Petrel Resources

PET: 3.80 -0.13 (▼3.23%)

Delayed:2017-07-28 15:14:10
Bid Price 3.50 High Price 3.80
Ask Price 4.00 Low Price 3.80
Open Price 3.88 Spread 13.33%
Prev Close 3.88 Volume 44,000.00

Petrel Resources Share Price Chart

Intraday

Historic - 1 year


Petrel Resources Share Price Information

Name Petrel Resources Epic PET
Sector Oil & Gas Producers ISIN IE0001340177
Activites Petrel Resources plc is an Irish and London listed oil exploration company established in the early 1980s. The Company moved from London's Ofex Market to the London Stock Exchange's Alternative Investment Market (AIM) in August 2000. The focus of the Company's operations is in Iraq, where it had been seeking an agreement to develop three existing oil fields in Southern Iraq while applying for exploration acreage in the Western Desert. Security Type Equity

Key numbers

Latest Share Price (p) 3.75 Net Gearing (%) -4.71
Market Cap (£m) 3.87 Gross Gearing (%) 5.76
Shares in issue (m) 99.68 Debt Ratio 0.00
P/E Ratio -14.92 Debt-to-Equity Ratio 0.00
Divs per share (p) 0.00 Assets / Equity Ratio 1.06
Dividend Yield (%) 0.00 Price to book value 0.58
Dividend Cover 0.00 SROCE (%) -3.87
Earning per share (p) -0.26 EPS Growth (%) -13.04
52-week high / low (p) 8.25 / 2.75 DPS Growth (%)

Petrel Resources Broker Views

Date Broker Rec. Price Old target price New target price Notes
26 Jun Northland Capital Corporate 3.80 Reiterates
13 Oct Northland Capital Corporate 3.80 Reiterates
26 Sep Northland Capital Corporate 3.80 Reiterates
19 Sep Northland Capital Corporate 3.80 Reiterates
08 Sep Northland Capital Corporate 3.80 Reiterates

Petrel Resources Director Deals


Petrel Resources Company News

Petrel Res. updates on positive Tano 2A talks in Ghana

Petrel Resources said positive and constructive discussions have taken place in recent days relating to the Tano 2A onshore offshore block in Ghana.

It said the talks would be continued.

"The Tano 2A saga has been ongoing for nine years. There are numerous legacy issues which are being addressed," said director David Horgan.

"Progress is being made. The newly elected government is pro-development and committed to improved standards.

"We are committed to helping find and develop Ghana's natural resources. With continued good-will and common sense we hope that any outstanding issues will be satisfactorily and promptly resolved."






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FLASH: Petrel Res. updates on positive Tano 2A talks in Ghana






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Oil, Gas Roundup

Global Energy Development (LON:GED) was the sector's biggest faller after it conditionally agreed to purchase 11 offshore subsea service vessels and a barge vessel as it seeks to adopt a new business strategy focusing on the subsea oilfield services sector.

All vessels are currently located in Louisiana with direct access to the offshore oil and gas fields in the Gulf of Mexico.

Global says the acquisitions will mark a fundamental change in its business strategy as these transactions are the company's first step into the global subsea industry. The company seeks to make counter-cyclical investments within the global subsea industry that will enable it to capitalise on future recoveries in the oil price and related increased requirements for offshore support services.

Global also announced the appointment of John Payne as director of operations. He is a qualified Master Mariner with over 25 years' experience in the subsea sector and has managed global marine businesses in the offshore energy, renewables and subsea telecoms sectors.

Chairman Mikel Faulkner said: "We are very pleased to have committed to these acquisitions of the offshore service vessels in the Gulf of Mexico. This represents the Company's first step towards delivering on the Company's new strategy of increasing shareholder value by targeting investment and acquisition opportunities in the subsea services sector with the potential for significant upside.

"We are also delighted to welcome someone of John's experience to the Global management team. He is a good strategic fit for the business and his knowledge and experience will be of immense benefit as we embark on this new business strategy, especially considering his long and successful track record in the off-shore energy marine sector."

* * *

The sector's biggest risers were Petro Matad (LON:MATD) and Regal Petroleum (LON:RPT) - up by more than 32.4% and over 14.0% respectively in late trading.

