Company Overview

Petrel Energy is an oil and gas exploration and development company which is listed on the Australian Securities Exchange (ASX Code: PRL). After a merger of Orion Petroleum Ltd and Petrel Energy Pty Ltd in early 2012, the Company was renamed Petrel Energy Limited.

History

Orion originally listed on the ASX on 12 December 2007 after achieving maximum oversubscription as part of its IPO. Conventional oil and gas assets acquired from Eastern Star Gas, now a fully owned subsidiary of Santos, formed the basis of the IPO.

Over the period 2008-2011 Orion conducted exploration activities in NSW on both conventional and unconventional (CSG) targets. Following a 2011 strategic review of available opportunities the Company undertook a corporate merger transaction with the privately held Petrel Energy Pty Ltd, which held an interest in US shale gas project located in the Barnett Shale region in Texas.

Petrel's focus is on exploration and appraisal-type assets in regions of proven prospectivity and where there is a high chance of commercial success. The group will leverage off the skills and experience of its board and management plus a first class technical network established in North America.

Oil and gas interests

Norte Basin Uruguay – Cordobes Shale and Cerrezeulo and La Paloma SS
Targeting unconventional and conventional oil targets in Piedra Sola & Salto Concessions (3.5M acres)
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Lochend Cardium Alberta, Canada
Targeting "tight oil" in lower siltstone and sandstone in 5,120 acres.
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Fort Worth Basin Texas – Barnett Shale
Targeting unconventional liquids rich gas in 3,710 net acres in Erath County Texas
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Betics Alps Spain – Alljibe Formation
Targeting conventional sandstone gas reservoirs in 94,000 acres in Southern Spain.
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