Petrel Energy Limited (ASX Code: PRL) is an Australian-based petroleum exploration and development company with projects in Uruguay, the USA and Australia. The group was formed by the merger of Orion Petroleum Limited and the private company Petrel Energy Pty Limited in January 2012 with the enlarged entity changing its name to Petrel Energy Limited.
Petrel’s strategy is to build a portfolio of high quality resource assets at the exploration or appraisal stage and to create value as these projects mature. To implement this strategy, the new team is devoting considerable resources to the identification of energy projects where we believe substantial hydrocarbons are in place, in which we feel the application of modern technologies will help confirm and extract that resource and where we believe we have particular experience or expertise. To obtain such projects, Petrel’s board and management will review opportunities primarily in North/South America and Australia, but will consider projects on a global basis if they offer an exceptional opportunity.
In implementing its new strategy Petrel has recently acquired an interest in a major conventional and unconventional petroleum project in Uruguay and has a working interest in an emerging onshore shale gas development project in the proven Barnett Shale play in the Fort Worth Basin, Texas. As part of the new strategic direction, the Company has entered agreements to divest its NSW CSG assets.