* * *

The sector's other biggest fallers were Petrel Resources (LON:PET) and Europa Oil & Gas (LON:EOG) - down by 10% and 8.7% respectively.


At 3:57pm:

(LON:BOR) Borders Southern Petroleum PLC share price was +0.11p at 4.98p

(LON:CHAR) Chariot Oil Gas Ltd share price was -0.05p at 8.33p

(LON:ENQ) EnQuest Plc share price was -1.75p at 53.25p

(LON:EOG) Europa Oil Gas Holdings PLC share price was -0.5p at 5.25p

(LON:GED) Global Energy Development PLC share price was -6.25p at 17.75p

(LON:GKP) Gulf Keystone Petroleum share price was +2p at 136p

(LON:GPX) Gulfsands Petroleum PLC share price was 0p at 10.25p

(LON:INDI) Indus Gas Ltd share price was +5.13p at 400.13p

(LON:MATD) Petro Matad Ltd share price was +4.75p at 18.63p

(LON:PET) Petrel Resources PLC share price was -0.63p at 5.63p

(LON:RKH) Rockhopper Exploration PLC share price was +1.38p at 26.88p

(LON:RPT) Regal Petroleum PLC share price was +0.48p at 3.85p



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Oil, Gas Roundup

Xtract Resources (LON:XTR) has entered into a subscription agreement with YA II EQ, Ltd for a subscription for new ordinary shares in the company for £980,000 cash.

In addition, it has entered into an equity swap agreement with the investor for a payment by the company of £870,000, which will entitle it to 12 monthly settlement payments of £72,500, subject to an agreed adjustment.

The proceeds of the subscription (net of expenses and the swap payment), together with monthly proceeds pursuant to the equity swap agreement, will be used by the Company for additional working capital.

* * *

Management Resource Solutions (LON:MRS) continues to make progress investigating a number of issues within the legacy consulting business, which includes the PEAL contract and the decommissioning work announced in May, and has scheduled meetings with the counterparties to the relevant contracts under review over the coming week.

The directors hope to provide a further update on these issues, one of the underlying reasons for the current suspension of the company's shares from trading on AIM, next week.

The company and its advisers continue to work to fully identify, quantify and resolve a number of matters and as soon as clarity has been achieved on these it is intended that an application be made for the resumption of trading in MRS's ordinary shares on AIM.

The company says unaudited earnings before interest and taxation of Bachmann Plant Hire for the year ended 30 June is within the expected range of A$2.1m to A$2.6m (approximately £1.3m to £1.6m) set out in the company's admission document published on 11 January 2016.

As such, the first deferred payment of A$1,333,333 (approximately £830,000) is due to the vendors of Bachmann and will be satisfied by the issue to the vendors of Bachmann of new ordinary shares of €0.01 each in the company, to be issued upon resumption of trading in the company's ordinary shares on AIM.

The company says SubZero has reported unaudited revenue for the first quarter of the new financial year, to 30 September, of $16.4m (2015: $15.0m). The timing of the SubZero acquisition has aligned with an upturn in the resources industry, with the Newcastle thermal coal spot prices reaching USD$108 per tonne this week while Glencore, a major blue chip MRS customer, has locked in much of the recent spike in spot thermal coal pricing through a contract deal with leading Japanese Power Utility (JPU) Tohoku Electric that set the JPU September 2017-expiry thermal coal contract reference price at USD$94.75/t FOB.

Management Resource Solutions says Joe Clayton, who was appointed interim chief executive of the company and its subsidiaries on 28 October, has agreed, subject to due diligence and contract, to taking on this role on a permanent basis.

* * *

The sector's biggest risers were Iofina (LON:IOF) and Petrel Resources (LON:PET) - up by more than 10.4% and over 8.5% respectively in late trading.

Xtract Resources (LON:XTR) has entered into a subscription agreement with YA II EQ, Ltd for a subscription for new ordinary shares in the company for £980,000 cash.

In addition, it has entered into an equity swap agreement with the investor for a payment by the company of £870,000, which will entitle it to 12 monthly settlement payments of £72,500, subject to an agreed adjustment.

