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PET Petrel Resources Plc

1.00
0.00 (0.00%)
21 Jun 2024 - Closed
Delayed by 15 minutes
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 0.00% 1.00 71,310 08:00:00
Bid Price Offer Price High Price Low Price Open Price
0.90 1.10 1.00 1.00 1.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Oil And Gas Field Expl Svcs EUR EUR -311k EUR -0.0020 -5.00 1.57M
Last Trade Time Trade Type Trade Size Trade Price Currency
10:39:14 O 67,407 1.04 GBX

Petrel Resources (PET) Latest News

Petrel Resources (PET) Discussions and Chat

Petrel Resources Forums and Chat

Date Time Title Posts
22/6/202400:33Petrel Resources finally set to deliver?22,575
21/6/202414:42PETREL resources15,404
10/4/202412:28A Multi Billion Pound Company in the making..2024 a New Start21
08/4/202315:03Petrel Resources Charts, News and Press Articles513
05/8/202110:56PETREL AND SHELL137

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Petrel Resources (PET) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2024-06-21 09:39:151.0467,407701.03O
2024-06-21 07:00:151.043,90340.59O

Petrel Resources (PET) Top Chat Posts

Top Posts
Posted at 21/6/2024 09:20 by Petrel Resources Daily Update
Petrel Resources Plc is listed in the Oil And Gas Field Expl Svcs sector of the London Stock Exchange with ticker PET. The last closing price for Petrel Resources was 1p.
Petrel Resources currently has 157,038,467 shares in issue. The market capitalisation of Petrel Resources is £1,570,385.
Petrel Resources has a price to earnings ratio (PE ratio) of -5.00.
This morning PET shares opened at 1p
Posted at 10/6/2024 08:58 by dusseldorf
Some DH commentary from CLON - helpings of Jam, but also optimism

Clontarf continues to monitor Ghanaian developments to update the acreage to be explored and resuscitate the ratification of its signed Petroleum Agreement on Tano 2A Block. Slowness in ratification of signed contracts had constrained the development of Ghana's oil and gas industry. The Ghanaian government has declared its determination to recover momentum, and will be helped by recovery in the farm-in market as the global supply/demand balance tightens. Ghanaian fiscal terms remain competitive, while West African infrastructure steadily improves.



We remain in contact on other prospective African countries. So far, the main hurdle has been the requested fiscal terms - which reflect the hot market of 2003 through 2014, rather than current investor hostility to petroleum and the retrenchment of some western majors who would otherwise be our go-to partners for such frontier exploration.



The petroleum industry is cyclical, and the extreme under-investment in the sector since 2010 is now creating shortages as demand recovers, especially in Asia. Demand for oil, gas and even coal are now at or near historic records, while investment is mostly limited to developments of existing Blocks in mature basins. That will change.



Financial markets and farm-out interest in petroleum had been depressed since the oil price war starting in 2014 and continuing periodically until 2022. This had constrained our options for early seismic or wells in Ghana and elsewhere. But recent price volatility shows that major new investments are required to service global demand. Clontarf plans to participate in the anticipated coming upturn.



In oil and gas, the tightening hydrocarbons' supply-demand balance promises a revival of exploration and the farm-out market.
Posted at 21/5/2024 12:38 by kdickson
Anz (Block 6) development

Here are my personal thoughts on how things might evolve if Petrel successfully negotiate a contract for Anz (re-branded Block 6).

First of all, because the Petrel board aren't getting any younger, and their families and friends are so highly invested in the company, the main focus must be to get the share price up so everyone can finally benefit from the decades of belief and waiting.

I don't think they really want to become a long term oil/gas production company in their own right. They've always been an exploration company at heart with a view to wanting to farm out once discoveries and reserves have been proven up to a certain stage to do a deal.

