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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Petrel Resources Plc | LSE:PET | London | Ordinary Share | IE0001340177 | ORD EUR0.0125 (CDI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.00 | 1.90 | 2.10 | 2.00 | 2.00 | 2.00 | 0.00 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Oil And Gas Field Expl Svcs | 0 | -311k | -0.0020 | -10.00 | 3.14M |
From Apr 2019 to Apr 2024
TIDMPET
RNS Number : 7383K
Petrel Resources PLC
26 September 2016
26(th) September 2016
Petrel Resources plc
("Petrel" or "the Company")
Interim Statement for the period ended 30 June 2016
The main focus of Petrel in the period under review was on activity in the Irish Atlantic Porcupine Basin:
Petrel has a 15% carried interest in two Frontier Exploration Licences, FEL 3/14 and FEL 4/14, which total 1,050km(2) and are operated by 85% holder Woodside Energy.
Petrel recently applied under the 2015 Bid Round and was awarded an additional two Licensing Options, LO 16/24 and LO 16/25. Petrel operates and owns these Licensing Options 100%.
During that Irish Atlantic Bid Round, 17 companies applied for 46 Licensing Options - the most successful Irish Bid Round yet. Among the successful companies were Exxon-Mobil, Statoil, ENI, Nexen-CNOOC and Woodside.
Joint Venture with Woodside Energy in the Irish Atlantic Porcupine Basin
The 'Bréanann' 3D seismic acquisition programme was successfully completed over c. 2,392km(2) of the northern Porcupine Basin, 150km west off the Kerry coast, south-western Ireland. Water depth of the survey was 500m to 1,300m, but likely water depth for Petrel's targets is likely to be 600 to 800m.
The state-of-the-art 3D seismic was acquired over 40 days with PGS as contractor. Circa 1,400km(2) is directly over or around FEL 3/14, in which Petrel has a 15% carried interest.
Processing of the (Pre-Stacked Depth Migration) seismic data is now underway at the DownUnder GeoSolutions (DUG) operation in Australia. We expect early results in January, with interpretation complete by mid-2017.
This work is intended to de-risk the identified primary targets of Upper Jurassic to Lower Cretaceous age, which may lead to one or more well commitments in the phase 2017 through 2021. Petrel is fully carried on the expenditure.
2015 Irish Atlantic Bid Round
Petrel was been awarded 924 km(2) of prospective Irish Atlantic Porcupine Basin acreage in June 2016 by way of two Licensing Options.
We obtained our priority bid, Licensing Option 16/24, including 664 km(2) bordering the Connemara oil-field discovered by BP in 1983.
The Licensing Option 16/24 work programme is now underway with the acquisition of relevant available seismic and well data not already in Petrel's database. These North-Western Porcupine Basin blocks are a priority, giving the best opportunity at a quality farm-out in a challenging environment. We are particularly encouraged at pinch-outs being mapped in our priority 35/1 area which extend into 35/2. The source rock is already established, as is the presence of good to excellent reservoir sands. The main risk is seal.
Further information is available in our announcement of 10(th) June 2016.
Ghanaian Tano Acreage
The Ghanaian Ministry of Energy and the Ghanaian National Petroleum Commission are actively considering the current re-application by Pan Andean Resources Ltd (30% Petrel, 60% Clontarf, 10% local interests) over a licence block in the prospective Tano Basin, West Africa.
There is a long drawn out process in relation to an agreement reached in 2010 but not implemented. In 2014, we agreed to withdraw a court case to force the Ghanaian authorities to respect our signed Petroleum Agreement. There was a dispute over the coordinates of our acreage. Following discussions with the Ghanaian authorities, we were offered new, and in our opinion improved, co-ordinates. As announced on 19 September 2016, we have accepted the new acreage in principle. We now move into negotiation of the licence terms and look forward to providing shareholders with further updates in due course.
This acreage seems more prospective than the deep-water acreage the technical team recently reviewed. It combines the medium water attractions of recent nearby discoveries with potential for pinch-outs up-dip of those producing discoveries.
Despite past delays, there seems to be a renewed urgency and flexibility in discussions, though there can be no guarantee of a positive outcome given the need for all Petroleum Agreements to be ratified by the Ghanaian Cabinet and Parliament.
Iraqi Turbulence Continues
Petrel holds a 5% carry through to production on any commercial production achieved by Oryx, a Canadian listed company, in the Wasit province, Iraq. Iraq has experienced another year of political and economic turmoil. Production from southern fields has continued to creep upwards to circa 4.35 million barrels daily (mmbod), despite infrastructural and decision-making challenges. This production serves internal demand of 0.8mmbod, leaving c. 3.55mmbod available for export. This is about 20% more than the pre-2003 output under sanctions, but well short of Iraq's potential.
The Western Desert, where Petrel has an interest in exploration ground, is impossible for international companies to operate in. Neither Wasit nor provincial contracts have been a priority for the Iraqi federal government over the past year. Nonetheless, Wasit (situated east of Baghdad) continues to be relatively quiet by the standards of the region, with a limited number of reported incidents.
