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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
|
|
|---|---|---|---|---|---|
| -0.10 | -4.88% | 1.95 | 90,016 | 13:12:36 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 1.80 | 2.10 | 2.05 | 1.95 | 2.05 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Oil And Gas Field Expl Svcs | EUR | EUR -311k | EUR -0.0020 | -9.75 | 3.06M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 13:12:29 | O | 50,000 | 1.936 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 18/10/2023 | 08:55 | UKREG | Petrel Resources PLC Holding(s) in Company |
| 18/10/2023 | 08:54 | UKREG | Petrel Resources PLC Holding(s) in Company |
| 28/9/2023 | 06:00 | UKREG | Petrel Resources PLC Appointment of Nominated and Financial Adviser |
| 18/9/2023 | 10:28 | ALNC |  TRADING UPDATES: Elixirr record half-year revenue; Bango profit down |
| 18/9/2023 | 06:00 | UKREG | Petrel Resources PLC Unaudited Interim Statement |
| 27/7/2023 | 12:14 | UKREG | Petrel Resources PLC Result of Annual General Meeting |
| 20/6/2023 | 09:53 | ALNC | Petrel Resources shares fall and bemoans "hostile" policies in Europe |
| 20/6/2023 | 06:00 | UKREG | Petrel Resources PLC Results for the Year Ended 31st December 2022 |
Petrel Resources (PET) Share Charts1 Year Petrel Resources Chart |
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1 Month Petrel Resources Chart |
Intraday Petrel Resources Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 01/12/2023 | 10:32 | Petrel Resources finally set to deliver? | 21,205 |
| 26/11/2023 | 20:38 | PETREL resources | 15,182 |
| 08/4/2023 | 14:03 | Petrel Resources Charts, News and Press Articles | 513 |
| 05/8/2021 | 09:56 | PETREL AND SHELL | 137 |
| 04/8/2021 | 16:14 | simon selfless | 8 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 13:12:31 | 1.94 | 50,000 | 968.00 | O |
| 10:29:25 | 1.91 | 40,000 | 764.80 | O |
| 10:08:18 | 2.20 | 16 | 0.35 | O |
| Top Posts |
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Posted at 28/11/2023 12:28 by dusseldorf Or, optimistically (...steady...) you could say they've never been better placed personally (in terms of financial share price exposure) to actually achieve a tangible deal. Existing share price exposure secured at 'all time lows' and debt to convert at 'whatever price they want' as part of any deal |
Posted at 04/10/2023 19:06 by kdickson Hi Felix,Here's a post I did back in July on my thoughts for potential share price if Merjan was won and fully developed (was post 20948). I think, on the day of announcement, we'd be well over 10p and breaching 20p within days. Obviously a couple of years to get to multi-pounds. ----- Post 20948 ----- Merjan share price The value to Petrel if we were awarded Merjan-Kifl-West Kifl and it got developed into a 100,000 bopd producer, then that alone would be company changing. According to the article in my previous post: "In the hybrid revenue-sharing model, for each barrel of oil produced, 25% would go towards the Iraqi state as a royalty, while the remaining 75% would go towards reimbursing shareholders for capital and production costs and be distributed as revenues". Assuming Petrel JV'd with Itochu on a 50/50 basis with Petrel as the operator (37.5% each), and after our 'capital & production costs' we had 10% profit, then at 100,000 bopd, the calculation is: 100,000 x 365 days x £50pb x 10% = £182.5m profit per year. £182.5m / 178m shares = £1.03 eps. At PE of 6, this would support a price of £6.15 per share. And a market cap of £1.1 billion. |
Posted at 28/9/2023 08:16 by kdickson While the share price is taking a rest, might be a good time to review the historical build up to the Merjan submission in the 5th licencing round annex. Repost of post 20922 from July 2023 below (with additional edits).-------- I've updated this Merjan post from May 2022 (post 20441) as I believe it's even more relevant today... Looking at the timeline of all references (and clues) to Merjan, I am convinced that Merjan, Kifl and West Kifl are the fields that Petrel were having 'commercially sensitive' talks about with the Iraqi authorities in summer in 2020 (as stated by DH in the Q&A's of July 2020). It just makes complete and obvious sense (to me at least!) that this should be the case once you absorb all the 'evidence' below as a whole. Why would the Iraqi's ever consider giving it to any other company? 2004 to 2007 - Petrel successfully completes TCA study work on Merjan with Itochu as 50% partner. 2008 - "We anticipate further progress and involvement in this area...when it is legally and politically possible". June 2009 - "All existing data was reviewed and analysed, and development proposals prepared...a PSA on Merjan would build on the work done by Petrel". 