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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Petrel Resources Plc | PET | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.20 | 9.76% | 2.25 | 16:06:29 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 2.05 | 2.05 | 2.70 | 2.25 | 2.05 |
| Industry Sector |
|---|
| OIL & GAS PRODUCERS |
| Top Posts |
|---|
Posted at 20/4/2024 10:02 by dreamtwister the oil blocks in iraq western desert sixth bidding roundSixth Round: Tell Al-Hajjar Block - Nineveh Governorate3 Al-Khaleesa Block - Nineveh and Anbar Governorates3 Anbar Block - Anbar Governorate3 Aana Block - Anbar Governorate3 Al-Anz Block - Anbar Governorate3 Akashat Block - Anbar Governorate3 These initiatives are part of Iraq’s efforts to open up new acreage to foreign investors and sweeten contractual terms in the hope of enticing international energy companies back into its upstream oil and gas sector2. However, it’s important to note that all future licensing rounds will continue to be subject to a climate compatibility test2. This means that projects will have to meet net zero targets2. |
Posted at 20/4/2024 09:57 by dreamtwister The exploration opportunities in the fifth+ and sixth rounds of oil and gas contracts in Iraq are as follows:The fifth+ round now includes 16 projects1. This round spans 11 oil fields and five oil and gas fields2. It includes four exploration areas that were offered but not granted in the Fifth Licensing Round in 2018, in addition to nine new fields and sites3. These are: Faw (Fao) Area - Basra Governorate3 Jebel Sinam (Jebel Sanam, Jabal Sanam) Area - Basra Governorate3 Shihabi Area - Maysan and Wasit Governorates3 Zarbatia (Zurbatiya, Zurbatia) Area - Wasit Governorate3 Deima (Dima, Deema, Dimah) Field - Maysan Governorate3 Qalat Saleh Area - Maysan Governorate3 East Baghdad Field - Northern Extensions - Baghdad and Salahuddin Governorates3 Dhubarriya (Dhafriya) Field - Wasit Governorate3 Alan (Allan) Field - Nineveh Governorate3 Sasan Field - Nineveh Governorate3 Balkana Field - Salahuddin Governorate3 Abu Khaymah (Abu Khaima, Abu Khema) Field - Basra Governorate3 Middle Euphrates Fields (Kufil [Kifl], West Kufil, and Marjan [Merjan, Mergan])3 The sixth round now includes 14 opportunities1. This round spans 11 gas fields and three oil fields2. The Minister of Oil has announced the launch of the sixth licensing round for exploration of 11 gas blocks4. These are: Tell Al-Hajjar Block - Nineveh Governorate4 Al-Khaleesa Block - Nineveh and Anbar Governorates4 Anbar Block - Anbar Governorate4 Aana Block - Anbar Governorate4 Al-Anz Block - Anbar Governorate4 Akashat Block - Anbar Governorate4 North Rutba Block - Anbar Governorate4 South Rutba Block - Anbar Governorate4 Tobal Block - Anbar Governorate4 Walid Block - Anbar Governorate4 Al-Quraynan Block - Anbar and Najaf Governorates4 These initiatives are part of Iraq’s efforts to open up new acreage to foreign investors and sweeten contractual terms in the hope of enticing international energy companies back into its upstream oil and gas sector2. However, it’s important to note that all future licensing rounds will continue to be subject to a climate compatibility test2. This means that projects will have to meet net zero targets2. |
Posted at 20/4/2024 09:50 by dreamtwister the licensing of oil contracts in Iraq has been brought forward. The Iraqi Oil Ministry is set to unveil the victors of the fifth+ and sixth rounds of oil and gas contracts covering 30 fields1. Notably, the French have reached a historic agreement, and there are calls from the Gulf, particularly Saudi Aramco, for a reevaluation of the contract structures1.The Iraqi government has also invited companies to bid for 11 exploration blocks with natural gas reserves as part of a push to boost its self-sufficiency in the hydrocarbon2. Eight of the blocks are located in the western part of the country, one is in northern Iraq, and two are in central Iraq2. Iraq’s National Investment Commission (NIC) has announced the details of three investment opportunities in the oil refining sector3. These initiatives are part of Iraq’s efforts to open up new acreage to foreign investors and sweeten contractual terms in the hope of enticing international energy companies back into its upstream oil and gas sector4. it’s important to note that all future licensing rounds will continue to be subject to a climate compatibility test1. This means that projects will have to meet net zero targets |
Posted at 14/4/2024 17:03 by kdickson WHY KIFL FIELDS PACKAGED WITH MERJAN SUGGESTS LICENCE IS EARMARKED FOR PETRELInteresting that Merjan has been packaged with Kifl and West Kifl fields into the 'Middle Furat' license of the 5th plus round. I had always thought that the Technical Co-operation Agreement they did with Itochu in 2005-2007 was just for Merjan alone. However, looking back through all Annual Report's and Interims, it seems they also studied Kifl and West Kifl. 2005 AR: First mention of Kifl. "Of particular interest is the potential seen in the regional work for a structural trend extending to the southeast [of Merjan] and incorporating the Kifl area". The image below shows the relative positions of Merjan, Kifl and West Kifl which clearly shows how the Kifl fields are aligned SE of Merjan. Detailed study of well logs and flow data, together with maturation and AFTA analysis...will form part of the final report to the IOM's Oil Exploration Company on the potential and extent of the Merjan Field. 