 months. Payment is 10% upfront, 90% on 31 May 2013.
27 Mar 2013asset acquisition disposition▲ GoodMajor
Petrel agrees to buy a 40% interest in about 2,048 net acres of Cardium tight oil in Alberta from Bernum Petroleum for C$3.3m, including a newly producing horizontal well. A private placement and share purchase plan are to be announced within days. First oil production for Petrel.
22 Mar 2013drilling progress report▲ Good
Uruguay magnetotelluric survey is complete and initial results confirm a northwest-trending rift basin with Devonian sediments from Piedra Sola to Salto. Corehole drilling is expected to start in April, subject to permitting. Early supportive data, not a resource estimate.
13 Mar 2013half year report▼ Bad
Half-year to 31 December 2012: net loss $1,583,232 (prior period $556,807), including $265,544 of exploration written off. Net assets fell $1.34m. Repeats the SEI completion and notes remaining NSW sales now expected at about $750,000.
5 Mar 2013price query● Neutral
After the share price rose from 7.6c to 10c, Petrel tells ASX it is in confidential talks with several undisclosed parties on oil and gas investments, but nothing is definite enough to announce. Petrel says it complies with disclosure rules.
31 Jan 2013listing compliance notice● Neutral
Replying to an ASX query, Petrel admits it has no diversity policy, citing only two employees besides directors. All five directors are male. Administrative compliance matter.
31 Jan 2013quarterly activities report▲ Good
December-quarter report: re-fracturing GW Stewart #1 lifted output from essentially nothing to over 100,000 scf/d. Early Uruguay survey results are encouraging, with cored drilling expected around April. NSW sale proceeds of $265,000 received so far, $0.7m more expected. Parts of the Spanish licences were relinquished.
13 Nov 2012asset acquisition disposition▲ GoodMajor
Petrel completes the US$2.5m purchase of 25% of SEI, giving it exposure to 14,000 sq km in Uruguay and 85% of two Spanish gas licences. This closes the 26 October deal; options to reach 60% for US$11.5m remain.
8 Nov 2012investor presentation● Neutral
November project update presentation repeats known facts on the SEI deal and Uruguay. New detail: 282.4m shares, market cap $21.2m at 7.5c, and Uruguay coreholes planned to start in the first quarter of 2013, followed by seismic. Spain is not being funded significantly.
29 Oct 2012investor presentation● Neutral
AGM presentation repeats the SEI deal: US$2.5m for 25%, up to 60% for a further US$11.5m across three stages. Shows 275.4m shares, $6.4m cash plus $1.0m from NSW sales. Stage 1 is a magnetotelluric survey and 3-4 coreholes, running 4Q12-3Q13.
29 Oct 2012agm notice● Neutral
Proxy vote results for six AGM resolutions, all decided on a show of hands. Proxies lodged were heavily in favour on each. The resolutions are not named in the text, so which approvals (e.g. Casey's sign-on) passed is not stated.
29 Oct 2012quarterly activities report● Neutral
September-quarter report: Petrel details its US$2.5m, 25% SEI stake (Uruguay, Spain), still awaiting ANCAP approval at the time. NSW sales expected to close in Q4 2012 for about $1m. Barnett gas sales have begun, with one well being re-stimulated to lift rates.
26 Oct 2012asset acquisition disposition● NeutralMajor
Petrel buys 25% of Schuepbach Energy International (Uruguay shale concessions, 14,000 sq km) for US$2.5m from existing cash, plus 85% of two Spanish gas licences. Options could lift SEI stake to 60% for a further US$11.5m. Subject to Uruguayan ANCAP approval; a new strategic direction beyond Texas.
9 Oct 2012annual report● Neutral
2012 Annual Report: the chairman describes a new strategy of building a portfolio of resource assets at exploration or appraisal stage, with focus on North/South America and Australia. NSW assets are being divested for a small profit. Largely repeats known facts.
25 Sept 2012director officer appointment● Neutral
Ian Kirkham, formerly CFO and company secretary at Eastern Star Gas, is appointed CFO and Company Secretary, replacing Allan Freeman, who resigned. Administrative management change.
21 Sept 2012annual report● Neutral
Statutory accounts for FY12: net loss $2,088,974 (prior year $2,589,310), including $235,670 of exploration written off. Barnett wells are flowing but with interruptions. NSW sales are expected to give a small profit on book value; the company is seeking new opportunities.
4 Sept 2012director officer appointment▲ GoodMajor
David Casey, former Eastern Star Gas managing director, becomes CEO and Managing Director on a $425,000 salary, and holds 11.8% of Petrel. A sign-on grant of 5.5m shares at 5.5c needs shareholder approval. Langusch stays as executive director, moving from interim CEO to business development.
26 July 2012quarterly activities report● Neutral
June-quarter report: all three Barnett wells are producing, but stable rates are not yet established, with clean-outs and compressor problems. Operator expects 350-400 Mcf/d combined eventually; results are below pre-drill estimates. Cash and securities about $6.4m, plus $1m pending from NSW sales.
21 June 2012asset acquisition disposition▲ GoodMajor
Petrel signs a conditional deal to sell PELs 6, 427 and 428 to Comet Ridge for $750,000 cash. With the Acer sale, six of seven NSW licences are sold for $1.05m gross, slightly above the original $1m. Options for 100%-owned PEL 455 are being considered.
21 June 2012asset acquisition disposition● Neutral
Comet Ridge announces it will pay $750,000 for Petrel's interests in PELs 6, 427 and 428 in the Gunnedah Basin, subject to due diligence and JV and NSW government consents. Third-party release; Santos holds the remaining interests.
13 June 2012asset acquisition disposition● NeutralMajor
Petrel signs a conditional agreement to sell PELs 422, 424 and 471 to Acer Energy for $300,000, part of the $1m NSW sales accepted on 2 May. A binding deal for the Surat-Bowen licences is targeted within a month.
13 June 2012asset acquisition disposition● Neutral
Acer Energy announces a conditional deal to buy Petrel's 100% of Darling Basin licences PEL 422, 424 and 471 for $300,000, mostly payable on registration (PEL 471 is under renewal). Third-party release; the first binding step of Petrel's NSW sale.
7 June 2012production update▲ Good
All three Barnett wells (GW Stewart #1, #2 and M Stewart #1) have been fracced and are on stream into Enbridge's pipeline, in clean-up. Rates are called 'encouraging', with no figures given. Petrel holds 25%, plus 73% of an adjoining 1,655 gross acres.
23 May 2012other● Neutral
Petrel lodges its updated Securities Trading Policy, as ASX Listing Rule 12.10 requires. Administrative notice covering insider trading rules and closed periods for staff and directors; no operational or financial substance.
7 May 2012flow test result▲ GoodMajor
First Barnett well, Montie Stewart #1, came on at about 570,000 cf/d after stimulation on 25 April, at the upper end of local start-ups. Two more wells follow within a month. Initial rates are only an early indication.