The proceeds of the subscription (net of expenses and the swap payment), together with monthly proceeds pursuant to the equity swap agreement, will be used by the Company for additional working capital.

* * *

Management Resource Solutions (LON:MRS) continues to make progress investigating a number of issues within the legacy consulting business, which includes the PEAL contract and the decommissioning work announced in May, and has scheduled meetings with the counterparties to the relevant contracts under review over the coming week.

The directors hope to provide a further update on these issues, one of the underlying reasons for the current suspension of the company's shares from trading on AIM, next week.

The company and its advisers continue to work to fully identify, quantify and resolve a number of matters and as soon as clarity has been achieved on these it is intended that an application be made for the resumption of trading in MRS's ordinary shares on AIM.

The company says unaudited earnings before interest and taxation of Bachmann Plant Hire for the year ended 30 June is within the expected range of A$2.1m to A$2.6m (approximately £1.3m to £1.6m) set out in the company's admission document published on 11 January 2016.

As such, the first deferred payment of A$1,333,333 (approximately £830,000) is due to the vendors of Bachmann and will be satisfied by the issue to the vendors of Bachmann of new ordinary shares of €0.01 each in the company, to be issued upon resumption of trading in the company's ordinary shares on AIM.

The company says SubZero has reported unaudited revenue for the first quarter of the new financial year, to 30 September, of $16.4m (2015: $15.0m). The timing of the SubZero acquisition has aligned with an upturn in the resources industry, with the Newcastle thermal coal spot prices reaching USD$108 per tonne this week while Glencore, a major blue chip MRS customer, has locked in much of the recent spike in spot thermal coal pricing through a contract deal with leading Japanese Power Utility (JPU) Tohoku Electric that set the JPU September 2017-expiry thermal coal contract reference price at USD$94.75/t FOB.

Management Resource Solutions says Joe Clayton, who was appointed interim chief executive of the company and its subsidiaries on 28 October, has agreed, subject to due diligence and contract, to taking on this role on a permanent basis.

* * *

The sector's biggest risers were Iofina (LON:IOF) and Petrel Resources (LON:PET) - up by more than 10.4% and over 8.5% respectively in late trading.






At 4:22pm:

(LON:AUR) Aurum Mining PLC share price was -0.23p at 4.45p

(LON:BOR) Borders Southern Petroleum PLC share price was +0.19p at 2.46p

(LON:CHAR) Chariot Oil Gas Ltd share price was -0.18p at 8.72p

(LON:ENQ) EnQuest Plc share price was -0.12p at 25.38p

(LON:GKP) Gulf Keystone Petroleum share price was +0.01p at 1.25p

(LON:GPX) Gulfsands Petroleum PLC share price was +0.01p at 3.38p

(LON:INDI) Indus Gas Ltd share price was +6.38p at 386.38p

(LON:IOF) Iofina PLC share price was +0.88p at 11.63p

(LON:PET) Petrel Resources PLC share price was +0.5p at 6.38p

(LON:RKH) Rockhopper Exploration PLC share price was +0.13p at 25.63p

(LON:RPT) Regal Petroleum PLC share price was 0p at 3.76p

(LON:XTR) Xtract Resources Plc share price was -0.01p at 0.03p



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Oil, Gas Roundup

Northern Petroleum (LON:NOP) has more than halved its H1 loss to $1.2m, from a loss of $2.6m previously. Revenue had improved to $1.5m, from $223,000.

Administrative expenses were $1.1m, from $2.5m.

"With production at the current level of approximately 400 bopd, the Group can sustain its financial position with a WTI oil price of approximately $50 per barrel," the company said in a statement.

"As production grows, the Rainbow asset's fixed cost base does not increase significantly, therefore the operating cost increase per additional production barrel is less than $10.

"This makes incremental production from this point forward economically attractive, and something that is achievable and relatively low cost.

"The Group is now developing a winter work programme to double production again to 800 bopd which will then provide free cashflow for investment. This will enable the Group to fund activities in Alberta and other areas such as the 3D seismic programme in the southern Adriatic.

"Funding for this programme will be achieved through a combination of working capital, debt, a farmout and equity as is considered most appropriate at the time.

