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Proactiveinvestors United Kingdom Petrel Resources http://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Petrel Resources RSS feed en Wed, 23 May 2012 17:18:47 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Board Change ]]> http://www.proactiveinvestors.co.uk/companies/rns/1205228030d/ Tue, 22 May 2012 07:01:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/1205228030d/ <![CDATA[News - Petrel Resources shares soar on Irish licence awards ]]> http://www.proactiveinvestors.co.uk/companies/news/34453/petrel-resources-shares-soar-on-irish-licence-awards-34453.html Shares in Dublin headquartered Petrel Resources (LON:PET) soared almost 50 per cent as the group was awarded offshore acreage in the Porcupine basin today.

As a part of Ireland’s Irish Atlantic Margin licensing round Dublin headquartered Petrel was awarded two licence options over prospective acreage of the west coast of Ireland. The area spans 1,405 square kilometres.

A number of other AIM quoted explorers were also awarded licence options today with Providence Resources, San Leon Energy and Europa Oil and Gas all getting access to the newly opened up licences.

“This is excellent news,” said managing director David Horgan.

“The high hydrocarbon prices, fast-developing offshore technology and a proven hydrocarbon system means that Ireland's opportunity for offshore exploration has finally come.”

Hogan added: “There was considerable industry interest in the current round.  

“We are delighted to have been offered two blocks.  We have already started initial work and look forward to executing this exciting project.

“There will be discoveries in the Irish offshore."

Highlighting Ireland’s stance to encourage the development of a nascent oil and gas industry, Petrel explained that Ireland’s fiscal terms are competitive internationally.  

It emphasised that Ireland has a special Corporate Tax rate of 25 per cent applying to profits from petroleum production and an additional Profit Resource tax of between 5 and 15 per cent that applies to more profitable fields. 

Petrel also highlighted that Ireland is 58 per cent dependent on gas for electricity generation, and 95 per cent of that gas is imported. 

The nascent oil industry could be set for a significant boost in the coming months, as Providence Resources leads the way with an extensive drill programme. 

According to Providence chief executive Tony O’Reilly, the pivotal Barryroe well - which is scheduled to spud this month - could trigger a complete industry re-appraisal of the Irish offshore oil exploration.

Barryroe is not the only high impact prospect for Providence however. It will be just the first in a series of wells in the company’s ambitious work programme. This will represent the most significant and comprehensive drill campaign ever undertaken in the waters around the emerald Isle.

 

]]> Mon, 17 Oct 2011 15:31:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/34453/petrel-resources-shares-soar-on-irish-licence-awards-34453.html <![CDATA[RNS press release - Licence Awards ]]> http://www.proactiveinvestors.co.uk/companies/rns/111017pet3168q/ Mon, 17 Oct 2011 15:02:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/111017pet3168q/ <![CDATA[News - Petrel confident about returning to “Irish roots” ]]> http://www.proactiveinvestors.co.uk/companies/news/33612/petrel-confident-about-returning-to-irish-roots-33612.html After a frustrating time in Iraq, where the firm continues to protect its interest in Block 6, Petrel is “quietly confident” about gaining licences in the Porcupine area offshore Ireland and is also waiting on its Tano 2A licence application in Ghana

]]> Tue, 27 Sep 2011 10:40:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/33612/petrel-confident-about-returning-to-irish-roots-33612.html <![CDATA[RNS press release - Interim Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/110927pet9621o/ Tue, 27 Sep 2011 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/110927pet9621o/ <![CDATA[News - Petrel Resources “disappointed” by Iraqi oil licensing round outcome ]]> http://www.proactiveinvestors.co.uk/companies/news/31671/petrel-resources-disappointed-by-iraqi-oil-licensing-round-outcome--31671.html Petrel Resources (LON:PET) announced today it has not achieved qualification to participate in the 4th oil licensing round in Iraq. The company says the eventual criteria adopted by the Iraqi authorities for the round “were heavily weighted towards financial size and strength rather than practical experience working in Iraqi conditions”.

As a result of the criteria used by Iraqi authorities, no juniors or smaller independent oil companies have been qualified for the bid rounds, Petrel adds.

The qualified list for round, in contrast, includes the oil & gas super-majors, many national oil companies and some large international oil & gas independent oil companies.

Petrel says it will continue direct discussions on its existing interest in Western Desert Block 6. It will also seek direct negotiations on smaller fields that have not been awarded in the bid rounds.

In the wake of the decision by the Iraqi authorities, David Horgan, managing director, noted that Petrel, as a junior oil company focused on Iraq, has worked continuously with the Iraqi Ministry of Oil since 1999.

