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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 Shares Traded Last Trade
  0.00 0.0% 1.40 62,981 07:30:15
Bid Price Offer Price High Price Low Price Open Price
1.30 1.50 1.40 1.40 1.40
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers -0.27 -0.18 2
Last Trade Time Trade Type Trade Size Trade Price Currency
08:00:09 O 62,981 1.429 GBX

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Posted at 04/2/2023 08:20 by 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 1.40p.
Petrel Resources Plc has a 4 week average price of 1.25p and a 12 week average price of 1.25p.
The 1 year high share price is 4.95p while the 1 year low share price is currently 1.25p.
There are currently 157,038,467 shares in issue and the average daily traded volume is 82,593 shares. The market capitalisation of Petrel Resources Plc is £2,198,538.54.
Posted at 24/1/2023 15:28 by riskyinvestor
The good old days
We need them back




Petrel’s Iraq hit

News on Friday that Petrel Resources, an Irish exploration minnow headed by David Horgan, had signed a joint venture in Iraq for the construction of the Subba and Luhais oil fields added 3.9% to its share price which closed the week at 65p.

Posted at 14/1/2023 19:17 by bountyfull
PET has always been very high risk for very high reward, it's not an investment but a gamble on the BOD doing something. I expect Mr T badly wants a win here and that has made PET unable to change tracks. I also think they know they need new blood / new contacts hence the Tamraz mess. Saying that David did get us out of it but the legal costs / management time and the fact we were given a wide berth by other potential partners was a high price to pay. In effect we were diluted with nothing to show for it. Yes, the BOD picked up the shares cheaply but I am glad they did but we have still not moved forward.
Posted at 27/9/2022 13:33 by ajj2003
Petrel calls for Reform of Iraqi Oil Contracts

27th September 2022 in Iraq Oil & Gas News, Politics
By John Lee.

Petrel Resources has said that Iraq's Ministry of Oil should negotiate Production Sharing Agreements to replace the existing service contracts, as, "this would better align the interests of the parties, and create more wealth, value-added in downstream industries like refined products and petrochemicals, infrastructure and employment for Iraq."

In its unaudited interim statement for the six months ended 30 June 2022, the company mentions that an updated development proposal for the Merjan oil field has been submitted to the Ministry, but adds that it "requires an operating Iraqi Government in order to proceed".

It adds that its Iraqi Director, Riadh Ani, has resigned in order to enter public service.

More here.

The company claims to have an interest in Iraq's Block 6 in the Western Desert, subject to ratification.

(Source: Petrel Resources)

Share

hxxps://www.iraq-businessnews.com/2022/09/27/petrel-calls-for-reform-of-iraqi-oil-contracts/

Posted at 23/9/2022 09:30 by bigbudda
I find it Bizarre that i have shares in Pet Kav and POW
Kav and POW both Drilling in Botswana safest place in Africa Pet absolutely doing Zip yet their share price is higher if Pet do ever get anything then share price will go mental as shares held by directors and a few large shareholders so come on Pet get something over the line

Posted at 20/5/2022 11:58 by kdickson
As an example of the potential rewards, here's a reworked valuation that I did for Merjan a couple of years ago but now based on latest much higher oil prices. Not saying it would get to that high price immediately, and there would probably be share splits along the way...


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 10% profit share, then with a conservative forecasted 2023 oil price of £70pb ($87) that would be an annual profit of £255 million per year (100,000 x 365 days x £70pb x 10% share to PET).

That would support a share price of over £16 per share.

(£255 m / 157 million = £1.63 earnings per share x PE of 10 = £16.30 ps and mcap of £2.5 BILLION).

Posted at 19/5/2022 13:00 by ducky fuzz
Looking at PETrel as a curious ex holder I think it interesting that CLON got the Aussi oil play and PETrel didn't.

Logically, with the directors investing big money in PETrel to buy back the Tamraz concert party shares the Directors might have wanted PETrel to get this deal.

After all PETrel is the flagship and CLON the minnow.

So it seems probable that PETrel will get something.

With just a bit of buying I am amazed how quickly the share price moves in either direction.

BWTFDIK DF

Posted at 16/5/2022 09:05 by kdickson
Just re-posting so it's visible today.

Some light reading ;)

Out of the 3 Iraqi possibilities previously linked to Petrel (Block 6, Merjan and Subba & Luhais), I’m beginning to wonder whether S&L might now be a possible reason behind the current share price strength.
I base this on the following clues/research.