"The work conducted in the first half of 2016 has enabled the Group to survive in these extreme market conditions and helped establish the platform for further growth. This work is continuing in order to generate strong positive cash flow and core value for shareholders."

* * *

Global Petroleum (LON:GBP) posts a loss after tax of US$2,336,513 for the six months to the end of June - down from a loss of US$4,469,837 last time.

Cash balances at 30 June amounted to US$10,172,598 (2015: US$12,707,727). The group has no debt.

The company said macro-economic factors remained challenging in the period and continue to form the context for both operational and commercial activity in the upstream energy business.

The company said it has made significant progress in reducing its costs in response to these factors.

* * *

President Energy(LON:PET) has provided an update on its Argentine and Louisiana operations.

WELL DP 1002 S/T, ARGENTINA

"The well remains on target to reach full production around the end of the first half of October, subject, as stated in the previous RNS of 2 September 2016, to successful operational execution," the company said.

"Whilst, further to that announcement, certain cementing issues were encountered causing further delay, subsequent drilling has proceeded satisfactorily.

"President Energy has now successfully intercepted the target Yacoraite producing formation at a measured depth of 3740m and an inclination of 84-degrees, at which point, notwithstanding the heavy oil based drilling mud being used of 11 lbm/gal, the expected increase in C1-C5** hydrocarbon gas readings were seen through the mud logs.

"The well was then drilled down to the casing point of 3756m measured depth with the continued presence of these elevated hydrocarbon gases. The hole is now being prepared for running casing down to the Yacoraite whereupon the production horizontal leg will be drilled at or around horizontal and, subject to all being in accordance to plan, the well completed.

PUESTO GUARDIAN CONCESSION, ARGENTINA

"Daily production for the first 25 days of September is averaging approximately 500 bopd.

"Further to the Company's previous RNS on 2 September 2016, a Halliburton Coiled Tubing Unit ("CTU") has been contracted and is ready to be mobilised to the Puesto Guardian fields awaiting a final regulatory permission for road transport, anticipated to be obtained this week.

"The CTU is due to start work shortly and will be combined with a stimulation programme on four non-producing wells. Management estimates that the CTU work on those wells will yield an increase in total field production in the region of 20%.

LOUISIANA ASSETS PRODUCTION

"The A55 well, one of the two wells referred to in the Company's previous RNS, has now come on stream. The Company is waiting for the non-operated Triche well, previously producing 60-70 boepd net to President Energy, to come back on stream, after being out of effective working commission for approximately six months due to pipeline issues.

"The Company expects the Triche well to come back on-stream in about 14 days, at which point, the Company should see its share of total net production in Louisiana increase to the 200-250 boepd levels projected in the previous RNS."

* * *

The biggest riser was Urals Energy (LON:UEN) - up by more than 31.5% in late trading. The biggest faller was Oilex (LON:OEX) - down by more than 10.5%.


At 4:17pm:

(LON:AUR) Aurum Mining PLC share price was 0p at 1.85p

(LON:BOR) Borders Southern Petroleum PLC share price was 0p at 1.85p

(LON:CHAR) Chariot Oil Gas Ltd share price was +0.19p at 9.81p

(LON:ENQ) EnQuest Plc share price was +2.38p at 27.13p

(LON:GBP) Global Petroleum Ltd share price was -0.13p at 1.63p

(LON:GKP) Gulf Keystone Petroleum share price was +0.06p at 2.19p

(LON:GPX) Gulfsands Petroleum PLC share price was 0p at 3p

(LON:INDI) Indus Gas Ltd share price was -0.12p at 497.38p

(LON:NOP) Northern Petroleum PLC share price was -0.25p at 3p

(LON:OEX) Oilex Ltd share price was -0.05p at 0.43p

(LON:PET) Petrel Resources PLC share price was 0p at 6.63p

(LON:RKH) Rockhopper Exploration PLC share price was +1p at 28p

(LON:RPT) Regal Petroleum PLC share price was +0.01p at 3.54p

(LON:UEN) Urals Energy PLC share price was +0.75p at 3.13p

(LON:XEL) Xcite Energy Ltd share price was +0.08p at 1.23p



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