Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 June 2017drilling progress report● Neutral
After a review, the operator ordered downhole motors and diamond bits to cope with unexpectedly hard shallow rock, and the crew returns towards the end of the week. Management says prospectivity is unchanged and some lost time may be recovered.
13 June 2017drilling progress report▼ Bad
Operator suspended Cerro Padilla-1 drilling at no cost after slow progress and unexpected drilling problems, to rest the crew and rethink strategy and equipment. Resumption is hoped within 10 to 14 days. A setback to the programme timing.
5 June 2017drilling spud▲ GoodMajor
Cerro Padilla-1, the first well of the four-well programme and the first onshore Uruguay well in about 40 years, spudded over the weekend. It targets Tres Islas sand and Permian source rock at shallow depth, with estimated OOIP P90 of 21 MMB.
1 June 2017drilling progress report▼ Bad
Spudding of Cerro Padilla-1 is delayed again by late arrival of equipment, now in Uruguay and being adjusted. Spud is expected within days. Another short delay to the programme start; no results.
26 May 2017drilling progress report▼ Bad
Rig setup is nearly done, but a final piece of equipment delayed in the US means Cerro Padilla-1 is now expected to spud mid the following week. This is another small slip to the start date; no results.
15 May 2017drilling progress report● Neutral
The New Force rig is on the first Uruguay drill site and in final setup. Drilling starts after final onsite inspections. This continues the long run-up to the four-well programme, with no spud date given and no new results.
27 Apr 2017drilling progress report● Neutral
The Uruguay rig has been unloaded at Montevideo and cleared customs. It will spud once final onsite inspections are done, expected in the coming weeks. This is the first onshore well in Uruguay in about 40 years; no spud date yet.
16 Mar 2017drilling progress report● Neutral
The rig is being loaded in Houston for departure and should reach Montevideo in about 30 days. The mud pump has already landed in Uruguay. Drilling is now guided to start in late April, a little later than earlier guidance.
24 Feb 2017drilling progress report● Neutral
Rig shipment has begun: the first shipment left Colorado, trucking to Houston takes two weeks, and the ship is scheduled to sail 11 March 2017. The mud pump is already on the water. No change to the four-well plan.
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.
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.
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.
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.
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 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.
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.
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 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.
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.
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.
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.
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.
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.
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.
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 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.
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.
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.
