Petrel Energy Limited (ASX Code: PRL) is an Australian based petroleum exploration, development and production company with projects in Uruguay, Spain and Canada.
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 asset is its 3.5 million acre tenements in the Norte Basin, Uruguay (held via a 51% interest in Schuepbach Energy International LLC). With increasing international attention turning to Uruguay after successful offshore licensing, the onshore assets in the Piedra Sola and Salto concessions represent an excellent first-mover opportunity for Petrel. 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 570 MMBBL oil and 1,947 BCF gas to Petrel’s net 62.7% interest).
Petrel’s other major asset is the 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. Netherland Sewell and Associates (“NSAI”) have independently certified an unrisked Prospective Resource of up to 2.3 TCF (1,435 BCF net to Petrel) for the Tesorillo Project. Petrel also has a producing tight oil project in Canada.
Petrel has an experienced management team with extensive experience in asset identification, exploration, appraisal, development and production. Managing Director and CEO, David Casey was formerly the Managing Director of Eastern Star Gas (ESG), a NSW based energy exploration company, taken over by Santos in 2011 for more than $1.2bn. Chairman, Alex Sundich, a Director of Palladion Partners a corporate advisory firm, and CFO, Ian Kirkham were also part of the ESG team. Director, Russell Porter President and CEO of Gastar Exploration Inc. provides substantial exposure to international oil and gas exploration and production activities. Director, Andrew Williams an equity research analyst in the top echelons of the Australian capital markets provides insights into the global energy sector.