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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
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 2.00 | 08:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 2.00 | 2.00 | 2.00 | 2.00 | 2.00 |
| Industry Sector |
|---|
| OIL & GAS PRODUCERS |
| Top Posts |
|---|
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 19/10/2023 13:46 by dusseldorf Cantor aren't even listed as major holders by PETs stats - which means the others could be baloney tooInteractive Investor Services Nominees 31,624,293 17.78% John James Teeling 27,334,871 15.37% James Finn 13,618,718 7.66% Hargreaves (Nominees) Limited 12,688,808 7.13% HSDL Nominees Limited 9,939,258 5.59% David Horgan 4,215,384 2.37% source AIM rule 26 petrel website |
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 18/9/2023 09:26 by apotheki 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].Unlike CLON my expectation with PET is that with JT and his family holding a large stake that any future MAJOR funding would be on the back of a MAJOR deal and therefore at much higher shares prices potentially. The above is again AIMHO |
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 |
Posted at 20/6/2023 07:15 by apotheki CHAIRMAN'S STATEMENTEurope is de-industrialising, due to policies hostile to reliable fuels. But global oil & gas demand continues to recover, as Asia and especially China recovers from C-19 policies, including lock-downs. The withdrawal of most major oil and gas players from non-core basins killed the farm-out market from 2014. Majors who had entered projects in OPEC specific countries, often on uneconomic terms, now seek to exit marginally profitable or non-core projects as they buy shares back and issue record dividends instead of investing in exploration activities. At the same time, there has been a shortage of institutional investor finance in London for several years now. Funds are available, but mainly from private clients and traders who demand discounts. In such circumstances, we have avoided issuing stock and incurring expensive work commitments which would only have diluted shareholders by issuing shares at too low a price. It is wiser to keep our powder dry and prepare a portfolio of early-stage projects to fund or farm out when markets turn. However, it is worth remembering that Europe is now less than 15% of global energy consumption. BRICS+ now have a larger GDP than the G-7. Europe is in decline, but Asia is not. The future is in the emerging economies. Australian brokers and investors have profited through the liquidity of Petrel's sister company, Clontarf Energy plc. They are pressing Petrel Resources plc to open its books for greater Australian and Asian participation. So far, the board has been keen to avoid dilution, but as we roll out high-potential new projects, it may be worthwhile to accept funding - hopefully at much higher share prices. Petrel has assessed a number of expansion projects in recent months. So far, none have completed necessary due diligence or in some cases demonstrated available funds on satisfactory terms. Financing The directors and their supporters have funded working capital needs during C-19, etc. and are prepared to participate in any necessary, future financing. David Horgan Chairman |
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