He says: “We were disappointed not to have qualified for the current bid round process.  Our application was initially well received, but the ultimate criteria were heavily weighted towards large company strengths such as financial depth, rather than technical and practical experience working on the ground in Iraq. As a result, neither Petrel nor other juniors were qualified.

“Failure to qualify is a setback but we have overcome many similar challenges since starting Iraqi work twelve years ago.

Horgan assured investors that Petrel remains well funded and ready to move once necessary approvals are for its other areas of interest in Iraq are gained.

]]> Mon, 08 Aug 2011 16:43:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/31671/petrel-resources-disappointed-by-iraqi-oil-licensing-round-outcome--31671.html <![CDATA[RNS press release - 4th Oil Licencing Round in Iraq ]]> http://www.proactiveinvestors.co.uk/companies/rns/110808pet9637l/ Mon, 08 Aug 2011 15:55:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/110808pet9637l/ <![CDATA[RNS press release - Result of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/110728pet3001l/ Thu, 28 Jul 2011 15:24:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/110728pet3001l/ <![CDATA[RNS press release - Posting of Annual Report and Notice of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/110630pet5230j/ Thu, 30 Jun 2011 16:49:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/110630pet5230j/ <![CDATA[News - Petrel Resources knows what it wants and has the cash ]]> http://www.proactiveinvestors.co.uk/companies/news/29843/petrel-resources-knows-what-it-wants-and-has-the-cash-29843.html Petrel Resources (LON:PET) has over US$6million in cash and is well funded to advance its activities when it gets necessary approvals, it says.

The firm released its prelims for the year to 31 Dec 2010 today, in which it summarised its activities in Iraq, Ghana and now offshore Ireland.

"We know what we want to do and have the cash to do it. Many shareholders have been patient for a long time and we appreciate that support," said the firm in a statement.

The company narrowed its operating loss to €849,826 from a loss of €6.55 million in 2009 and posted a pre-tax loss of €836,052 compared to a pre-tax loss of €6.52 million in 2009.

In southern Iraq, after a chequered history, the firm said the Subba and Luhais project will be completed by the end of the year and that it had now received all the US$7million due for the sale of its shareholding there.

The project, in which Petrel retains a 10 percent profit interest, is now 94 percent complete, it said, and the field will soon produce 200,000 plus barrels of oil per day.

The company has also applied to take part in the fourth oil licencing round in Iraq and is awaiting an agreement for its 10,000 sq km Western Desert Block 6, where it originally started work in 2000.

Meanwhile, while waiting for a clear path in Iraq, the company said it applied - along with a consortium of four companies - for the onshore/offshore block in Ghana -  Tano 2A, close to the massive discoveries of Tullow and Kosmos.

The target is a multibillion barrel discovery in the prolific cretaceous geological structure. The agreement is now working its way through cabinet and parliament.

The agreed work programme entails a minimum spend of US$25 million in the first three years. Petrel said it had already acquired, processed and analysed 769 km of seismic and identified a number of promising areas.

Offshore Ireland, the firm, which previously explored this area but found nothing commercial, has submitted applications for blocks in the Porcupine basin in the Irish Sea, it added.

]]> Mon, 27 Jun 2011 07:59:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/29843/petrel-resources-knows-what-it-wants-and-has-the-cash-29843.html <![CDATA[RNS press release - Preliminary Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/110627pet1069j/ Mon, 27 Jun 2011 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/110627pet1069j/ <![CDATA[News - Petrel Resources shares climb on progress in Iraq ]]> http://www.proactiveinvestors.co.uk/companies/news/28217/petrel-resources-shares-climb-on-progress-in-iraq-28217.html The AIM-listed company revealed today that its final payment due for its services on the Subba and Luhais oilfield in southern Iraq of $2.5mln had arrived and that it was back on the hunt for targets as it participates in the country's fourth licensing round.

]]> Fri, 13 May 2011 13:56:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/28217/petrel-resources-shares-climb-on-progress-in-iraq-28217.html <![CDATA[News - Petrel to take part in Iraqi licencing round as Subba and Luhais project nears completion ]]> http://www.proactiveinvestors.co.uk/companies/news/28198/petrel-to-take-part-in-iraqi-licencing-round-as-subba-and-luhais-project-nears-completion-28198.html Petrel Resources' (LON:PET) progress in Iraq received a boost as the firm announced it had received the final payment for the Subba and Luhais oilfield.

The Subba and Luhais JV company has paid the firm the final US$2.5 million due - in relation to engineering, procurement and supervision of services on the site.

It means Petrel is now applying to take part in the recently announced fourth licensing round in Iraq.

