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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
  Price Change % Change Share Price Shares Traded Last Trade
  0.15 3.85% 4.05 43,308 14:51:49
Bid Price Offer Price High Price Low Price Open Price
3.90 4.20 4.05 3.90 3.90
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers -1.66 -1.27 6
Last Trade Time Trade Type Trade Size Trade Price Currency
15:04:15 O 5,000 3.903 GBX

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Date Time Title Posts
25/9/202014:16Petrel Resources finally set to deliver?17,521
25/9/202013:18PETREL resources13,555
12/6/202013:16Petrol Resources all hype and bull shit just like Bula and the Albert scam50
19/5/202014:10Petrel Resources Charts, News and Press Articles500
18/5/202007:56Put this sick pet down now96

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Petrel Resources (PET) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
14:04:173.905,000195.15O
13:15:363.994,838193.04O
12:49:303.997,311291.71O
12:49:113.992,34293.45O
12:47:413.997,296291.11O
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Petrel Resources (PET) Top Chat Posts

DateSubject
25/9/2020
09:20
Petrel Resources Daily Update: Petrel Resources Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker PET. The last closing price for Petrel Resources was 3.90p.
Petrel Resources Plc has a 4 week average price of 3.90p and a 12 week average price of 3.80p.
The 1 year high share price is 26.50p while the 1 year low share price is currently 3.13p.
There are currently 157,038,467 shares in issue and the average daily traded volume is 493,300 shares. The market capitalisation of Petrel Resources Plc is £6,124,500.21.
14/9/2020
13:31
kdickson: Talkman2, these are the kind of share price scenarios I believe are possible.... Akkas share price That Gas World article stated that the South Korean KOGAS company were offered a remuneration fee of $5.50 per barrel of oil equivalent. A barrel of oil equivalent (boe) is about 6000 cubic feet of gas, so IF we got involved with Akkas development and production reached the stated aim of 400million cu ft/day, then I think the sums might be: 400million/6000 = 66,667 boe per day @$5.50 per boe = $366,667 or £285,000 per day. Over a year, that's £104 million income per year to the JV. Say Petrel got 50% share of that remuneration fee income (total guess) and KOGAS or whoever got the remainder, then: 50% of £104m= £52m/157m shares = 33pps. At a PE ratio of 10, that's £3.30 per share Merjan share price The value to Petrel if we 'only' got awarded Merjan-Kifl-West Kifl and it was developed into a 100,000 bopd producer, then that alone would be company changing. At 100,000 bopd, and assuming we got a 20% profit share, then with a conservative 2021 oil price of £30pb, that would be an annual profit of £219 million per year (100,000 x 365 days x £30pb x 20% share to PET). That would support a share price of £14 per share. (£219 m / 157 million = £1.40 earnings per share x PE of 10 = £14 ps and mcap of just over £2 BILLION). ...and that's without Block 6 ;) Block 6 share price Here are my thoughts on award of a BLOCK 6 exploration licence (re-hashed from previous posts). What would be the immediate effect on PET’s share price? We know it will certainly go up, BUT, by how much? 50p, 150p, 200p?? I suppose it depends on several factors and how the market interprets these factors, including perceived ‘risk’ associated with Iraq, perceived probability of reserves in reality (until drilled) being anywhere near the figures of 3-5 billion barrels that DH estimates and the value given to ’oil in the ground’. I think we can make ‘an educated’ (and perhaps very conservative) calculation of the price that the market should (in theory!) allow within days of the awarding of Block 6. This is based on coming up with a sensible estimate of the value of oil in the ground (no drilling done). Assumptions: Petrel would be operator of the licence; Itochu (or Netoil?) would provide (cheap) debt finance and take the oil (Itochu are the biggest buyer of crude in the Pacific and Netoil has plenty expertise in trading oil too). Assume a conservative 2021 oil price of £30pb (Goldman are predicting £40/$50 in 2021). Since ‘lifting cost’ per barrel in Iraq is only $2 - $3 per barrel, I’m ignoring this. I have used a figure of 10% of reserves as a simple and VERY CONSERVATIVE method of getting to an estimate for an ‘oil in the ground’ value. As a reality check, 10% of a £30/barrel oil price is £3pb which seems reasonable for an ‘in the ground’ price. David Horgan said, in a 2007 interview, that he believed PET as operator of Block 6 would receive 25-35% of net production revenues, while the State company would take the remainder. Let’s assume lowest of 25%. Assume that this 25% gets split with ITOCHU (or other JV partner) for barrels of oil, say 40% to PET as operator and 60% remainder to Itochu/JV. Let's assume 'only' 3 billion barrels in Block 6 (vs 3 to 5 billion estimated) (or up to 80 billion barrels - see my post 15994). Calculation: 3 billion barrels x 25% net interest = 750 million barrels x 40% = 300 million barrels to PET. 300m bls x 10% (oil in ground value) = 30m barrels. 