With that in mind, they could drill a well or two (at £8m per well say) into each of the 4 huge structures they've already identified, one of which has a possible 500million barrels of recoverable oil.
This wouldn't prove up the whole field/reservoir but would prove the geological  model somewhat and, combined with existing 3D seismic/other petroleum reservoir analysis, be enough for a reserves report to be produced that could be used for valuation purposes.

On announcement of the initial contract, the price would charge up to at least 20p and funding could be arranged at this new higher level.
Let's say they wanted to drill a few exploratory  wells at a total cost of £50million.

A £50m placing at 16p would take total issued shares to 500m (currently 184m).

If the drilling programme 'only' proved up 2 billion barrels and we use an in-the-ground value of $8 (£6) per barrel (based on a very conservative 10% of market oil price as rule of thumb, then that's £12 billion mcap or a share price (buyout price?) of £24.

Leaves plenty future profits on the table and plenty room for negotiating a buyout price. I'd be happy with £5 a share!

Please pull apart the above. Its only my guess of one scenario.
Posted at 16/5/2024 17:28 by ford play
Have to admit, I was one of the starry eyed PET believers twenty years ago, attending several AGM's and listened to Horgan spinning the yarns about off to rubber stamp block six. Like a numpty I watched the big S and L contract spike come and go, without taking profits, as I was succoured into the £10 plus much spouted future share price. I sold out in late 2009 at around 20 and 30p crystallising big losses. Hurt at the time, but I could at least move on the learn.Fifteen years down this line, the share price is on the floor, but the blind hope of shareholders remains. As an outsider, I'd ask those holding to ask themselves, why would the Iraqis consider awarding a contract to three aging Irishmen ( Horgans 65, Teeling 78) operating out of a shared office in Dublin, with no staff, little cash, and no history of drilling a well?
Posted at 14/5/2024 14:16 by kdickson
Call me deluded but I think there's still room for hope. Here's my thoughts.

We now know that 16 contact areas received no bids (incl Anz/Block 6). That's over half of all licences still up for grabs that the IOM are going to have to negotiate directly with individual companies, as effectively stated by the Oil Minister yesterday:

He added that the 16 exploratory patch fields will be offered after being re-evaluated [KD: i.e. negotiated to make fiscal terms more attractive!] in accordance with the standards and indicators approved by the Ministry.

The Ministry is seeking to offer more exploratory and oil fields and patches during the coming period.

Several posters have come to the same conclusion as me about funding.

I suspect that the standard contacts offered in the bid rounds were never fundable on the London markets (poor financial returns) and that's why it didn't make any sense for Petrel to bid.

Knowing this was the case (probably for a long time), I reckon that DH knew many IOC's would also not bid and he has been running a 'parallel plan' to enact once the bidding rounds finished.

I believe Petrel has been liaising with the Iraqi authorities for some time now, hence the Sept 2023 chairman's comment:

"Petrel has fine-tuned its Iraqi proposals, following feedback".

This sounds like a positive interaction involving direct negotiations to me, and I'm sure any proposed developments by Petrel would be on terms that are fundable in London.

This ties in with recent chat on here about PET only "submitting proposals" and not bids.

I also believe it must refer to Block 6 (Anz) because DH would already know they weren't bidding for Merjan when Block 6 is the big prize.

What about Itochu sugar-daddy funding?
DH said in a Sept 2023 email that "Itochu say they want ‘equity-barrels’" so I think he's saying they wouldnt participate in upfront funding.

How long might negotiations take?
As above, the Oil Minister said they are "seeking to offer more exploratory and oil fields and patches during the coming period".
That phrase doesn't sound like a long period to me. The Oil Ministry has already shown they can negotiate fiscal terms very quickly, almost real time given the article below:

ZPEC took the Middle Euphrates fields in central Iraq, offering 11.67 per cent share of net profit, which was higher than the 9.35 per cent share the Oil Ministry was willing to pay. Afterward, the company accepted the 9.35 per cent share offered by the ministry.

