Petrel Resources Share Discussion Threads

[apotheki] 13/5/2024 08:40

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.



MAJOR deal?!?!?

[apotheki] 13/5/2024 08:39

but perhaps just perhaps a pure exploration play might just might offer more enticing terms on a risk/reward basis?

[apotheki] 13/5/2024 08:38

• 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.

• 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.



Perhaps the actual terms on offer were just not attractive enough to PET?

[goggin] 13/5/2024 08:26

There's more to this than meets the eye. If this really was the end then they would have had to put out an rns. The fact they haven't to me means a positive, however, never ever buy or possibly sell based on what you read on a bb. Everyone has an agenda.

[ianio5691] 13/5/2024 08:22

If no submissions or bids have been made for any of the licences - why was a 'no known reason for the rise' RNS not issued last week?

This is nothing other that a total scam and lifestyle Company, kept on life support for the benefit of unscrupulous directors.

[apotheki] 13/5/2024 08:20

Buying opportunity?!?!?

[the diddymen] 13/5/2024 08:16

Looks like PET will deliver again. A blank canvas of narrative which gives scammers an open house.

[maxk] 13/5/2024 08:14

Hiya Curry

Hows your luck?

[jimduggen] 13/5/2024 08:12

NT to sell !!!!!

Horgan!!!

[monis] 13/5/2024 08:07

tree shake?

[apfindley] 13/5/2024 08:04

Oh dear.The pumpers game has halted.People now realising they've been duped by lies and non existent connections yet again.Even the Fake Sheik was apprehensive about this latest pump attempt.

[fenners66] 13/5/2024 08:04

And those "marks" that bought at well over 3p - should have read this board instead of the fanboy stuff on the other one...

[currypasty] 13/5/2024 08:04

who was pumping this ?

[bibdaddy] 13/5/2024 08:02

Market says it all

[apotheki] 13/5/2024 07:55

Good luck to all PETters!

[apotheki] 13/5/2024 07:53

but something must be going on in the background....

[apotheki] 13/5/2024 07:35

www.confused.com

[apotheki] 13/5/2024 07:33

28 September 2023



Petrel Resources plc

("Petrel" or the "Company")

Appointment of Nominated and Financial Adviser



Petrel Resources plc (AIM:PET), is pleased to announce the appointment of Strand Hanson Limited as the Company's Nominated and Financial Adviser with immediate effect.

[apotheki] 13/5/2024 07:32

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

[bronislav] 13/5/2024 07:31

Also steveberry we havent had any confirmation from the company that they have or will bid for iraqi assets.We have had a perception of bidding created by the bulletin board.

[up just a little bit] 13/5/2024 07:29

ein4, Pet don't have the money for the bond.

[steveberyl] 13/5/2024 07:28

Amazing really, how many Whistleblowers die in, `Accidents`