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PET Petrel Resources Plc

0.90
-0.025 (-2.70%)
Last Updated: 09:21:53
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Petrel Resources Plc PET London Ordinary Share
  Price Change Price Change % Share Price Last Trade
-0.025 -2.70% 0.90 09:21:53
Open Price Low Price High Price Close Price Previous Close
0.925 0.90 0.925 0.925
more quote information »
Industry Sector
OIL & GAS PRODUCERS

Petrel Resources PET Dividends History

No dividends issued between 15 Jul 2014 and 15 Jul 2024

Top Dividend Posts

Top Posts
Posted at 03/6/2024 17:06 by steveberyl
Having been employed in Diplomatic service previously it is within my gift to KNOW middle East rather well. Iraq and other states have Embassies in London and many staff who keep abreast of some obscure developments. I have said previously that Honour is a Middle Eastern Currency, to deny that is to make a fundamental error.

Those staff in Embassies trawl the net, constantly. ADVFN and other Financial Sites will be visited regularly. You can bet your life that PCLD are well aware of PET and the recent Auction re-action on ADVFN. The Arabs will have been astonished at the response from PET, where Honour and respect of the Shareholders was totally absent.

The various posts from contributors would be of no interest, but the over riding Disdain for those who keep PET functioning would not be lost on them and the reports back to Iraq would be of a Company without Honour.

Dusseldorf and others are of the view, "Talks could be ongoing" my view?

PET are of no interest to ARABS, PET DISPLAY NO INTEGRITY.
Posted at 16/5/2024 13:23 by marcbull
Petrel always talked about having made a proposal for Merjan and Block 6. Never ever a bid. That is just hallucinations from board posters. They made some proposals, hoping that there would be no bids for those . The economics from the Iraqi oil ministery just did not support any bids. Look who received those contracts; Kurds, chinese companies that can obvioulsy work for costs no western companies can compete with. Unfortunately there was a bid for Merjan so they may have lost it for good (if not the winner would be interested to work wth PET for som odd reason) . They obviously knew this, calculated with it an made the proposals, Now we just can hope that we could get something for Block 6 , but I wouldn´t see the chances too high. All those competitors of course also can make proposals and most probably can do it cheaper than PET again . So that is the situation now. When the whole process is over, we certainly will get a news relase about it. We just can hope for the best .
Posted at 14/5/2024 18:06 by steveberyl
Goggin makes a wonderful point that points in which Direction Pet may well be heading.

At an advanced age whilst important, HNW Individuals, are not driven purely by Money, Failure is their fear, I do not suggest Holders are of much interest to them, but Success is a medal of Honour.

I am suggesting that PET is being turned into a T/O Target, Capturing Block 6 and maybe another Block would make PET an irresistible target for a Global Oil Company.

Then the 3 Musketeers could ride off into their dotage.

I would add; The Tamrez 20% won by Injunction ?? Does that not raise a Question? Why not sell and fund PET? NO! Trouser them ready to benefit from planned Sale of PET. Everything pointing to PET is for sale, but not quite yet. They need a hole in the ground in IRAQ, and they will get 1 maybe even 2
Posted at 14/5/2024 14:16 by kdickson
Call me deluded but I think there's still room for hope. Here's my thoughts.

We now know that 16 contact areas received no bids (incl Anz/Block 6). That's over half of all licences still up for grabs that the IOM are going to have to negotiate directly with individual companies, as effectively stated by the Oil Minister yesterday:

He added that the 16 exploratory patch fields will be offered after being re-evaluated [KD: i.e. negotiated to make fiscal terms more attractive!] in accordance with the standards and indicators approved by the Ministry.

The Ministry is seeking to offer more exploratory and oil fields and patches during the coming period.

Several posters have come to the same conclusion as me about funding.

I suspect that the standard contacts offered in the bid rounds were never fundable on the London markets (poor financial returns) and that's why it didn't make any sense for Petrel to bid.