What about risks of a Middle East war?
I asked DH this a few weeks ago just after Iran fired missiles/drones at Israel.
DH: "It means that the fiscal terms should be improved to reward investors for enhanced risk".
Again this ties in with a direct negotiations strategy.

Finally, remember that on Petrel's website, in relation to Block 6, it states:

Petrel have analysed all available data and are ready to drill.

“We have identified very large structures on the block...including one with potential for 500 million barrels recoverable...two are structural and one stratigraphic".
Posted at 13/5/2024 07:32 by apotheki
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
Posted at 12/5/2024 16:32 by steveberyl
Contradictory? Maybe Chinese have done a deal with Pet to ensure Chinese deal was in fact the only one. A Pet Bid may well have been submitted for Merjan and Pet made a proposal to Chinese that Pet would Withdraw if Pet was given a minor JV role in order that Chinese did not feel `Isolated`

Any JV will not be highlighted by Iraq, that info will only come Next week sometime, if in fact a JV was cobbled together. Lets face it, a JV would suit PET for multiple reasons and holders as well. We can only wait.

Either way, I would bet a lot of Money that Pet will not leave Iraq Empty handed. I forgot, I already have Bet a lot of Money on Pet.
Posted at 12/5/2024 14:44 by f31
I still don’t understand any of it about Merjan, I’m still flabbergasted.
If someone would have suggested a week ago that Petrel had not put in a bid for Merjan, I would have taken that as utter nonsense and completely unthinkable.
I mean, come on - it’s Merjan we are talking about !!!

At the AGM David clearly said they had put in a proposal AND that we were the only one.
Using the words “we are the only one” (“as per May 2023”, I believe he added) suggests that he was referring to this 5+ bidding round ?
He then even refers to Petrel’s “fine-tuned” submission in his Interim Statement on 18th September.

Jimduggen’s link…..
This report clearly states that the deadline for submitting applications and bids for the 5+ round was on 15th June 2023.
In other words, David’s statement of…. “we have submitted a proposal”… at the AGM in July and in the Interim’s on 18th September, (so…AFTER the bid deadline !!), could hardly be interpretated as anything else but a statement that Petrel had submitted a bid for Merjan in this 5+ round ?

So, for all kind of reasons, including e.g. our historical studies on Merjan within a TCA with Iraq, but especially also because of the above mentioning of their Merjan proposal submission both in the AGM and in the Interims on 18th September, shareholders were fully justified to conclude (if not being convinced ! ) that Petrel had put in a bid for Merjan.
And not only shareholders, but also the Market in general, hence the strongly increased recent trading, coupled with price increase.

Some significant trading took therefore place on justified assumptions of Petrel’s participation in the bid round.
So it seems unavoidable to me that Petrel HAS to come out with some clarification statement on Monday or anyway immediately after the bid rounds have completed i.e. next week ??

For the same reasons as above, we can also not be sure that a bid has been put in for Block 6 (even when the Interim referred to submitted proposalSSS), but hopefully some positive news can still be included in such statement, be it either via some form of consortium participation on Block 6, or perhaps with a back-up plan already in place via a pre-agreed RTO
Posted at 10/5/2024 15:39 by kdickson
I'm trying to think what to say that might help undecided folks make up their minds whether to buy in today or not.

Obviously nothing is ever guaranteed in life but  I think if you even just 'gamble' £1000, with a real possibility of that being £20,000 within a few weeks, then it's a very tempting option.

If you like %ages, then I am 80%, maybe 90%, sure of us getting Merjan and being the operator as part of a JV/consortium.

Block 6 ('Anz') is at 50% to 60%.

Here are some snippets that I often return to:

Private email from DH to another shareholder in early July 2023, just before the AGM:

"We have applied to the Iraqis, and have been told all is well so far, but nothing that is yet RNSable".

