Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Aug 2019drilling result▲ Good
Warrego welcomes the Wagina gas discovery (74m gross, ~14% porosity) as a good sign for the deeper primary Kingia-High Cliff target, which it expects to reach by end August. The Wagina will be cased and cemented for possible future flow testing. Largely repeats Strike's results.
1 Aug 2019drilling result▲ GoodMajor
Strike reports a significant gas discovery in the Wagina sandstone at West Erregulla-2: about 74m gross, 2.5m confirmed net pay, 14.2% porosity. Poor hole condition stopped pressure and sample collection. Contingent resource booking awaits a future flow test. Confirms the 24 July gas flow.
29 July 2019drilling progress report▲ Good
West Erregulla-2 reached 4,229m with continuous strong gas shows in the Wagina sands. Wireline logging of the section, taking 24 to 48 hours, is about to begin. The primary Kingia High Cliff target is still undrilled.
24 July 2019drilling result▲ GoodMajor
West Erregulla-2 hit the Wagina sandstone at 4,102m, with high-pressure gas (over 98% methane) flowing to surface strongly enough to light the rig flare. Strike says this matches pre-drill modelling, but flow rates and porosity await logging. This is a secondary target.
16 July 2019drilling progress report▼ Bad
West Erregulla-2 reached 3,617m, but drilling through the Kockatea shale has been significantly slower than expected, needing numerous bit changes. Strike expects progress to improve once through it, with Wagina sandstone next.
5 July 2019drilling progress report▲ Good
West Erregulla-2 is at 3,371m in the second intermediate section, with good hydrocarbon shows in the Lesueur and Woodada formations. Strike says these look markedly better than in the nearby West Erregulla-1 well. Wireline logging is planned; this is not a test result.
28 June 2019drilling progress report● Neutral
First intermediate section finished at 2,499m and 11-3/8-inch casing cemented at 2,481m. Rain caused road closures but no material impact on operations. Drilling of the next section toward 4,230m is about to start.
20 June 2019drilling progress report● Neutral
West Erregulla-2 passed through the minor Cattamarra oil target at about 2,280m. Shows were too weak to justify wireline logging or testing. Strike says the well remains broadly on schedule and within budget; the main gas targets are still ahead.
14 June 2019drilling progress report● Neutral
West Erregulla-2 surface casing was cemented at 950m, but restart was delayed by several days of rig maintenance and severe weather. Drilling is now at 1,237m in the next section, which runs to about 2,550m.
6 June 2019drilling progress report● Neutral
Strike spudded West Erregulla-2 and finished the 17.5-inch surface hole at 950m. Casing is next, toward the planned 5,200m. Confirms the long-awaited spud; no result yet.
31 May 2019drilling progress report▲ Good
Rig setup at West Erregulla-2 is complete after a 4,500km move, with spud expected Saturday 1 June 2019. It will drill the 17.5-inch surface hole to 1,000m, toward a planned 5,200m total depth.
8 May 2019drilling progress report▲ Good
Civil works at the West Erregulla-2 site are complete and the Easternwell 106 rig has begun moving from Queensland, about 90 loads over 4,500km. Spud is expected toward the end of May, targeting 5,200m total depth.
7 Mar 2019drilling progress report▲ Good
Operator Strike reports drill site preparation and civil works have started for West Erregulla-2. This is the first physical step towards the well planned for mid-2019, which Warrego holders will hold 50% of.
14 Jan 2019drilling scheduled▲ GoodMajor
Strike secured the Easternwell 106 rig and expects West Erregulla-2 to spud in early May 2019. Reprocessed seismic lifts the best-estimate prospective resource to 1,162 BCF gross (581 BCF Warrego). The Petrel-Warrego deal still needs Petrel shareholder approval.
18 Dec 2018farm in farm out completion▲ GoodMajor
Prospex paid €280,000 for a second closing, lifting its Tesorillo (Spain) stake to 15% (Petrel's falls accordingly). A final €1.725m for 34.9% depends on the MT survey and well approval. Petrel hopes to drill towards the end of 2019.