30 million barrels x £30 = £900 million. Divide by 157m shares = £5.73 per share PS. As posted before I believe that Block 6 could potentially hold 10x more than the official "3 to 5 billion" barrels. However, I am a realist and cannot see anything like this value being achieved ‘within days’ of the contract confirmation BUT what it DOES do is make it seem like a REALISTIC POSSIBILITY that something like £5 could be achievable in the very short term (of award of Block 6). All the above depends on getting some kind of PSA type contract which DH seems to believe is now on the cards.
27/7/2020
00:09
kdickson: Reposting for the morning crew... MERJAN (and BLOCK 6) Just been going through a timeline of all references to Merjan and I personally believe that, on balance, Merjan probably is the asset that DH states they are currently in 'commercially sensitive' talks about with the Iraqi authorities. It makes complete and obvious sense that this could/should be the case once you absorb all the 'evidence' below as a whole. Same for Block 6, although I've focussed on Merjan mainly. October 2005 - Petrel signs a Technical Cooperation Agreement to study the discovered, but undeveloped, Merjan oil field with their strategic 50% partner Itochu. Estimated reserves of 760 million barrels are in place. May 2007 - Merjan work was successfully completed. June 2008 - Annual Report: "Petrel continues to discuss the [Merjan] project with Ministry technical experts to update its work with additional information to refine reserve estimates. We anticipate further progress and involvement in this area"...We are interested in exploring and developing this field if and when it is legally and politically possible". June 2009 - Annual Report (chairman's statement and MD's report): "All existing data was reviewed and analysed, and development proposals prepared. We have indicated to the authorities that we would develop Merjan". "We are [KD: still] interested in further exploring and developing this field if and when it is legally possible. The field has the possibility to become a 100,000 barrel a day producer. "The ideal outcome for Petrel is to turn the existing Subba and Luhais contract into a Production Sharing Agreement..... Failing this, a PSA on Merjan would build on the work done by Petrel". 2009 to 2011 - Petrel were still stating in their AR's that they were interested in exploring and developing Merjan. December 2018 - Irish Independent article: Mr Horgan added that "once a contract is awarded to the group “on favourable terms”, it is ready to start work". “We have already done very extensive work, worked up drill targets [KD: he could be talking about Merjan or Block 6 here] and there has been a lot of interest from international majors, particularly a large Japanese company, Itochu, who joint-ventured with us in Iraq before [KD: on Merjan]” he said. “If we can get confirmed title in the western desert of Iraq [KD: now he's definitely meaning Block 6], we would go ahead and drill within a year. So if we confirm the contract with the government of Baghdad, I think we could get back into the tribal communities and negotiate a work programme.” September 2019 - Interim Report: The improving security situation in western Iraq has again made possible field-work on prime western desert exploration blocks, including Block 6, on which we worked from 2002. Similarly, the Merjan oil discovery...which has recently been packaged with Kifl & West Kifl oil fields, has arisen as a possible development project. The Merjan oilfield and surroundings, on which Petrel operated a Technical Cooperation Agreement in joint venture with Japanese giant Itochu from 2004 through 2007, has recently been covered by 1,000 km sq a 3d seismic survey conducted by the Iraqi Oil Exploration Company. This enhanced data should further minimize the risks & costs of development. December 26th 2019 - Irish Independent article: "The Iraqis have slowly managed to increase their production; they are one of the top producers again, with great potential. We will definitely