------------

JULY 2023 AGM (courtesy of f31's notes):

- The stumbling block had always been the fiscal terms, but when David saw that the Total contract had a 30% profit sharing element, he stated that Petrel then re-established contact with Itochu (mentioning that the current world-wide boss of Itochu Gas was previously a 1 year intern with Petrel in Dublin!)

- DH also stated we have a very good local representative, politically involved, who had made considerable progress and wanted Petrel to submit a very specific proposal. David then went on to confirm Petrel has submitted a proposal for Merjan and they have been told to be available in September (see DEC 2023 email below) for meetings on the proposal.

----------

SEPT 2023 Chairman's Statement:

- "Petrel has fine-tuned its Iraqi proposals, following feedback" (as f31 discussed later, this shows a positive interaction with the Iraqis on our initial submission, i.e. in with a chance)

- "An updated Merjan oil field development proposal has been submitted to the Ministry with a view to finalising a licence agreement"

- "...as we roll out high-potential new projects, and the share price hopefully rises, it may be attractive to accept funding"
(f31: This very specific wording shows they have very little doubt that this will happen)

- "The board expects to add another one or more Non-Executive Directors with the next major deal".
(f31: I am actually surprised that the NOMAD agreed with the specific wording because he could hardly have given a stronger hint that we are on the verge of a "Tamraz-like" (but not him!) participation or take-over of some sorts (29.9%) connected to a major deal.

-----------

DEC 2023:
Private message to me from a very reliable source about the whereabouts of DH:

"Been away in the MENA region".

(KD: 'Petrel has fine-tuned its Iraqi proposals, following feedback'....feedback from a Sept meeting perhaps? ;) )
Posted at 10/5/2024 06:29 by steveberyl
An RNS Today, Confirming PET Inclusion in the Bidding process would start a fire under PET share price


Here we are then, at the end of the road, hopefully. It has been arduous, torturous but here we are. It is now simply a case of, "If you are in, when RNS is issued 07.00
Mon`3/05/24 you stand to earn life changing sums at 8am."

If you are not in, you will have to pay huge sums to get a few shares.


I see PET being given a huge Contract purely based on USA Influence on IRAQ Petroleum Contracts and Licencing Directorate. Plus an AGREED JV with a USA OIL GIANT.

Biden will ensure an Irish Company succeed.
Posted at 08/5/2024 15:24 by kdickson
Not forgetting that in a 2007 article DH stated:

"Eventually we’ll be bought by BP, Total or our sugar Daddy, Itochu (a Japanese joint venture partner in Iraq with Petrel)".

And, current worldwide head of Itochu Gas was an intern for a year at Petrel in Dublin.

Remember the strategic partnership agreement Petrel and Itochu signed in 2006. Here's the Rigzone article for that:

Petrel Resources and Itochu to Cooperate on Iraq Exploration

Petrel Resources has signed a strategic partnership and cooperation agreement with Itochu Corporation. The strategic partnership will cover future exploration and development activities in the Iraqi oil and gas industry...

The Itochu group is also one of the largest traders of crude oil in the Far East and is a major force in numerous business sectors, including areas such as steel pipe supply, finance, logistic and plant businesses.

The cooperation agreement between Petrel and Itochu will initially cover work on the Merjan oil field under a Technical Cooperation Agreement with the Iraqi Ministry of Oil, subject to applicable laws. Itochu will also have a first look at future Petrel projects in the Iraqi oil & gas upstream sector.

As part of the cooperation agreement, Itochu will contribute towards Petrel's historic costs in the Iraqi oil & gas sector and will cover a fixed share of the costs of the current study.

Petrel Managing Director David Horgan welcomed the development:

'We have gotten to know Itochu well over several years. There is a near perfect fit with Petrel. Itochu, one of Japan's leading companies, with its strong balance sheet and long-term perspective, is a strong player in upstream oil and gas business. There is no better partner for us in our quest to expand and deepen our Iraqi activities."
Petrel Resources share price data is direct from the London Stock Exchange

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