Knowing this was the case (probably for a long time), I reckon that DH knew many IOC's would also not bid and he has been running a 'parallel plan' to enact once the bidding rounds finished.

I believe Petrel has been liaising with the Iraqi authorities for some time now, hence the Sept 2023 chairman's comment:

"Petrel has fine-tuned its Iraqi proposals, following feedback".

This sounds like a positive interaction involving direct negotiations to me, and I'm sure any proposed developments by Petrel would be on terms that are fundable in London.

This ties in with recent chat on here about PET only "submitting proposals" and not bids.

I also believe it must refer to Block 6 (Anz) because DH would already know they weren't bidding for Merjan when Block 6 is the big prize.

What about Itochu sugar-daddy funding?
DH said in a Sept 2023 email that "Itochu say they want ‘equity-barrels’" so I think he's saying they wouldnt participate in upfront funding.

How long might negotiations take?
As above, the Oil Minister said they are "seeking to offer more exploratory and oil fields and patches during the coming period".
That phrase doesn't sound like a long period to me. The Oil Ministry has already shown they can negotiate fiscal terms very quickly, almost real time given the article below:

ZPEC took the Middle Euphrates fields in central Iraq, offering 11.67 per cent share of net profit, which was higher than the 9.35 per cent share the Oil Ministry was willing to pay. Afterward, the company accepted the 9.35 per cent share offered by the ministry.

What about risks of a Middle East war?
I asked DH this a few weeks ago just after Iran fired missiles/drones at Israel.
DH: "It means that the fiscal terms should be improved to reward investors for enhanced risk".
Again this ties in with a direct negotiations strategy.

Finally, remember that on Petrel's website, in relation to Block 6, it states:

Petrel have analysed all available data and are ready to drill.

“We have identified very large structures on the block...including one with potential for 500 million barrels recoverable...two are structural and one stratigraphic".
Posted at 13/5/2024 19:52 by steveberyl
Next RNS from PET will be very Interesting. I would imagine after Brief Preamble about the tender process the issuance of an Injunction on the Merjan Field is a nailed on Certainty, demanding recognition of Pet Claim on ownership, and/or Compensation from any contractor disputing PET CLAIM.
Followed by Legal Papers claiming BLOCK 6 should not be part of the Tender process due to PET claim of ownership.

Very Surprised that seasoned Oil Men at PET did not see this situation occurring a Decade ago, blaming the Covid break is a lame excuse for an unprofessional oversight.

In any event this should not take long to unravel, Merjan will get sorted very quickly, Chinese will not want to be tied up in Court proceedings for months and IRAQ will not want to be seen riding ROUGH SHOD over a Company virtually domicile in IRAQ.
Maybe Iraq quickly cobble a deal in relation to Block 6 as a sweetner with Iraq National oil company, INOC & PET, ??
Posted at 13/5/2024 17:23 by steveberyl
To all intents and purposes, PET played a blinder. They obviously knew that Bidding terms were not acceptable and by example refused to play by Iraq Rules.

They have NOT saddled Holders with any ridiculous Debt that any typical Aim Company may well have done. Pet BOD have taken some stick, unjustified after this show of strength. Any Blocks that come Pet Direction will have been won in face of huge Difficulties, I am extremely grateful to PET who really did fight our corner.

As usual KD your performance was the equal of Pet BOD. We holders have a dream team.

Many thanks. Sellers may well be advised to get back in at this level.
Posted at 13/5/2024 09:58 by steveberyl
post 22150 is Indisputable in the WESTERN` context.

Not sure PET could have outlined their intentions in this process with ARAB Negotiators. We are talking a completely different culture plus the Chinese and Russians are also involved. I am hoping Horgan and his team have played their cards VERY CLOSE to their chest and have a successful Strategy in place that will deliver the Goods. I also accept and others need to as well that Pet do not have a Money tree and the options open to Pet in Fiscal terms is very limited.