Back in July 2020, DH did a Q&A session, and was asked specifically on any deals to do with ‘gas processing’:



Then a couple of months later in JT's Chairman’s Interim statement of Sept 2020, he said the following about Iraq and repeats the same S&L details. Note that this is the first time in 12 years that S&L had ever been mentioned in detail (other than a few passing historical  references). Why suddenly start talking about it again!?



Fast forward 12 months to 5th Sept 2021 when TotalEnergies signed that mega $27 billion deal with the Iraq government, involving 4 main energy projects:

-  gas capture covering a 600 million cubic feet per day project at Ratawi
-  the expansion of oil output at Ratawi from 85,000 barrels per day to 210,000 b/d
-  1 gigawatt solar project
-  5 million b/d water injection project to maintain reservoir pressure at key southern oil fields.


The gas capture project involves two phases: first, output of 300 MMcf/d from Majnoon, West Qurna-2 and Ratawi; and a second phase targeting some 300 MMcf/d from the Subba, Luhais and Tuba fields.

This map shows the proposed Ratawi gas processing plant. In effect it will be a massive gas hub to process flared gas from the surrounding oil fields (capturing flared gas has always been DH's 'pet' subject).




Why might lowly Petrel have any chance in such a huge project?

We know Petrel worked on developing S&L back in the mid 2000’s but I think we forget how massive a project that was and also how much gas processing experience Petrel really have.

- in 2004 they submitted (after being asked by the IOM) a very detailed tender to develop the Khurmala Dome near Kirkuk, including a gas processing plant to process the flared gas

- also in 2004 they did a similar detailed tender to develop the Hamrin field in central Iraq (both tenders passed critical evalutions by IOM experts)

- in 2005 Petrel were encouraged to submit a tender for the Kormor Gas producing field (again a very detailed document was submitted)

- in 2005, they were awarded the EPC contract on Subba & Luhais oil fields where they developed a state of the art gas processing plant to capture and process up to 120 million cfg/day.


Focussing on the successful tender for S&L, the diagram below is from the 2004 Annual Report (lots of connecting pipelines crossing exactly where Total propose to build the Ratawi gas hub - compare to above map):



And from the 2006 AR (it’s a very large site):



One month after Total signed the mega deal, they were looking for contractors:

Total Looking for Partners in Iraq Project
Energy Intelligence Group, Fri, Oct 1, 2021

TotalEnergies is looking for foreign partners in the $10 billion energy megadeal in Iraq it signed last month and expects the "win-win" project to generate $1 billion per year in cash flow at plateau production.

Could Petrel, with it’s huge experience of gas processing and very specific knowledge of the Subba and Luhais fields (exactly where Total are planning the Ratawi gas hub) possibly be a contractor/partner with Total?


From Feb this year:

Total Poised to Launch New Iraq Megaproject
Energy Intelligence Group, Tue, Feb 8, 2022

TotalEnergies is poised to kick off a multibillion-dollar integrated energy project in Iraq after the remaining contracts are finalized in the coming weeks, sources say….

…"There are a few preconditions to be met, which are about finalizing some contracts. Things are going well, and in the coming weeks, all those contracts will probably be finalized," the source added.

I could even see the possibility that Total might consider sub-contracting out the project management of parts of this Ratawi gas hub project to Petrel (or even all of it?).  That could perhaps be more cost-effective for Total to use someone with previous experience and contacts rather than use their own staff.

And remember that Petrel have managed and worked with some of the biggest contractors and suppliers when developing the original S& L – companies like General Electric, Hanover, Enereco, Caterpillar, Weatherford, etc as well as the Iraq’s own state oil and gas companies (SCOP, SOP).

One last clue...

One last ‘clue’ that perhaps indicates that Total and Petrel are linked on this project, was JT saying in an Irish Independent article on April 15th that:

...the firm would try to resuscitate oil exploration in Iraq, but was having “difficulties” as no government has been formed after elections.

This is exactly what TotalEnergies were also saying on March 2nd in an Iraq Oil Report article:

...finalizing terms could prove difficult before a new government takes shape.

So maybe the catalyst for contract news will be when the new Iraqi government is finally announced?

As always, the above are just my personal thoughts. I have no definitive information that S&L is on the table.

