Petrel Energy Limited (ASX Code: PRL) is an Australian based petroleum exploration, development and production company with projects in Australia, Spain and Uruguay.
Petrel’s primary strategic objective is to identify and pursue early stage high quality and potentially material energy assets where the company can leverage off its core competencies, namely its people and experience to create significant shareholder value over a relatively short timeframe.
Petrel’s key projects are;
Piedra Sola and Salto concessions in Uruguay on 3.5 million acres (held via a 49% interest in Schuepbach Energy International LLC). With increasing international attention turning to Uruguay after first hydrocarbons discovered in 2017 and successful offshore licensing, the onshore assets in the Piedra Sola and Salto concessions represent an excellent first-mover opportunity for Petrel. Schuepbach International Holdings LLC are currently funding and managing this project. Netherland, Sewell and Associates, Inc. (“NSAI”), as at 14 May 2015, have independently certified an unrisked gross Prospective Resource in the Salto and Piedra Sola concessions of up to 910 MMBBL oil and 3,105 BCF gas (up to 446 MMBBL oil and 1,521 BCF gas to Petrel’s net 49% interest).
Tesorillo Project in Cadiz Spain targeting conventional sandstone gas reservoirs on 94,000 acres. The Almarchal-1 well drilled in 1956 is the discovery well of what is very likely a large by-passed gas field. It was drilled by the Spanish firm Valdebro and intersected a thick section of possible gas pay which upon testing flowed gas to surface. The well is located 3km from the North African Maghreb gas trunkline providing ready access to high priced European gas markets. Under a share purchase agreement signed in mid-December 2017 up to 49.9% of the Tesorillo Project will be sold to AIM listed Prospex Oil and Gas Plc. Sale proceeds of €2.05m will be used by SEI to fund its share of an agreed Tesorillo work programme (estimated at €3.8m) which includes magnetotelluric programmes (MT) and if successful, a well to target the Almarchal-1 discovery drilled in 1956. Netherland Sewell and Associates (“NSAI”) have independently certified an unrisked Prospective Resource of up to 2.3 TCF (2,231 BCF net to Petrel) for the Tesorillo Project. Petrel also has a producing tight oil project in Canada.
Coolcalalaya / Nth Perth Basin in Western Australia where Petrel has a 12-month call option over 100% of STP-EPA-0127 which on final grant will be 2.2m acres (8,700 square kms) and will be the largest exploration permit in the Perth Basin. STP-EPA-0127 is in the Coolcalalaya Sub Basin (central-northern part of the Perth Basin is underlain by up to 6,000 metres of upper Palaeozoic sediments ranging in age from Permian to Devonian. It is 130 km north of the AWE - Beach Perth Basin Waitsia play which has re-invigorated Perth Basin exploration and development and is the largest onshore conventional gas discovery in Australia for the last 40 years.