2009 to 2011 - Petrel continue to state they are interested in exploring and developing Merjan. Dec 2018 (Irish Independent) - "Once a contract is awarded to the group 'on favourable terms', it is ready to start work". Sep 2019 (Interim Report) - "...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...has recently been covered by 1,000 sq km 3D seismic...by the Iraqi Oil Exploration Company. This enhanced data should further minimize the risks & costs of development. Nov 2019 (EGM) - Tamraz states "a project that was in Petrel but not developed for political reasons, should start developing". Dec 2019 (Irish Independent) - "The Iraqis...are one of the top producers again with great potential. We will definitely have several attractive opportunities there." "We have got a couple of projects that will come back to life hopefully" [KD: Merjan, Block 6, Subha & Luhais?] May 2020 (Placing RNS) - "Discussions may cover Petrel's past studies on the Merjan-Kifl-West Kifl area...". June 2020 (email from DH) - "...it is clear from the Merjan logs (on the 1982 Mobil well) that the oil reservoir is much greater than the numbers [760m barrels] calculated" [KD: > 1 billion?] July 2020 (DH questions and answers): Q: Has Merjan perhaps become a very realistic opportunity again? DH: Inshalla. With updated fiscal terms, Merjan becomes attractive. Sep 2020 (Interim Report) - "With appropriate terms and pipeline access, the Merjan oil-field seems poised for early development". Sep 2021 (Interim Report) - At the invitation of Iraqi Government officials in 2020, Petrel submitted a proposal to develop the Merjan oil field, in accordance with applicable laws and the Iraqi Model Contract. And from June 2023 AR, these key bits: - The most immediate opportunity lies in bidding for exploration contracts in upcoming bid rounds [KD: plural!!]. Under the current Iraqi model contracts, exploration attracts a higher Rate of Return than development Technical Service Contracts. - Iraq interests (as of May 2023): Western Desert Block 6 and prior TCA study on Merjan Oil field with 50% Itochu interest. - The Iraqi authorities had 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, and Petrel’s work on the Mesozoic and Paleozoic plays in the Western Desert”. Then, in the next paragraph (still in context with previous paragraph): Our updated development proposal requires an economic Iraqi Government contractual model in order to proceed with necessary funding and / or attract equity partners. Finally, from Sept 18th Interims: -- Petrel has fine-tuned its Iraqi proposals [for Merjan], following feedback. We have contractors and suppliers identified but seek improved fiscal terms to attract partners.[UPDATE: PSA model actively being discussed by IOM right now] -- An updated Merjan oil field development proposal has been submitted to the Ministry with a view to finalising a licence agreement. |
Posted at 28/9/2023 07:55 by apotheki LOL Slim Pickings I like precise! Having been in PET since the 90's [pre listing on AIM] I would consider myself to be rather familiar with our dear old PETLooking forwards as PET shareholders there is after many a year some real potential for some mega share price gains moving into 2024 |
Posted at 18/9/2023 08:26 by apotheki 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].Unlike CLON my expectation with PET is that with JT and his family holding a large stake that any future MAJOR funding would be on the back of a MAJOR deal and therefore at much higher shares prices potentially. The above is again AIMHO |
Posted at 28/7/2023 17:45 by f31 Last year I left the AGM with a feeling of a complete standstill and not much hope for anything any time soon.Yesterday I came away a lot more positive, and in fact I feel rather optimistic that we will see some positive developments coming up for Petrel – and in a not too far distance. Summary of the AGM: GHANA: I would say – forget about Ghana for the moment. As per David in AGM……. “There is a deal to be done, but the expectation on the other side is for pay-off’s - which we can’t do” They have also been asked to consider alternative other acreage than the current one, perhaps with better chance of title, but we might struggle to find farm-in, so not attractive. For the moment they are therefore hanging in and insisting on their current acreage “agreementR But I would say – don’t gamble on any Ghana development any time soon. IRAQ: Stumbling block has always been the fiscal terms. But David on the new TOTAL Contract….. ”Not seen official details but media reports suggest that up to 30% of produced oil may be available for profit sharing, which means that the game could be up again. And as a result of that we also re-established contact with Itochu” PS: the current world-wide boss of Itochu Gas, was previously a 1 year intern with Petrel in Dublin !! David…. “We have a very good local representative, politically involved, who had made considerable progress and wanted Petrel to submit a very