16 July 2018drilling progress report● Neutral
Tesorillo magnetotelluric survey contracts are awarded, but fieldwork waits for an exceptionally late Spanish harvest to end. Results are expected late 2018, with a well targeted for 2019. Prospex rises to 15% on funding the survey.
4 July 2018drilling progress report▲ Good
Tesorillo magnetotelluric survey is said to be imminent, with contract awarded and approvals in place. Environmental assessment for a well is being finalised and early talks held with drilling contractors. Prospex funds the work for up to 49.9%.
7 June 2018farm in farm out completion● NeutralMajor
Petrel completed the 27 April swap: Tesorillo (Spain) interest rises to 97.5%, Uruguay falls to 49%. No Uruguay Letter of Intent was reached within the five weeks; a partner is still possible but needs all parties' and ANCAP approval. SIH has invested US$500k.
15 Jan 2018drilling progress report▼ Bad
Cerro de Chaga-1 remains suspended, with restart now expected mid-February because of equipment repairs and shipping delays. Petrel is reviewing funding and talking to potential new partners, possibly for a 20% stake. Follows the December suspension.
19 Dec 2017farm in farm out agreement▲ GoodMajor
SEI agreed to sell up to 49.9% of the Tesorillo (Spain) company to AIM-listed Prospex for up to €2.05m in three tranches, funding SEI's share of a ~€3.8m work programme. Petrel's net interest would fall to 31.4%. Prospex will operate.
11 Dec 2017drilling progress report▼ Bad
Cerro de Chaga-1 operations suspended over the holiday period after an unexpected fault caused hole stability problems and required cementing. Activity is expected to resume after 15 January. Petrel's interest is now stated as 62.7%. A setback after Cerro Padilla-1.
13 Nov 2017drilling spud▲ GoodMajor
Cerro de Chaga-1 (Panizza), the second of four Uruguay wells, spudded late on Friday and had drilled to 100m, with surface casing cemented. It targets the largest regional high with four-way dip closure; Petrel holds 51%.
23 Oct 2017drilling result▲ GoodMajor
Cerro Padilla-1 reached 845m and logs confirm 2m of oil-saturated sand at 793m, which the company calls the first hydrocarbon discovery in Uruguay. It describes it as modest; the well is being completed for production testing. Resolves the drilling troubles with a first result.
11 Oct 2017drilling progress report▲ Good
Fishing has recovered the parted drill string at Cerro Padilla-1, resolving the late-August stoppage, and drilling has restarted past the basalt at about 503m. New onsite managers, New Tech Global Ventures, now run operations after reviewing them.
11 Sept 2017drilling progress report▼ Bad
Fishing recovered only some of the broken drill pipe; further equipment is held up in Miami by US storms, after earlier flooding delays in Houston. Drilling stays suspended with 10m of basalt left, and the operator is reviewing operations.
28 Aug 2017drilling progress report▼ Bad
Drilling at Cerro Padilla-1 is suspended after the drill string parted, with about 10m of basalt left before casing point. Fishing gear is being shipped and drilling is hoped to resume by week's end. The CEO calls it disappointing and acknowledges shareholder frustration.
25 Aug 2017drilling progress report● Neutral
Petrel confirms Cerro Padilla-1 is drilling at about 420 metres, with expected total depth of 815 metres. Simple depth update; no results.
11 Aug 2017drilling progress report▲ Good
Final operational approval has been issued and drilling has restarted at Cerro Padilla-1. Management expects the next update to be results or completion of operations at the well.
25 July 2017drilling progress report● Neutral
Cerro Padilla-1 has reached about 100 metres, surface casing is set and the blowout preventer is installed and tested. Drilling ahead awaits final operational approvals from the authorities for the four-well programme.
4 July 2017drilling progress report● Neutral
The crew has returned to site and drilling at Cerro Padilla-1 is due to restart later in the week, following the suspension announced 13 June. No new results.