PET do have vast experience in the ARAB World and must stand a better chance than many of a modicum of success plus they have ARAB advisors.
Posted at 13/5/2024 07:32 by apotheki
18 September 2023
Petrel Resources plc
("Petrel" or "the Company")

Unaudited Interim Statement for the six months ended 30 June 2023

Petrel Resources plc (AIM: PET) today announces unaudited financial results for the six months ended 30th June 2023.

Petrel is a hydrocarbon explorer with interests in Iraq, and Ghana.


Highlights

• Petrel has fine-tuned its Iraqi proposals, following feedback. 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.

• Iraqi oil output fell to 4.2 million barrels daily in July 2023, in line with OPEC+ output cut agreements. Iraqi potential is substantially higher, while infrastructural issues are being addressed.

• However, despite strong energy prices, and recovered demand, oil & gas explorers' shares remain out-of-favour in the London market - though there is Australian interest.

• Fiscal terms in the Middle East still reflect historical conditions rather than current market realities. Politicians are slow to agree contractual terms that maximise value for all parties.

• Ratification discussions on Tano 2A block with Ghanaian authorities continue - though the authorities have sought to chip away at the acreage and fiscal terms previously agreed. A new realism seems evident.


Chairman's Statement

Europe is de-industrialising, due to policies generally hostile to reliable fuels, but global oil & gas demand continues to recover, as Asia recovers from lock-downs.

The withdrawal of most majors from non-core basins undermined the farm-out market after 2014. Majors who had entered OPEC country projects, often on uneconomic terms, now exit marginal or non-core projects as they buy shares back and issue record dividends instead of exploring.

Institutional reluctance to invest in exploration for reliable fuels continues. Available funds are from private clients and traders demanding discounts. We prefer to avoid incurring work commitments requiring dilution at current prices. We prefer to prepare early-stage projects to farm down when markets turn.

The world is changing: BRICS+ now have a larger GDP than the G-7. Europe is declining, but Asia is not. The future is in the Global South (Brazil, India, Indonesia and China, which, along with Nigeria and Mexico). Australian brokers and investors have profited through the liquidity of Petrel's sister company, Clontarf Energy plc. They press Petrel Resources plc to accept Australian and Asian participation. So far, we have avoided dilution, [but as we roll out high-potential new projects, and the share price hopefully rises, it may be attractive to accept funding].

Petrel has assessed various expansion projects, which failed due diligence or did not deliver funding on satisfactory terms. These included oil and gas, as well as in new, dynamic sectors. Proposals are many but cash at market rates is sometimes lacking.

Petrel offers a 23-year AIM record, with potential liquidity and capital appreciation for robust opportunities. As investors re-focus on 'hard industries' and cash flow, we veery much consider this is a time of opportunity.

Financing

The directors and their supporters funded working capital needs, and are prepared to participate in any necessary, future fundings.

The board expects to add another one or more Non-Executive Director with the next major deal.




David Horgan
Chairman
Posted at 12/5/2024 16:32 by steveberyl
Contradictory? Maybe Chinese have done a deal with Pet to ensure Chinese deal was in fact the only one. A Pet Bid may well have been submitted for Merjan and Pet made a proposal to Chinese that Pet would Withdraw if Pet was given a minor JV role in order that Chinese did not feel `Isolated`

Any JV will not be highlighted by Iraq, that info will only come Next week sometime, if in fact a JV was cobbled together. Lets face it, a JV would suit PET for multiple reasons and holders as well. We can only wait.

Either way, I would bet a lot of Money that Pet will not leave Iraq Empty handed. I forgot, I already have Bet a lot of Money on Pet.
Posted at 10/5/2024 18:34 by steveberyl
Historical, but obviously still relevant.


That historical, content been removed. The Merjan Field has been part of Petrel Res work since 2006-2010
Work was stopped when Covid struck. PET certainly do have a presence in Iraq and move in TOP Circle, it would be a surprise if PET did not get something substantial from the Merjan block in the bidding process.

Pet have always used ONLY LOCAL LABOUR and Tech plus PET are known and Respected.

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