TIDMPET
RNS Number : 3540Q
Petrel Resources PLC
28 June 2022
28 June 2022
Petrel Resources plc
("Petrel" or "the Company")
Audited Results for the Year Ended 31(st) December 2021
Petrel announces its results for the year ended 31(st) December
2021.
A copy of the Company's Annual Report and Accounts for 2021 will
be mailed shortly only to those shareholders who have elected to
receive it and extracts are set out in the announcement below.
Otherwise shareholders will be notified that the Annual Report will
be available on the website at www.petrelresources.com . Copies of
the Annual Report will also be available for collection from the
Company's registered office, 162 Clontarf Road, Dublin 3,
Ireland.
The Company's Annual General Meeting will be held on 5 August
2022 in the Hotel Riu Plaza The Gresham, 23 O'Connell Street Upper,
Dublin 1, D01 C3W7 at 12.00 pm.
E NDS
For further information please visit http://www.petrelresources.com/ or contact:
Enquiries:
Petrel Resources
David Horgan, Chairman +353 (0) 1 833 2833
John Teeling, Director
Nominated Adviser and Broker
Beaumont Cornish - Nominated Adviser
Roland Cornish
Felicity Geidt +44 (0) 020 7628 3396
Novum Securities Limited - Broker
Colin Rowbury +44 (0) 20 399 9400
Financial PR
BlytheRay
Tim Blythe/Megan Ray +44 (0) 207 138 3206
Teneo
Luke Hogg
Alan Tyrrell
Ciara Wylie + 353 (0) 1 661 4055
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). The person
who arranged for the release of this announcement on behalf of the
Company was Jim Finn, Director.
Chairman's Statement
Highlights
-- Petrel directors agreed to personally purchase a disputed
circa 20% shareholding - this over-hang had confused partners and
constrained Petrel's ability to grow.
-- Petrel's Iraqi business is being re-galvanised, with data
bases being updated, and updated proposals submitted to the
incoming administration.
-- Ratification plan agreed-in-principle with Ghanaian
authorities - though ideally needs recovery of the farm-out market,
to fund an early well.
-- Additional projects being considered to serve surging
commodity demand.
Introduction, Sector Overview and Market Conditions
This is a time of exceptional opportunity in the gas and oil
industries, as well as in critical minerals essential for any green
or cleaner energy transition. There has been a near investors'
strike in oil & gas exploration since 2014, with only limited
appraisal drilling. Meanwhile, demand is bouncing back as the world
recovers from the C-19 pandemic. The result is a supply/demand
imbalance, which - together with geopolitical uncertainties -
drives commodity prices up. The commodity business cycle operates
under its own rules of karma: the longer, and deeper the downturn,
the more vigorous and long-lasting the recovery will be - and vice
versa, as shown by how the 2003 through 2008 boom led to a lengthy
depression till 2021. We aim to fully benefit from this boom, as
shareholders could from the last.
Despite media and official petro-phobia since 2008, oil remains
32% of the global primary energy mix (measured in exajoules) -
albeit down from 40% in 2000. Oil-fired power generation is almost
gone, but petrochemicals are growing. Natural gas continues to grow
strongly, to 24% - while even taboo coal remains 27% of global
primary energy. In no sense, therefore is the oil age ending.
Despite fast growth - especially in liquified natural gas
("LNG") - international gas prices have soared since late 2021 -
especially in Europe and Asia. This is partly due to geopolitical
issues, though an underlying concern is the tightening
supply/demand balance. Under-investment in new gas developments
since 2014 - exacerbated by the C-19 pandemic - have left key
markets under-supplied as gas demand recovers.
Pressure to diversify away from Russian gas (both piped and LNG)
can only be addressed in the short-term by increasing European LNG
imports.
Pipelines from North Africa are subject to their own political
uncertainty (as seen by the shutting of the Algeria-Morocco-Spain
pipeline since September 2021 because of a colonial era territorial
dispute).
Many European countries have outlawed fracking and even
conventional offshore gas exploration. Even if these policies are
reversed (which is still uncertain), it will take time to re-build
confidence among Independent Oil Companies and National Oil
Companies which invested so heavily in European seismic and
drilling, etc. in recent decades - only to have their ability to
monetise their investment by successful developments unilaterally
sabotaged by the State. Once bitten, they will be twice shy.