Specific blocks have been identified, with a focus on the oil-prone acreage becoming available from January 2012, said the company.

The firm's plan to rapidly develop Iraqi oil has been hampered by the lengthy process of the new government being formed.

"The Subba and Luhais project is now nearing successful completion, after the parties overcame operational obstacles," said managing director David Horgan.

"Successful delivery of all equipment and services to site, without injury, loss of life or equipment is a major achievement for everyone involved with this important project."

He added: "We maintain a 10% profit interest in the project, but the prevailing circumstances in Iraq, especially delays and materials inflation, means that any profit is likely to be small."

Horgan went on: "We have identified specific targets in the blocks included in the fourth hydrocarbon licensing Round.  Petrel is now completing a detailed submission to the authorities. The closing date for application is 19th May. The blocks on offer are interesting for gas and oil but do not include the 10,000km2 area known as 'Iraqi Western Desert Block 6'.

"A successful election in March 2010 led to many months delay in the formation of a new government, which in turn hampered the planned rapid development of Iraqi oil.

"A new administration has taken charge, and remaining issues are being resolved. We expect renewed progress in the coming months to drive forward the development of Iraq and particularly its hydrocarbons industry, to the benefit of all stakeholders. We have a strong balance sheet with over US$6m in cash and are well-placed to take advantage of opportunities."

]]> Fri, 13 May 2011 07:33:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/28198/petrel-to-take-part-in-iraqi-licencing-round-as-subba-and-luhais-project-nears-completion-28198.html <![CDATA[RNS press release - Iraq Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/110513pet5090g/ Fri, 13 May 2011 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/110513pet5090g/ <![CDATA[News - Petrel receives second payment in Iraq deal ]]> http://www.proactiveinvestors.co.uk/companies/news/22906/petrel-receives-second-payment-in-iraq-deal-22906.html Petrel Resources (LON:PET) said this morning it had received the second tranche of payments relating to the development of the Subba & Luhais oilfield in Iraq.

The US$2.5 million is for hitting certain milestones and follows a US$2 million payment in April. A third and final instalment of US$2.5 million will follow in six months.  

“The expected formation of an Iraqi government should clarify oil policy and enable Petrel to move forward with our Iraqi projects,” the company added in a statement to the stock exchange.

The group revealed in April that it had ended a 20-month stalemate with the authorities with a deal to complete the development on Subba & Luhais with local partner Makman. 

After that it will hold a 10 per cent interest in the project.

 

 

]]> Thu, 11 Nov 2010 07:31:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/22906/petrel-receives-second-payment-in-iraq-deal-22906.html <![CDATA[RNS press release - Petrel Resources PLC Update On Iraq ]]> http://www.proactiveinvestors.co.uk/companies/rns/101111pet001430/ Thu, 11 Nov 2010 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/101111pet001430/ <![CDATA[RNS press release - Petrel Resources PLC Nominated adviser and broker change of name ]]> http://www.proactiveinvestors.co.uk/companies/rns/101103pet001084/ Wed, 03 Nov 2010 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/101103pet001084/ <![CDATA[News - Petrel Resources diversifies into 'major force in world oil' Ghana amid instability in Iraq ]]> http://www.proactiveinvestors.co.uk/companies/news/21035/petrel-resources-diversifies-into-major-force-in-world-oil-ghana-amid-instability-in-iraq-21035.html Petrel Resources (LON:PET) has taken steps to hedge itself against the continued political turbulence in its main country of operation, Iraq, taking advantage of a low cost opportunity to enter a prolific oil block in Ghana.

In its interim report that came out this morning, Petrel gave an overview of the political situation in Iraq, which still has no government following elections that took place in March and produced no emphatic winner.

Petrel said that this situation had serious implications on the development of the oil industry and that much would depend on the new oil minister.

According to Petrel, Iraq is capable of producing 9 million barrels of oil per day, while current production stands below 3 million barrels.

While reaffirming its firm focus on Iraq, Petrel has decided to diversify its operations by entering Ghana’s Tano Basin through the acquisition of a 30% interest in a petroleum agreement on Tano Block 2A.

Petrel noted that the basin has recently emerged as an exploration hot spot after the Kosmos/Tullow Oil (LON:TLW) joint venture alone making four discoveries including the giant Jubilee oilfield.

The block spans over 1,532 sq km (square kilometres) of what Petrel said was highly prospective acreage.

The Ghanaian National Petroleum Company (GNPC) has provided the company with available data, including 44 geological reports and extensive, good quality 2D seismic.

The agreement is expected to be ratified by cabinet and parliament in the coming months.