have several attractive opportunities there." "He added that for Petrel, "there won't be production next year; we will have to shoot some seismic [surveys]". "We have got a couple of projects that will come back to life hopefully [KD: Block 6 and Merjan?]" May 26th 2020 - Placing RNS: "Subject to the appointment of responsible officials by the new Iraqi Government [KD: Done] and the lifting of Covid-19 restrictions [KD: Flights now resumed], 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 and Paleozoic potential of the Western Desert". [i.e. Block 6] June 2020 - Email from David: "...it is clear from the Merjan logs (on the 1982 Mobil well) that the oil reservoir is much greater than the numbers calculated" My note: The currently recorded reserves are 760 million barrels in place, so Merjan could easily have 1 billion+ barrels. July 24th 2020 - David's answers to questions: Q: Has MERJAN perhaps become a very realistic opportunity again? DH: Inshalla. With updated fiscal terms, Merjan becomes attractive. Q:Has Block 6 perhaps become a very realistic opportunity again? DH:Inshalla. The jihadi threat has greatly diminished, though Petrel will again have to spend time with local communities. Focus on gas As we know, Iraq has a renewed focus on gas as they want to: - provide electricity to all (via gas power plants) - become self-sufficient in domestic gas - stop the costly importing of Iranian gas - make money by exporting excess gas This massive demand for gas will come from processing the flared gas (from oil fields) but will also require new gas fields to be discovered and developed. In David's answers above, he appears equally positive about their chances with both Block 6 and Merjan. We know that Block 6 is considered gas prone but Merjan may also be gas prone according to a 2016 article in the Iraqi Journal of Science which concluded that "The phenomenon of gas was shown clearly at the west of well Me-1". So, putting it all together - the desire by Iraq to increase gas production, Petrel's huge experience and knowledge of Block 6/Merjan areas, Merjan and Block 6 continually being mentioned together in recent RNS's/articles/annual report, combined with DH's positivity on both, makes me conjecture that it would make great sense for the IOM to award Petrel both gas prone areas of Block 6 and Merjan in their pursuit of increasing gas capacity. And if that's not all, the US army and its allies yesterday withdrew from the Basmaya base and are re-basing at Baghdad and Ain al-Asad Airbase right next to Block 6 and Merjan (no problems with security then!) Share Price The value to Petrel if we 'only' got awarded Merjan-Kifl-West Kifl and it was developed into a 100,000 bopd producer, then that alone would be company changing. At 100,000 bopd, and assuming we got a 20% profit share, then with a conservative 2021 oil price of £30pb, that would be an annual profit of £219 million per year (100,000 x 365 days x £30pb x 20% share to PET). That would support a potential share price of £14 per share. (£219 m / 157 million = £1.40 earnings per share x PE of 10 = £14 ps and mcap of just over £2 BILLION). ...and that's without Block 6 ;)
05/3/2020
14:12
lippe: 5 Mar '20 - 10:38 - 77 of 77 The passing of the insolvency bill allows Ghana to eject Erin Energy and give Clon back what is rightfully theirs along with their partners, i.e PET. Chapter 11 will clear the way for the ratification of Clons claim and allow them to go ahead with exploration/drilling/farm in etc. Upside is simple, Clon and PET share price dramatically climb on news. Give Clon back what is rightfully theirs along with their partners … One wonders why dave never whipped out the trusty legal sabre to support this obvious rightfull injustice … #delusionalthinking
05/3/2020
10:48
1liam: Ghana government ws due to start at 10am today. Hopefully, the insolvency bill will be debated before the weekend. Passing of the insolvency bill allows Ghana to eject Erin Energy and give Clon back what is rightfully theirs along with their partners, i.e PET. Chapter 11 will clear the way for the ratification of Clons claim and allow them to go ahead with exploration/drilling/farm in etc. Upside is simple, Clon and PET share price dramatically climb on news.  IMO  DYOR
05/3/2020
10:38
1liam: The passing of the insolvency bill allows Ghana to eject Erin Energy and give Clon back what is rightfully theirs along with their partners, i.e PET. Chapter 11 will clear the way for the ratification of Clons claim and allow them to go ahead with exploration/drilling/farm in etc. Upside is simple, Clon and PET share price dramatically climb on news.