Despite much wishful thinking, additional hydro and geothermal
potential in Europe is quite limited, while investment in
intermittent renewables generation requires back-up from reliable
generators, of which gas-fired turbines are the most flexible and
efficient.
However, while LNG supplies to Asia have grown by a CAGR of 8%,
there has been LNG under-investment since 2015, exacerbating supply
issues - especially in cold winters, as Asian generator struggle to
displace dirty bituminous coal with clean gas.
This supply constraint is particularly tight in Australia's
North-West Shelf, where several expanding LNG export facilities
urgently need new gas reserves.
LNG is now over half of global traded gas sales, and a third of
European consumption - which will grow as buyers seek to diversify
from dependence on Russian gas.
Meanwhile the Asian market (70% of global LNG deliveries) is
also surging with economic recovery post C-19.
The OPEC+Russia deal has stabilised the oil industry
Despite a hostile environment towards oil, demand recovered
(from the 2019 Sino-American trade war, and demand shock of
Covid-19) during 2021 - despite new virus variants, resulting in
periodic lock-downs. High oil & gas prices in early 2022 led to
some loss of demand, though you could equally remark on how
price-insensitive demand now seems to be - in both developing as
well as developed markets.
The petrochemical industries' success in surging supply (after
brief 2020 shortages) of 'PPE' (Personal Protective Equipment), and
later Plexiglass, illustrate society's ongoing dependence on
petrochemicals, and their petroleum feedstock. There is no
technically and commercially feasible alternative to sterile
packaging for medicines, syringes, drips, PPE and Plexiglass.
Operations
Iraq
Our main focus in the period under review was on re-energising
our Iraqi business. This required resolving an outstanding issue of
circa 20% disputed shareholdings. This has been complicated to
untangle due to an apparent breach of a 2019 lock-in agreement, by
wrongful pledging of these shares, and resulting legal actions.
Though Petrel acted properly throughout, as was confirmed by the
High Court with the award of an open-ended injunction, life must go
on. Counter-parties want certainty of whom they are dealing with,
while expansion plans require higher activity and funding. By
end-May 2022, the complicated issue seems finally resolved, so
Petrel can resume growth. Market endorsement of this deal is shown
by a higher share price and much greater trading volume since April
2022 - despite inflation and geopolitical concerns.
Other constraints on early progress had been the C-19 pandemic -
which had impacted business travel and some Middle Eastern
populations severely - and lengthy Iraqi Government formation
negotiations following end 2021 elections. As of May 2022, the C-19
threat diminishing, while Iraqi government formation talks near
completion.
Accordingly, Petrel is strengthening its Iraqi team, updating
its legacy data-base in the light of advances in geology and
geophysics, as well as surging commodity prices. These have
de-risked many projects - after the bleak depression of 2014
through 2021, and opened many opportunities.
Our Iraqi Director, Riadh Ani has maintained strong
relationships with Ministry of Oil officials. Petrel has monitored
the evolving contracts, and opportunities, even during the darkest
hours of sanctions, invasion, conflict, and Covid-19.
Riadh Ani, is highly regarded as the son of one of the most
successful drillers in history: his father Mahmoud Ahmed had run
Iraq's North Oil Company, and also the State Iraqi Drilling
Company, and in a decades' long drilling career encountered oil
& gas in over 1,000 wells. Only about 12 wells were duds - a
record of exploration and appraisal drilling that is unlikely to be
bettered. This stellar career highlights Iraq's unique petroleum
geology - even compared to neighbouring oil exporters.
Prevailing circumstances obliged Petrel to temporarily
dis-engage from on-the-ground Iraqi operations in 2010. We had seen
the erosion of central government control in the areas of most
interest, and high levels of governance were proving more
challenging to guarantee. The then available Service Contracts
imposed strict legal duties over outcomes that were not then under
operators' realistic control. As a result, some of the
international majors have wearied of Service Contracts that capped
their upside and have sought to improve terms - with some success,
since the oil price falls of 2014, and especially 2020. Others,
like Exxon, have indicated a preference to divest.