We are encouraged that the Iraqi Government now plans to develop a small Wasit refinery, with a design capacity of 0.15mmbod, which would provide a local market for any output. Oil is already being produced at the nearby Ahdab oilfield, operated by China National Petroleum Corporation, and Badra field operated by Gazprom Neft, both in Wasit.
Future
Since 2014 the hydrocarbons industry has had to weather severe storms. Costs have been slashed - as has exploration. But so far, our key Atlantic Joint Venture has not been adversely affected. On the contrary, the recent Irish Bid Round attracted a record 46 applications from 17 companies, including Exxon-Mobil, Statoil, Woodside and Nexen/CNOOC. This surge in international interest has already boosted 3D seismic programmes and will in time, we hope, lead to wells and discoveries. It is an exciting time to be in the Porcupine Basin. Petrel is funded for current activities.
John Teeling
Chairman
23(rd) September 2016
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
Ends
Enquiries:
For further information please visit http://www.petrelresources.com/ or contact:
Petrel Resources Plc
John Teeling, Chairman +353 (0) 1 833 2833
David Horgan, Director
Dipti Mehta
Nominated Adviser and Broker
Northland Capital Partners Limited
Edward Hutton / Gerry Beaney +44 (0)203 861 6625
John Howes (Broking)
Public Relations
Blytheweigh +44 (0)20 7138 3204
Tim Blythe +44 (0) 7816 924 626
Camilla Horsfall +44 (0) 7871 841 793
Nick Elwes +44 (0) 7831 851 855
Rachael Brooks
Jonathan Garfield
PSG Plus
Colm Heatley +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
Hot Features
Premium
Petrel Resources plc
Financial Information (Unaudited)
CONDENSED CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
Six Months Year
Ended Ended
30 Jun 30 Jun 31 Dec
16 15 15
unaudited unaudited audited
CONTINUING OPERATIONS EUR'000 EUR'000 EUR'000
Administrative
expenses (107) (148) (228)
----------------- ---------------- -----------------
OPERATING
LOSS (107) (148) (228)
Investment
revenue 1 1 1
----------------- ---------------- -----------------
LOSS BEFORE TAXATION (106) (147) (227)
Income tax
expense - - -
----------------- ---------------- -----------------
LOSS FOR THE
PERIOD (106) (147) (227)
Other comprehensive
income
Exchange differences (61) 237 306
TOTAL COMPREHENSIVE PROFIT
FOR THE PERIOD (167) 90 79
================= ================ =================
LOSS PER SHARE - basic
and diluted (0.11c) (0.15c) (0.23c)
================= ================ =================
CONDENSED CONSOLIDATED 30 Jun 30 Jun 31 Dec
BALANCE SHEET 16 15 15
unaudited unaudited audited
EUR'000 EUR'000 EUR'000
ASSETS:
NON-CURRENT
ASSETS
Financial
assets 4,211 4,211 4,211
Intangible
assets 1,907 1,767 1,871
----------------- ---------------- -----------------
6,118 5,978 6,082
----------------- ---------------- -----------------
CURRENT ASSETS
Trade and other
receivables 20 46 19
Cash and cash
equivalents 984 1,166 1,111
----------------- ---------------- -----------------
1,004 1,212 1,130
TOTAL ASSETS 7,122 7,190 7,212
----------------- ---------------- -----------------
CURRENT LIABILITIES
Trade and other
payables (392) (281) (315)
----------------- ---------------- -----------------
(392) (281) (315)
----------------- ---------------- -----------------
NET CURRENT
ASSETS 612 931 815
NET ASSETS 6,730 6,909 6,897
================= ================ =================
EQUITY
Share capital 1,246 1,246 1,246
Share premium 21,416 21,416 21,416
Reserves (15,932) (15,753) (15,765)
----------------- ---------------- -----------------
TOTAL EQUITY 6,730 6,909 6,897
================= ================ =================
CONDENSED CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
Share
Capital based
Share Share Conversion Payment Translation Retained Total
Capital Premium Reserves Reserves Reserves Losses Equity
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
As at 1 January
2015 1,246 21,416 8 26 349 (16,226) 6,819
Total
comprehensive
income - 237 (147) 90
-------- -------- ----------- ------------------ ------------ ---------- --------
As at 30 June
2015 1,246 21,416 8 26 586 (16,373) 6,909
Total
comprehensive
loss - 68 (80) (12)
-------- -------- ----------- ------------------ ------------ ---------- --------
As at 31
December
2015 1,246 21,416 8 26 654 (16,453) 6,897
Total
comprehensive
loss - (61) (106) (167)
----------- ------------------ ------------
As at 30 June
2016 1,246 21,416 8 26 593 (16,559) 6,730
======== ======== =========== ================== ============ ========== ========
CONDENSED CONSOLIDATED Six Months Year
CASH FLOW Ended Ended
30 June 30 June 31 Dec
16 15 15
unaudited unaudited audited
EUR'000 EUR'000 EUR'000
CASH FLOW FROM OPERATING
ACTIVITIES
Loss for the
period (106) (147) (227)
Investment revenue recognised
in loss (1) (1) (1)
------------ ---------- --------
(107) (148) (228)
Movements in Working
Capital 54 (49) (11)
------------ ---------- --------
CASH USED IN OPERATIONS (53) (197) (239)
Investment
revenue 1 1 1
------------ ---------- --------
NET CASH USED IN OPERATING
ACTIVITIES (52) (196) (238)
------------ ---------- --------
INVESTING
ACTIVITIES
Payments for exploration
and evaluation assets (48) (74) (111)
------------ ---------- --------
NET CASH USED IN INVESTING
ACTIVITIES (48) (74) (111)
------------ ---------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS (100) (270) (349)
Cash and cash equivalents at beginning
of the period 1,111 1,331 1,331
Effect of exchange rate changes
on cash held in foreign currencies (27) 105 129
CASH AND CASH EQUIVALENT
AT THE OF THE PERIOD 984 1,166 1,111
============ ========== ========
Notes:
1. INFORMATION
The financial information for the six months ended 30 June 2016 and the comparative amounts for the six months ended 30 June 2015 are unaudited.
The interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union. The interim financial statements have been prepared applying the accounting policies and methods of computation used in the preparation of the published consolidated financial statements for the year ended 31 December 2015.
The interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the audited consolidated financial statements of the Group for the year ended 31 December 2015, which are available on the Company's website www.petrelresources.com
The interim financial statements have not been audited or reviewed by the auditors of the Group pursuant to the Auditing Practices board guidance on Review of Interim Financial Information.
2. No dividend is proposed in respect of the period.
3. LOSS PER SHARE
30 June 30 June 31 Dec
16 15 15
EUR EUR EUR
Loss per share - Basic
and Diluted (0.11c) (0.15c) (0.23c)
Basic and diluted loss
per share
The earnings and weighted average number of
ordinary shares used in the calculation of
basic loss per share are as follows:
EUR'000 EUR'000 EUR'000
Loss for the period attributable
to equity holders (106) (147) (227)
Weighted average number
of ordinary shares for
the purpose of basic earnings
per share 99,681,992 99,681,992 99,681,992
Basic and diluted loss per share are the same as the effect of the outstanding share options is anti-dilutive.
4. INTANGIBLE ASSETS
30 June 30 June 31 Dec
16 15 15
Exploration and evaluation
assets: EUR'000 EUR'000 EUR'000
Opening balance 1,871 1,539 1,539
Additions 70 96 156
Exchange translation adjustment (34) 132 176
________ ________ ________
Closing balance 1,907 1,767 1,871
Exploration and evaluation assets at 30 June 2016 represent exploration and related expenditure in respect of projects in Ireland and Ghana. The directors are aware that by its nature there is an inherent uncertainty in relation to the recoverability of amounts capitalised on the exploration projects.
The directors believe there were no facts or circumstances indicating that the carrying value of these intangible assets may exceed their recoverable amount and thus no impairment review was deemed necessary by the directors. The realisation of these intangible assets is dependent on the successful discovery and development of economic reserves and is subject to a number of significant potential risks, as set out below:
-- Licence obligations;
-- Funding requirements;
-- Political and legal risks, including title to licence, profit sharing and taxation;
-- Exchange rate risk;
-- Financial risk management;
-- Geological and development risks;
Directors' remuneration of EUR15,000 (December 2015: EUR30,000) and salaries of EUR7,500 (December 2015: EUR15,000) were capitalised as exploration and evaluation expenditure during the period.
Regional Analysis 30 Jun 16 30 Jun 15 31 Dec 15
EUR'000 EUR'000 EUR'000
Ghana 909 888 911
Ireland 998 879 960
_______ _______ _______
1,907 1,767 1,871
5. SHARE CAPITAL
2016 2015
EUR EUR
Authorised:
200,000,000 ordinary shares of EUR0.0125 2,500,000 2,500,000
Allotted, called-up and fully paid:
Number Share Capital Premium
EUR EUR
At 1 January 2015 99,681,992 1,246,025 21,416,085
Issued during the period - - -
At 30 June 2015 and at 31 December 2015 99,681,992 1,246,025 21,416,085
Issued during the period - - -
At 30 June 2016 99,681,992 1,246,025 21,416,085
6. POST BALANCE SHEET EVENTS
At the Company's Annual General Meeting held on 28(th) July 2016 resolutions were put to the meeting amending the Memorandum and Articles of Association to reflect the new Companies Act 2014 of Ireland. The resolutions were passed.
7. The Interim Report for the six months to June 30(th) , 2016 was approved by the Directors on 23(rd) September 2016.
8. The Interim Report will be available on the company's website at www.petrelresources.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EXLFLQKFZBBX
(END) Dow Jones Newswires
September 26, 2016 02:00 ET (06:00 GMT)
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