specific proposal. So they have submitted a proposal for Merjan, and they have been told to be available in September for meetings on the proposal. David:…… “It will all depend on which terms can be negotiated. If it’s not sufficiently attractive, we won’t be able to farm it down – and if the rate of return is not sufficient, we won’t be able to fund it independently” So basically, we’ll now have to wait and see what will develop in September, and if negotiations can be successful. As of February this year, no other competitors had (yet) submitted a bid for Merjan. GENERAL: As per above, I feel we MIGHT get a reasonable shot at Merjan, so that’s good. But in addition to that ……… (and this is the reason why I feel rather optimistic ……… First off: David stated that their priority is now to increase the share price, and he could not have been clearer that this was not only in the interest of us as shareholders, but obviously also in the interest of their own large shareholdings and that of their family. As you know, altogether they have a very large combined shareholdings, so yes, a good share price is very important to them as well. The quickest way to achieve this goal is to use Petrel as a liquid LSE trading vehicle, very much like the Tamraz model (David:…… So they have prioritised this road during this year, taking into account lessons learned during Tamraz. David….. “We have had multiple approaches - there is substantial interest in Petrel as a Shell – never mind the operational activities, because of the low number of Shareholders and of which a very high % of it is under control of the Board” “we’ve been concentrating on looking for an Investor that brings Cash, who will have less than 30%, and that is a story that can be told in a way that in turn is attractive to new Investors” “So there is interest, it’s a clean vehicle to use, and we WILL do something, and we HAVE opportunities to do things. “The share price should rise substantially” Personally my gut feeling is that they are in reasonably advanced negotiations with Investors that want to take a say 30% share in the Petrel LSE vehicle. PS: according to David – oil demand will grow for another 20 years |
Posted at 21/7/2023 12:11 by kdickson Merjan share priceThe value to Petrel if we were awarded Merjan-Kifl-West Kifl and it got developed into a 100,000 bopd producer, then that alone would be company changing. According to the article in my previous post: "In the hybrid revenue-sharing model, for each barrel of oil produced, 25% would go towards the Iraqi state as a royalty, while the remaining 75% would go towards reimbursing shareholders for capital and production costs and be distributed as revenues". Assuming Petrel JV'd with Itochu on a 50/50 basis with Petrel as the operator (37.5% each), and after our 'capital & production costs' we had 10% profit, then at 100,000 bopd, the calculation is: 100,000 x 365 days x £50pb x 10% = £182.5m profit per year. £182.5m / 178m shares = £1.03 eps. At PE of 6, this would support a price of £6.15 per share. And a market cap of £1.1 billion. |
Posted at 23/6/2023 11:32 by kdickson Good to see that the full version of the AR is now on the Petrel website. That cut-down RNS'd version the other day gave a very negative impression when it didnt even mention Iraq or Ghana.I've picked out and highlighted some key points from the Review of Operations section: Iraq Outside of Africa, opportunities are emerging in the Middle East, as well as outside the oil & gas sector. The most immediate opportunity lies in bidding for exploration contracts in upcoming bid rounds. [KD: Note use of plural! So, both the 5th round annex (which includes Merjan and Dhufriya) and the latest 6th round (which appears to include at least 3 gas blocks near/on old Block 6)]. Under the current Iraqi model contracts, exploration attracts a higher Rate of Return than development Technical Service Contracts. The stumbling block has been the challenging fiscal terms and preferred qualification criteria over recent years. These have led to an exit of oil majors and deterred dynamic new entrants. The geology is excellent but investors require a risk-adjusted return. The Iraqi authorities had 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, and Petrel’s work on the Mesozoic and Paleozoic plays in the Western Desert”. Our updated development proposal requires an economic Iraqi Government contractual model in order to proceed with necessary funding and / or attract equity partners. -------------------- The biggest challenge facing Petrel in this new era is not operating conditions, access to technology or community relations. The biggest challenge facing agile industry players [like Petrel; my note] is outdated contracts and fiscal terms. The strong resurgence in demand and price will smoothen necessary reforms. -------------------- Should the Federal Ministry of Oil negotiate Production Sharing Agreements? Yes: 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. -------------------- Future Petrel is confident that necessary funding will be available for sound Iraqi and Ghanaian projects. The directors are confident of funding foreseeable cash needs. |