Our Iraqi colleagues in the Ministry of Oil remained committed,
diligent and supportive, but the political authorities were then
insufficiently supportive of small business. That neglect is
finally changing following the oil price crash and forced output
cuts of 2020. Now licensing terms are being reviewed, and we expect
more economically attractive terms necessary to return Iraqi output
to the pre-C-19 4.7mmbod, and eventually to rival Saudi Arabia and
Russia.
Iraqi fiscal terms have long held development back. Politicians
and even technicians focus on Iraq's excellent geology, without
understanding the equal importance of logistics and finance.
Investors like profits and prefer more to less. They dislike risk,
and prefer less to more. In practice, investors trade risk off
against return. Iraq has low geological risk, but there are
operational, logistical, and OPEC quota uncertainties. An
additional headache is the oil industry's cyclical nature, with
price volatility due to the interaction of low marginal costs of
production and high marginal value in some applications.
The contractual terms available must reflect these objective
facts if Iraq is to fully realise its potential.
Iraq has generally honoured the May 2020 OPEC+ output cuts, with
a promised aggressive 1.07mmbod cut (out of a March 2020 base-line
of 4.65mmbod). However, these aggressive cuts are specifically
designed, as an emergency response to the sharp demand fall which
began in 1(st) quarter 2020, was at its sharpest in the 2(nd)
quarter 2020, and is now steadily recovering through end 2021. The
C-19 demand shock is now over, and pressure is on to deliver
additional supplies. Yet output seems stuck at c.4.4mmcfd, with
minimal gas (so that Iraq imports gas from Iran - despite
discovered gas fields like Siba, Akkaz and flared gas at producing
oil-fields).
While impressive in the circumstances, recent output levels are
only about half Iraq's geological long-term oil production
potential. It takes about 5 years to bring Iraqi discoveries
on-stream, so new exploration and development are needed now.
As the lowest cost producer, Iraq is now well positioned to
exploit this historic opportunity. Petrel has the experience,
contacts and Board commitment to help drive forward the next phase
of Iraqi oil development.
In discussions shortly before the Covid-19 pandemic, the
authorities suggested that Petrel initially target "exploration of
blocks in the western desert of Iraq, and present past studies done
on the Merjan-Kifl-West Kifl discoveries, and Petrel's work on the
Mesozoic and Paleozoic plays in the Western Desert". Larger
companies have also conducted workshops regarding exploration of
Gas Blocks in the western desert of Iraq, but locals tell us that
some have experienced hostility from local communities since 2014,
due to their nationality and hiring of foreign mercenaries. By
contrast, where skills are available, Petrel favours local workers
and suppliers. Petrel has also invested heavily in the training and
development of its Iraqi staff and Ministry officials we have
partnered with. Despite periodic issues with politicians, Iraqis
value longstanding relationships and independence from foreign
players. They want partners, not bosses.
Ghana
Juniors require partners to efficiently provide technology and
capital. Unfortunately the farm-out market cooled after 2008, and
almost vanished from late 2014. The drought was as lengthy and
intense as the prior noughties boom in commodities. Finally, from
late 2021, the commodity markets sharply recovered due to post-C-19
demand surges, and a dawning realisation that there has been
under-investment in exploration, appraisal and development since
2010. The under-investment was exacerbated by outmoded fiscal terms
that failed to align partner interests and resulted in excessive
reliance on slow-moving majors and National Oil Companies (NOCs).
Having stressed our industry for years, the business cycle is now
turning in our favour. Many still under-estimate the critical role
that petroleum will play in developing the world this century, but
that is part of why there are business cycles.
Accordingly, we are again pressing Ghanaian authorities to
complete the ratification of the signed Petroleum Agreement on
offshore Tano 2A Block. Petrel is again ready to deliver on its
demanding work programme - as shown by our sister company's
participation in a similar 2022 well off Australia's north-west
shelf, targeting similar plays in similar aged rocks in comparable
water depths.
Therefore, Petrel Resources plc continues to progress its
interests in Iraq, and Ghana, maintaining cordial relations with
the relevant authorities in both countries, while continuing to
operate efficiently on minimal expenditure.
Additional projects
We reluctantly dropped our offshore Ireland interests due to the
withdrawal of government support for new oil and gas exploration,
and development. This despite the attractive economics of gas &
oil plays identified - resulting from record gas prices and
geopolitical fears about the continued reliable supply of Russian
and North African gas. These issues were communicated by Petrel via
the media and directly to decision-makers from 2011 to date, and
may finally be getting some traction - though Petrel will need
reassurance by such policy errors will not recur before returning
to work in the European offshore.