Posted at 15/5/2022 19:19 by kdickson
Some light reading ;)

Out of the 3 Iraqi possibilities previously linked to Petrel (Block 6, Merjan and Subba & Luhais), I’m beginning to wonder whether S&L might now be a possible reason behind the current share price strength.
I base this on the following clues/research.

Back in July 2020, DH did a Q&A session, and was asked specifically on any deals to do with ‘gas processing’:



Then a couple of months later in JT's Chairman’s Interim statement of Sept 2020, he said the following about Iraq and repeats the same S&L details. Note that this is the first time in 12 years that S&L had ever been mentioned in detail (other than a few passing historical  references). Why suddenly start talking about it again!?



Fast forward 12 months to 5th Sept 2021 when TotalEnergies signed that mega $27 billion deal with the Iraq government, involving 4 main energy projects:

-  gas capture covering a 600 million cubic feet per day project at Ratawi
-  the expansion of oil output at Ratawi from 85,000 barrels per day to 210,000 b/d
-  1 gigawatt solar project
-  5 million b/d water injection project to maintain reservoir pressure at key southern oil fields.


The gas capture project involves two phases: first, output of 300 MMcf/d from Majnoon, West Qurna-2 and Ratawi; and a second phase targeting some 300 MMcf/d from the Subba, Luhais and Tuba fields.

This map shows the proposed Ratawi gas processing plant. In effect it will be a massive gas hub to process flared gas from the surrounding oil fields (capturing flared gas has always been DH's 'pet' subject).




Why might lowly Petrel have any chance in such a huge project?

We know Petrel worked on developing S&L back in the mid 2000’s but I think we forget how massive a project that was and also how much gas processing experience Petrel really have.

- in 2004 they submitted (after being asked by the IOM) a very detailed tender to develop the Khurmala Dome near Kirkuk, including a gas processing plant to process the flared gas

- also in 2004 they did a similar detailed tender to develop the Hamrin field in central Iraq (both tenders passed critical evalutions by IOM experts)

- in 2005 Petrel were encouraged to submit a tender for the Kormor Gas producing field (again a very detailed document was submitted)

- in 2005, they were awarded the EPC contract on Subba & Luhais oil fields where they developed a state of the art gas processing plant to capture and process up to 120 million cfg/day.


Focussing on the successful tender for S&L, the diagram below is from the 2004 Annual Report (lots of connecting pipelines crossing exactly where Total propose to build the Ratawi gas hub - compare to above map):



And from the 2006 AR (it’s a very large site):



One month after Total signed the mega deal, they were looking for contractors:

Total Looking for Partners in Iraq Project
Energy Intelligence Group, Fri, Oct 1, 2021

TotalEnergies is looking for foreign partners in the $10 billion energy megadeal in Iraq it signed last month and expects the "win-win" project to generate $1 billion per year in cash flow at plateau production.

Could Petrel, with it’s huge experience of gas processing and very specific knowledge of the Subba and Luhais fields (exactly where Total are planning the Ratawi gas hub) possibly be a contractor/partner with Total?


From Feb this year:

Total Poised to Launch New Iraq Megaproject
Energy Intelligence Group, Tue, Feb 8, 2022

TotalEnergies is poised to kick off a multibillion-dollar integrated energy project in Iraq after the remaining contracts are finalized in the coming weeks, sources say….

…"There are a few preconditions to be met, which are about finalizing some contracts. Things are going well, and in the coming weeks, all those contracts will probably be finalized," the source added.

I could even see the possibility that Total might consider sub-contracting out the project management of parts of this Ratawi gas hub project to Petrel (or even all of it?).  That could perhaps be more cost-effective for Total to use someone with previous experience and contacts rather than use their own staff.

And remember that Petrel have managed and worked with some of the biggest contractors and suppliers when developing the original S& L – companies like General Electric, Hanover, Enereco, Caterpillar, Weatherford, etc as well as the Iraq’s own state oil and gas companies (SCOP, SOP).

One last clue...

One last ‘clue’ that perhaps indicates that Total and Petrel are linked on this project, was JT saying in an Irish Independent article on April 15th that:

...the firm would try to resuscitate oil exploration in Iraq, but was having “difficulties” as no government has been formed after elections.

This is exactly what TotalEnergies were also saying on March 2nd in an Iraq Oil Report article:

...finalizing terms could prove difficult before a new government takes shape.