Posted at 20/6/2023 06:15 by apotheki CHAIRMAN'S STATEMENTEurope is de-industrialising, due to policies hostile to reliable fuels. But global oil & gas demand continues to recover, as Asia and especially China recovers from C-19 policies, including lock-downs. The withdrawal of most major oil and gas players from non-core basins killed the farm-out market from 2014. Majors who had entered projects in OPEC specific countries, often on uneconomic terms, now seek to exit marginally profitable or non-core projects as they buy shares back and issue record dividends instead of investing in exploration activities. At the same time, there has been a shortage of institutional investor finance in London for several years now. Funds are available, but mainly from private clients and traders who demand discounts. In such circumstances, we have avoided issuing stock and incurring expensive work commitments which would only have diluted shareholders by issuing shares at too low a price. It is wiser to keep our powder dry and prepare a portfolio of early-stage projects to fund or farm out when markets turn. However, it is worth remembering that Europe is now less than 15% of global energy consumption. BRICS+ now have a larger GDP than the G-7. Europe is in decline, but Asia is not. The future is in the emerging economies. Australian brokers and investors have profited through the liquidity of Petrel's sister company, Clontarf Energy plc. They are pressing Petrel Resources plc to open its books for greater Australian and Asian participation. So far, the board has been keen to avoid dilution, but as we roll out high-potential new projects, it may be worthwhile to accept funding - hopefully at much higher share prices. Petrel has assessed a number of expansion projects in recent months. So far, none have completed necessary due diligence or in some cases demonstrated available funds on satisfactory terms. Financing The directors and their supporters have funded working capital needs during C-19, etc. and are prepared to participate in any necessary, future financing. David Horgan Chairman |
Posted at 01/6/2023 08:18 by ianio5691 Clontarf, Petrel shares surge on good news from GhanaSeptember 17, 2018 Oil companies Clontarf and Petrel saw their shares spike on Monday following news on the resolution of a long-standing issue over an offshore block in Ghana. Clontarf shares, which on Friday closed at 0.20 pence jumped over 200 percent to over 0.60 pence a share, while Petrel Resources’ shares surged over 66 percent reaching 3.25 pence. The two oil companies issued separate announcements on Monday saying they had resolved legacy issues with the Ghana National Petroleum Corporation (GNPC) regarding a contract for the development of the Tano 2A Block. Clontarf said that “all legal proceedings have been withdrawn and the Company looks forward to making further announcements regarding the Petroleum Agreement in due course.” David Horgan, Clontarf Director, commented: “We are delighted to report that all outstanding issues have now been resolved with GNPC regarding our Tano 2A Block. All legal proceedings have been withdrawn so, after normal consultations, the next stage is for the Petroleum Agreement to be sent to Cabinet for review. I look forward to providing further announcements as appropriate.” Background Back in 2008, the Pan Andean consortium in which Petrel now holds a 30% stake agreed an exploration license over block Tano 2A in Ghana, however, the agreement was never ratified by the Ghanaian National Petroleum Company as there was a dispute over a part of the block for which the consortium claimed was its acreage. Pan Andean is a Ghanaian company, owned 60 percent by Clontarf Energy, 30 percent by Petrel, and 10 percent by local Ghanaian interests. Following delays in negotiations, the consortium then launched a court proceeding regarding the issue, which it says it later won. However, the consortium then decided to amicably settle the matter out of court and moved to discontinue the court matter in July 2014, and discussions have been held to amend the area for exploration and production. Also, in a separate development, Ghana invited the consortium to apply for acreage in the deeper part of the Tano basin, which Pan Andean accepted. In September 2016, the consortium was offered revised Tano Basin acreage coordinates by Ghanaian officials, which the partnership accepted in principle. It then took two years for the parties to reach the final agreement, as reported on Monday. |
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