Petrel Resources (CDI) (PET)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

1.35p
   
  • Change Today:
    -0.20p
  • 52 Week High: 3.15
  • 52 Week Low: 0.95
  • Currency: UK Pounds
  • Shares Issued: 183.87m
  • Volume: 362,572
  • Market Cap: £2.48m
  • RiskGrade: 380

Petrel raises £0.25m as it looks to restart Iraq development

By Josh White

Date: Tuesday 26 May 2020

LONDON (ShareCast) - (Sharecast News) - Petrel Resources has arranged a placing with ETX Capital to raise £0.25m before expenses through the issue of 7,692,308 new ordinary shares at a price of 3.25p each, it announced on Tuesday.
The AIM-traded firm said that, subject to "the appointment of responsible officials" by the new Iraq government, and the lifting of Covid-19 restrictions, it was expecting to enter requalification discussions with the Ministry of Oil.

Discussions could cover the company's past studies on the Merjan-Kifl-West Kifl area, and the Mesozoic and Paleozoic potential of the Western Desert.

Pending such discussions, it said the investment would strengthen its balance sheet.

"Petrel is fortunate to have maintained strong relationships with Ministry of Oil officials, even during the darkest hours of sanctions, invasion, conflict, and Covid-19," said director David Horgan.

"Our Iraqi director, Riadh, is a son of the renowned 'driller', Mahmoud Ahmed," he explained, adding that in Iraq the company had found "world-class" geology.

"Prevailing circumstances obliged Petrel temporarily to dis-engage from on-the-ground operations in 2010.

"We saw too many challenges - both governance, political and financial - to justify risking shareholders' funds given the then-limited upside available."

Horgan said that recent events were "transforming" that situation.

"A three-way rivalry among Saudi Arabia, Russia and American producers - aggravated by an unprecedented demand-hit caused by Covid-19 - crashed the oil price," which he said was "crippling" high cost operations offshore, and unconventional reservoirs.

"As a low-cost producer, Iraq is now well positioned to exploit this historic opportunity.

"I believe that Petrel has the experience, contacts and board commitment to help drive forward the next phase of Iraqi oil development."

At 1145 BST, shares in Petrel Resources were down 0.13% at 3.74p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

PET Market Data

Currency UK Pounds
Share Price 1.35p
Change Today -0.20p
% Change -12.90 %
52 Week High 3.15
52 Week Low 0.95
Volume 362,572
Shares Issued 183.87m
Market Cap £2.48m
RiskGrade 380

PET Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
63.1% below the market average63.1% below the market average63.1% below the market average63.1% below the market average63.1% below the market average
31.58% below the sector average31.58% below the sector average31.58% below the sector average31.58% below the sector average31.58% below the sector average
Price Trend
45.83% below the market average45.83% below the market average45.83% below the market average45.83% below the market average45.83% below the market average
70.73% above the sector average70.73% above the sector average70.73% above the sector average70.73% above the sector average70.73% above the sector average
Income Not Available
Growth Not Available

PET Dividends

No dividends found

Trades for 28-Mar-2024

Time Volume / Share Price
16:02 140,000 @ 1.40p
15:10 69,876 @ 1.40p
15:06 58,827 @ 1.34p
09:33 8,509 @ 1.56p
09:33 10,360 @ 1.34p

PET Key Personnel

Chair David Horgan
Finance Director James Finn

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