Petrel Resources Share Discussion Threads

[felix0007] 11/5/2024 06:50

From the article posted by Jim it says that there are 22 CO’s here and they are chasing 30 contracts. Some may get multiple contacts. Fingers crossed!!

[monis] 11/5/2024 06:50

It could be quite an RNS on Monday. 🤞

[felix0007] 11/5/2024 06:44

Well you would have thought so but if we are the only bid for the Merjan field then surely that will be a done deal as long as the figures stack up!! Only 1 1/4 hour to go before the ceremony begins

[monis] 11/5/2024 06:25

Surely it will take them a couple of weeks to digest the bids and then perhaps reveal the winning bids in a few weeks?

[maxk] 11/5/2024 00:11

Petrel have a good pedigree

lol lol 🤣

[goggin] 10/5/2024 22:32

https://www.irishtimes.com/business/petrel-resources-share-price-rises-134-on-iraqi-contract-1.489767

[goggin] 10/5/2024 22:32

From 8th Sept 2005Worth a read, it seems Petrel have a good pedigree should they have an opportunity to participate

[steveberyl] 10/5/2024 19:18

KD great work Many thanks At £4.5m PET is seen as paltry, except in IRAQ.

Respect is a Financial Commodity in Iraq alongside Trust which takes years to gather, Pet has worked Extensively with Iraq PCLD and assisted in drawing up plans and Seismic work in many area`s for PCLD who at times requested Pet aid.

Pet Res has acquired Respect & Trust amongst the most powerful movers and shakers in Iraq and as I have alluded to previously, being Irish in an AMERICAN enclave is a bonus.

[kdickson] 10/5/2024 18:55

Exactly Steve. I think a lot of folks think they are some kind of Mickey Mouse outfit simply because of their size.

Apologies all for re-re-posting this again:

--------
Reposting this relevant post from last month.

WHY KIFL FIELDS PACKAGED WITH MERJAN SUGGESTS LICENCE IS EARMARKED FOR PETREL

Interesting 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...”;. [KD: So, they did study the two Kifl fields previously].

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.

[steveberyl] 10/5/2024 18:34

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.

[n.marland] 10/5/2024 18:23

16th April - 21.38pm
I’m encouraged ?

[n.marland] 10/5/2024 18:15

Pretty sure we were told there was only one bidder for the Merjan in earlier posts?

[kdickson] 10/5/2024 17:52

Muddy, it'll come down to who is most competitive. i.e. cheapest:

4.3 BIDDING PARAMETERS AND EVALUATION OF BIDS
The sole bidding parameter will be the Remuneration Percentage Bid. The Remuneration Percentage Bid (RPB) can be expressed to two decimal points (i.e. xx.xx%).

The Ministry of Oil will accept the bid with the lowest Remuneration Percentage Bid for the Contract Area provided that its RPB does not exceed a Maximum Remuneration Percentage Bid (“MRPB”) pre-defined by the Ministry of Oil. The MRPB for Contract Areas will not be advised to bidders in advance.

[muddystilettos] 10/5/2024 17:42

so if three tenders are submitted for one enterprise will the iom draw straws ?

[jimduggen] 10/5/2024 17:30

If the linked in post invites media outlets to over look the process tomorrow then that would suggests the bud results are announced tommorrow

[apotheki] 10/5/2024 17:25

Most likely to on balance be another warrant exercise

[dusseldorf] 10/5/2024 17:17

Delayed 1m sell from 11.34 am I think

[valentine73] 10/5/2024 17:11

Whats the thinking of folks on when we will actually know if a bid is successful?

[apotheki] 10/5/2024 17:03

Thank you palwing32

[palwing32] 10/5/2024 17:02

I wish you good luck Apotheki.

[apotheki] 10/5/2024 16:50

I have placed my bets palwing32 in the knowledge that whilst my team potentially have a decent chance of winning the big price there are no guarantees at all.

As previously stated this share is not for the faint hearted and certainly not for widows & orphans but for those of us prepared to put our B*LL*XS on the line and have a real go which is what I along with others are doing!