2008 AR: We confirmed that the oil-bearing structure [of Merjan] extended well beyond the previously mapped structure. Definitive delineation of the field's extent requires a proposed work programme of targeted wells and 3D seismic, when suitable contract arrangements are in place. [Our] study was reviewed by a panel of senior officials of the Ministry's Petroleum Contracts and Licensing Directorate and they approved the work [PCLD are the ones managing the LR5+ and LR6 rounds!]. KD note: I emailed DH June 2020 asking if perhaps Merjan oil structure linked westwards to Block 6 (it doesn't) but he also said "...it is clear from the 1982 Mobil well logs that the Merjan oil reservoir is much greater than the numbers calculated". So it's likely he's referring to the reservoir extending south eastwards to the Kifl fields. Sept 2019 Interims: The improving security situation in western Iraq has again made possible field-work on prime western desert exploration blocks, including Block 6. Similarly, the Merjan oil discovery...which has recently been packaged with Kifl & West Kifl oilfields, has arisen as a possible development project. The Merjan oilfield and surroundings [Kifl fields?!]...has recently been covered by a 1,000 km sq 3D seismic survey conducted by the Iraqi Oil Exploration Company. This enhanced data should further minimise the risks & costs of development. [KD note: There's a coincidence! 1,000kms of 3D seismic are done on 'Merjan and surroundings' then the IOM decide to add in Kifl/West Kifl to Merjan and include that as the 'Middle Furat' package in the LR5+ round. Right up Petrel's street! And DH sounds confident too]. 2019 AR: In discussions shortly before the Covid-19 pandemic, the authorities suggested that Petrel initially target “exploration of blocks in the western desert of Iraq, and present past studies done on the Merjan-Kifl-West Kifl discoveries...” Subject to the appointment of responsible officials by the new Iraqi Government, and the lifting of Covid-19 restrictions, Petrel expects to enter into re-qualification discussions with the appropriate decision-makers at the Ministry of Oil. Discussions may cover Petrel’s past studies on the Merjan-Kifl-West Kifl area, and the Mesozoic & Paleozoic potential of the Western Desert. 2020 AR: [KD: Almost identical wording to above 2019 AR except it now only says "Subject to the lifting of Covid-19 restrictions" and no mention of 'appointment of responsible officials', so they've now been appointed]. 2022 AR (June 2023): [Same wording as previous 2 'Covid delay' years re: Iraqi authorities suggesting Petrel target “exploration of blocks in the western desert of Iraq, and present past studies done on the Merjan-Kifl-West Kifl discoveries"]... ...but [new paragraph]...Our updated development proposal requires an economic Iraqi Government contractual model in order to proceed with necessary funding and / or attract equity partners [KD: So they're already thinking about funding for Merjan at this point]. [KD: I asked DH 22nd June 2023 if Itochu was still around as a potential sugar daddy DH: "Yes" 2023 Interim Statement (18th Sept): • Petrel has fine-tuned its Iraqi proposals, following feedback [KD: DH confirmed 18th Sep this does relate to Merjan...so, they've had 'guidance' back from the IOM on their submission to 'get it right']. We have contractors and suppliers identified but seek improved fiscal terms to attract partners. • An updated Merjan oil field development proposal has been submitted to the Ministry with a view to finalising a licence agreement. [KD: Say no more!] The board expects to add another one or more Non-Executive Director with the next major deal. [KD: They sound confident!] [KD: Also ties in with rumours of a new 29.9% investor/entity]. Taking all of the above into account, it feels to me that the recent new 3D seismic done by the Iraqi Oil Exploration Company, on top of Petrels original 2005-2007 study and additional analysis in 2008, has led the IOM, post Covid to now re-package Merjan, Kifl and West Kifl into the one 'Middle Furat' licence because they are all now believed to be part of the same contiguous Merjan oil structure. Its almost as if this 'Middle Furat' licence has been tailor made for Petrel given their exclusive deep knowledge of these specific fields. Also, it's important to note that out of the 16 contract areas on offer in LR5+, only this (and one other) is a DPC (Development Production Contract). All 14 others are EDPC contacts (E = Exploration). In other words, this is a known group of fields waiting to be developed into producing ones (at least 100,000 bopd) and no exploration required. |
Posted at 15/1/2024 13:04 by steveberyl The date of Licence granting is irrelevant to the Big picture, the only picture Investors should be interested in right now is PET current price.Licences WILL BE GIVEN at some time soon, then any COMPANY BEING LUCKY BAGS, ENORMOUSLY. Pet is a great punt at this price, not sure about £5 being reached, but £2 + is a nailed on Certainty if PET get a licence. BILLIONS OF BARRELS will be the prize in an ESTABLISHED OIL FIELD, remember that, THIS is an established proven OIL FIELD Best punt EVER. If PET gets lucky, with 22 karat RNS it makes a number of Millionaires, instantly. |