So maybe the catalyst for contract news will be when the new Iraqi government is finally announced?

As always, the above are just my personal thoughts. I have no definitive information that S&L is on the table.

Posted at 17/4/2022 07:20 by f31
IRISH INDEPENDENT
Sarah Collins
April 15 2022 02:30 AM

Teeling eyes new projects after Petrel breakthrough

________________________________________
Irish oil and gas explorer Petrel Resources is looking to bring in new projects and investors now that it has “cleared the decks” in a row with ex-shareholders.
Chairman John Teeling told the Irish Independent that the two-year dispute with a trio of investors known as the Tamraz group was “their own fault, either directly or indirectly”.

Yesterday, Petrel announced that the High Court had lifted an injunction blocking the sale of 32 million shares in the firm.
The shares have now been acquired by Mr Teeling and his chief financial officer (CFO), James (Jim) Finn, increasing their respective shareholdings to around 17pc and 8pc.

The London-listed Petrel sought the injunction in 2020 to block what it said was the unlawful sale of some shares that had been acquired by the Tamraz group – French investors Roger Tamraz, Michel Fayad and Said Mehraik – and locked in for a period of time after the investment.

Mr Teeling and his CFO paid £300,000 (€363,000) to buy the shares from the most recent owners, EYCP LLC and SRT Capital SPC, which had loaned the Tamraz group the money to buy 29pc of Petrel in 2019. Tamraz had expressed an interest at the time in increasing its shareholding to 51pc.
The Tamraz group said in a letter to Petrel in 2020 that “at no point in time” had they instructed EYCP to dispose of any shares on their behalf, and understood they were being held by EYCP as a collateral for the loan.
Mr Teeling said he “never found out to this day” why the share lock-in agreement was broken.

“In a way, the shares have gone to a good home now. Are we going to be there until we’re 106? I don’t know. Jim and I have spent £300,000 now to buy the shares back, so we have an even bigger interest in finding somebody [to invest in] the company.”

Petrel Resources, originally known as Kish when it was formed in 1982, has interests in Ireland, Iraq and Ghana.
It made an operating loss of €451m in 2020 and a loss of €162m in the six months to June 2021, its most recent interim statement.

Mr Teeling said the firm would try to resuscitate oil exploration in Iraq, but was having “difficulties” as no government has been formed after elections .
Its interests in Ghana have not been active in recent years, and had been due to be progressed by the Tamraz group.

He said Russia’s invasion of Ukraine would make oil and gas exploration in the Middle East, the Caucasus and Central Asia more lucrative.
“There are only a few locations you can go to now, really. There is no doubt there will be long-term changes to the dominance of Russia in gas, in particular. Their oil is not huge but their gas is totally dominant in Europe,” he said.

He described Irish energy policy as “absolute lunacy” and said the Government should have allowed more offshore exploration.
“With the current prices and expected prices, and with the loss of eastern European resources, that should have been looked at,” he said.
He said Petrel would consider looking again at Irish opportunities.
“Of course you’d do it because those opportunities are there, and you would love to have it. You’d need a partner,” he said.

Posted at 14/4/2022 08:07 by ianio5691
https://www.irishtimes.com/business/energy-and-resources/petrel-announces-lifting-of-injuction-over-disputed-shares-1.4852617

Petrel announces lifting of injuction over disputed shares

Executives acquired 21 millions in exploration group

Eoin Burke-Kennedy


Petrel Resources has announced the lifting of a High Court injunction concerning the ownership of 32 million shares in the group.

The company, which has interests in offshore Ireland, Iraq and Ghana, had obtained a High Court order in 2020 blocking a trio of investors , known as the Tamraz group, from selling shares in the Irish company.

The trio held Petrel shares directly and through a company, and had agreed not to sell them before a certain date under the terms of an investment deal concluded in November 2019, which would have seen Tamraz take a 51 per cent stake in the group.

Petrel later claimed it found evidence that they had sold shares in breach of this agreement.

The company on Thursday announced the lifting of the injunction and a seeming resolution to the dispute with Petrel chairman John Teeling and chief financial officer James Finn acquiring the 32 million shares for £300,000 (€361,000).

Mr Teeling acquired 21 million shares at a price of .935p per share, bringing his ownership of the existing share capital to almost 17 per cent.

Mr Finn acquired 11 million shares at a price of .935p per share, bringing his stake to just over 8 per cent .

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