06/2/2020
16:37
whatsthepoint: And more " The way this stock now trades, it appears there may be substantial short positions in the market. If so, the PET share PRICE COULD ROCKET"hxxps://upcomingdrills.com/news/ Petrel Resources (PET) looks like it could be having middle-Eastern financing issues too, but the wily old John Teeling looks like he may have the chancers by the short and curlies, having obtained an injunction blocking all trading in the shares issued to this group. The way this stock now trades, it appears there may be substantial short positions in the market. If so, the PET share price could rocket. I highlighted Petrel as a favourite several times last year around 1p and it subsequently hit 26.5p. It went down as low as 3.85p on Monday last week and back up as high as 14.85p on Friday. What can be said with certainty here is that extreme volatility will continue.
28/1/2020
13:53
kdickson: Good idea guys to use Skiboy10's other thread to post/'store' useful/longer research notes (as well as continuing to post them on this thread of course). In the meantime, here's an article from oilman Jim.... " The way this stock now trades, it appears there may be substantial short positions in the market.  If so, the PET share PRICE COULD ROCKET" hxxps://upcomingdrills.com/news/   Petrel Resources (PET) looks like it could be having middle-Eastern financing issues too, but the wily old John Teeling looks like he may have the chancers by the short and curlies, having obtained an injunction blocking all trading in the shares issued to this group.  The way this stock now trades, it appears there may be substantial short positions in the market.  If so, the PET share price could rocket.  I highlighted Petrel as a favourite several times last year around 1p and it subsequently hit 26.5p.  It went down as low as 3.85p on Monday last week and back up as high as 14.85p on Friday.  What can be said with certainty here is that extreme volatility will continue.
28/1/2020
13:49
kdickson: Good idea cpap to use this thread. When I've got more time I'll repost some older posts:) In the meantime, here's an article from oilman Jim.... " The way this stock now trades, it appears there may be substantial short positions in the market.  If so, the PET share PRICE COULD ROCKET" hxxps://upcomingdrills.com/news/   Petrel Resources (PET) looks like it could be having middle-Eastern financing issues too, but the wily old John Teeling looks like he may have the chancers by the short and curlies, having obtained an injunction blocking all trading in the shares issued to this group.  The way this stock now trades, it appears there may be substantial short positions in the market.  If so, the PET share price could rocket.  I highlighted Petrel as a favourite several times last year around 1p and it subsequently hit 26.5p.  It went down as low as 3.85p on Monday last week and back up as high as 14.85p on Friday.  What can be said with certainty here is that extreme volatility will continue.
09/1/2020
08:19
the diddymen: Never seen the recent PET share price spikes before; not. Dr TD
28/12/2019
18:34
lippe_mk2: From the other board... Netoil celebrating the PET share price. 2019 Winners. Based on... some throw away comments at an EGM. Congratulations. An AIM shell company with less than $1m cash on the books and no assets. MC over x50 NAV. Brilliant work. This is their top news of 2019. Tells you everything you need to know.
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