Posted at 05/1/2024 13:03 by dusseldorf There's a further 14,833,333 that can be issued - but 1,666,666 of that is directors, so i suspect they have to wait to take warrants so they don't tip over % ownership issues.Whether the shares are sold for small change profits depends on whether original placement was to a bucket shop type outfit or 'sophisticated investors' - history suggests a bucketshop in for a quick flip |
Posted at 27/12/2023 10:40 by apotheki 1,000,000 shares from that warrants conversion prior to Christmas already sold by the MMs to an Investor |
Posted at 01/11/2023 12:04 by ianio5691 Iraq unveils details for new bidding roundsIn an effort to attract foreign investors to its upcoming licensing rounds, the Oil Ministry is adding more projects and better contractual terms. KATE DOURIAN AND STAFF OF IRAQ OIL REPORT WEDNESDAY, NOVEMBER 1ST, 2023 Iraq’s Oil Ministry is expanding its plans to open up new acreage to foreign investors and has sweetened contractual terms in the hope of enticing international energy companies back into its upstream oil and gas sector. The ministry had already been planning to offer 24 investment opportunities across two upcoming contract auctions, but is now adding six more. The so-called "five-plus" bidding round now includes 16 projects, and the sixth bidding round now includes 14 opportunities, according to an Oil Ministry promotional document given to international oil companies (IOCs) and obtained by Iraq Oil Report. |
Posted at 25/9/2023 20:29 by profit7 Iraq has opened up to international investors, especially Europe.Let's hope Petrel Resources get their oil License in Merjan oil field which has billions of barrels worth 100s of billions |
Posted at 28/7/2023 18:45 by f31 Last year I left the AGM with a feeling of a complete standstill and not much hope for anything any time soon.Yesterday I came away a lot more positive, and in fact I feel rather optimistic that we will see some positive developments coming up for Petrel – and in a not too far distance. Summary of the AGM: GHANA: I would say – forget about Ghana for the moment. As per David in AGM……. “There is a deal to be done, but the expectation on the other side is for pay-off’s - which we can’t do” They have also been asked to consider alternative other acreage than the current one, perhaps with better chance of title, but we might struggle to find farm-in, so not attractive. For the moment they are therefore hanging in and insisting on their current acreage “agreementR But I would say – don’t gamble on any Ghana development any time soon. IRAQ: Stumbling block has always been the fiscal terms. But David on the new TOTAL Contract….. ”Not seen official details but media reports suggest that up to 30% of produced oil may be available for profit sharing, which means that the game could be up again. And as a result of that we also re-established contact with Itochu” PS: the current world-wide boss of Itochu Gas, was previously a 1 year intern with Petrel in Dublin !! David…. “We have a very good local representative, politically involved, who had made considerable progress and wanted Petrel to submit a very specific proposal. So they have submitted a proposal for Merjan, and they have been told to be available in September for meetings on the proposal. David:…… “It will all depend on which terms can be negotiated. If it’s not sufficiently attractive, we won’t be able to farm it down – and if the rate of return is not sufficient, we won’t be able to fund it independently” So basically, we’ll now have to wait and see what will develop in September, and if negotiations can be successful. As of February this year, no other competitors had (yet) submitted a bid for Merjan. GENERAL: As per above, I feel we MIGHT get a reasonable shot at Merjan, so that’s good. But in addition to that ……… (and this is the reason why I feel rather optimistic ……… First off: David stated that their priority is now to increase the share price, and he could not have been clearer that this was not only in the interest of us as shareholders, but obviously also in the interest of their own large shareholdings and that of their family. As you know, altogether they have a very large combined shareholdings, so yes, a good share price is very important to them as well. The quickest way to achieve this goal is to use Petrel as a liquid LSE trading vehicle, very much like the Tamraz model (David:…… So they have prioritised this road during this year, taking into account lessons learned during Tamraz. David….. “We have had multiple approaches - there is substantial interest in Petrel as a Shell – never mind the operational activities, because of the low number of Shareholders and of which a very high % of it is under control of the Board” “we’ve been concentrating on looking for an Investor that brings Cash, who will have less than 30%, and that is a story that can be told in a way that in turn is attractive to new Investors” “So there is interest, it’s a clean vehicle to use, and we WILL do something, and we HAVE opportunities to do things. “The share price should rise substantially” Personally my gut feeling is that they are in reasonably advanced negotiations with Investors that want to take a say 30% share in the Petrel LSE vehicle. PS: according to David – oil demand will grow for another 20 years |
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