On the financial front, Petrel’s pre-tax losses decreased from €228,000 in H1 2009 to €171,000, while losses per share were reduced from 31 euro cents to 22 euro cents as operating costs shrank from €280,000 to €216,000.

Foreign exchange profit amounted to €44,000, slightly lower than €48,000 a year ago.

In its morning note, broker Astaire Securities said that the diversification into Ghana offered an “interesting exploration opportunity”.

“While Iraq remains a challenging environment with the government yet to properly form, the company has made some progress in removing substantial obstacles,” commented Astaire, referring to Petrel’s announcements that it has now resolved all outstanding issues with the Iraq Ministry of Oil, which were complicating and delaying completion of the Subba & Luhais contract.

The project has now been remobilised and both the project JV (joint venture) company and Petrel have received the cash owed.

Subba & Luhais is proceeding within an agreed 14 month completion schedule.

Petrel said that the remobilisation of Subba & Luhais marked the change in its focus in Iraq from development oil and gas fields under service contracts to exploration.

The company added that the upside in exploration will be higher than that available through developing oil and gas fields under service contracts.

“This is a satisfactory outcome for Petrel as it removes all obstacles to moving ahead with formalising our existing interests in Iraq in particular Western Desert Block 6 as well as possible future projects,” said chairman of Petrel Resources John Teeling.

Speaking about the decision to go back "to our roots” and diversify into Africa, Teeling noted that uncertainty in Iraq continued and the 11 years the company has spent in the country was a “long time to wait”.

“Since we entered Iraq in 1999 we have dealt with 5 governments, survived a war, faced down many threats and risks, all in pursuit of oil.

“Ghana will be a major force in world oil.  We are taking the opportunity to participate at an early stage,” said Teeling.

Back in July, Petrel opted not to proceed with the East Safawi Block in Jordan after failing to secure a farm-in partner for a billion barrel potential target with high exploration risk due to the impact of the financial crisis on risk taking.

]]> Wed, 15 Sep 2010 10:30:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/21035/petrel-resources-diversifies-into-major-force-in-world-oil-ghana-amid-instability-in-iraq-21035.html <![CDATA[RNS press release - Petrel Resources PLC Interim Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/100915pet000765/ Wed, 15 Sep 2010 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/100915pet000765/ <![CDATA[News - Petrel Resources faces future with 'renewed confidence' ]]> http://www.proactiveinvestors.co.uk/companies/news/19284/petrel-resources-faces-future-with-renewed-confidence--19284.html At today’s AGM, Petrel Resources (LON:PET) managing director David Horgan told investors that the company has overcome serious difficulties in recent years, and it now faces the future with renewed confidence. In recent week’s the company has resolved the Subba and Luhais impasse in Iraq and with US$7m in the coffers, and a 10% profit sharing agreement in-hand, it is now looking for “big potential projects”.

Back in April, the company resolved all the outstanding issues in relation to the Subba and Luhais oilfield development, which now moves ahead unabated towards production. A new deal was struck between Petrel, its Iraqi partner Makham and the Iraqi Ministry of Oil.

The company said it intends to retain an active presence in Iraq - where there is currently no government or hydrocarbon laws - and once the political and legal situation is clarified, it hopes to finalise its ‘Block 6’ title and swiftly move onto exploration.

In reference to the challenges faced in Iraq, Horgan commented: “Petrel has raised a total of US$15 million or £10 million from 1994 to date ... It has operated continually in Iraq since 1999 and has run a Baghdad office through sanctions, invasion, civil war and 5 governments”.

“We intend to remain in Iraq which remains the best and cheapest source of oil”.

“We deliver quality work but are exposed to bureaucracy and politics. Sometimes states seek to impose conditions or unattractive limits on rates of return that are not viable. We are not a charity ... No pioneer can promise quick success. We do not spend shareholders' money on overhead.  We put it into projects.  When it works shareholders do very well.  If not, there is no disgrace in honest failure”.

In reference to its projects in Jordan, Petrel said that “despite excellent but high risk hydrocarbon potential”, it has been unable to attract a joint venture partner and consequently, the licences are likely to be surrendered.

According to Petrel’s MD, the company needs alternatives to the middle-east and Africa has potential. The company has already taken a 30% stake in an exploration block in Ghana, which Horgan referred to as the “fashionable Ghanaian Tano 2A Block”.

The company also said it is preparing entry into other countries near Ghana.

“We seek big potential projects”, Horgan stated.

]]> Mon, 26 Jul 2010 13:59:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/19284/petrel-resources-faces-future-with-renewed-confidence--19284.html