David Horgan
Chairman
27 June 2022
PETREL RESOURCES PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 DECEMBER 2021
2021 2020
EUR EUR
Administrative expenses (322,077) (399,133)
Impairment of exploration and evaluation assets - (51,552)
-------------------- ----------
Operating loss (322,077) (450,685)
-------------------- ----------
Loss before taxation (322,077) (450,685)
Income tax expense - -
-------------------- ----------
Loss for the financial year (322,077) (450,685)
Other comprehensive income - -
-------------------- ----------
Total comprehensive income for the financial year (322,077) (450,685)
==================== ==========
Earnings per share attributable to the ordinary equity holders of the parent 2021 2020
Cents Cents
Profit or loss
Loss per share - basic and diluted (0.21) (0.29)
==================== ==========
PETREL RESOURCES PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER
2021
Assets 2021 2020
Non-current assets EUR EUR
Intangible assets 933,167 931,967
------------ ------------
Current assets 933,167 931,967
Trade and other receivables 25,663 34,994
Cash and cash equivalents 101,843 333,900
------------ ------------
Liabilities 127,506 368,894
Current liabilities
Trade and other payables (792,430) (710,541)
------------ ------------
Total liabilities (792,430) (710,541)
------------ ------------
Net assets 268,243 590,320
------------ ------------
Equity
Share capital 1,962,981 1,962,981
Capital conversion reserve fund 7,694 7,694
Capital redemption reserve 209,342 209,342
Share premium 21,786,011 21,786,011
Share based payment reserve 26,871 26,871
Retained deficit (23,724,656) (23,402,579)
------------ ------------
Total equity 268,243 590,320
------------ ------------
PETREL RESOURCES PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE FINANCIAL YEARED 31 DECEMBER 2021
Capital Capital Share
Redemption Conversion Based
Share Share Reserve Reserve Payment Translation Retained
Capital Premium fund Reserve Reserve Deficit Total
EUR EUR EUR EUR EUR EUR EUR EUR
At 1 January
2020 1,866,827 21,601,057 209,342 7,694 26,871 376,154 (23,328,048) 759,897
Issue of
shares 96,154 184,954 - - - - - 281,108
Total comprehensive
income
for the
financial
year - - - - - - (450,685) (450,685)
Transfer
of reserves - - - - - (376,154) 376,154 -
--------- ---------- ----------- ----------- -------- ----------- ------------ ---------
At 31
December
2020 1,962,981 21,786,011 209,342 7,694 26,871 - (23,402,579) 590,320
--------- ---------- ----------- ----------- -------- ----------- ------------ ---------
Total comprehensive
income
for the
financial
year - - - - - - (322,077) (322,077)
--------- ---------- ----------- ----------- -------- ----------- ------------ ---------
At 31
December
2021 1,962,981 21,786,011 209,342 7,694 26,871 - (23,724,656) 268,243
========= ========== =========== =========== ======== =========== ============ =========
Share premium
Share premium reserve comprises of a premium arising on the
issue of shares. Share issue expenses are expensed through the
Statement of Comprehensive Income when incurred.
Capital redemption reserve
The Capital redemption reserve reflects nominal value of shares
cancelled by the Company.
Capital conversion reserve fund
The ordinary shares of the company were renominalised from
EUR0.0126774 each to EUR0.0125 each in 2001 and the amount by which
the issued share capital of the company was reduced was transferred
to the capital conversion reserve fund.
Share based payment reserve
The share based payment reserve arises on the grant of share
options under the share option plan.
Translation Reserve
The translation reserve arises from the translation of foreign
operations. A transfer from the translation reserve to retained
deficit occurred during the prior during the prior year related to
a balance on reserves linked to assets no longer held by the
group.
Retained deficit
Retained deficit comprises of losses incurred in the current and
prior years.
PETREL RESOURCES PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE FINANCIAL YEARED 31 DECEMBER 2021
2021 2020
EUR EUR
Cash flows from operating activities
Loss for the year (322,077) (450,685)
Impairment charge - 51,552
Foreign exchange (9,622) 4,623
--------- ---------
Operating cashflow before movements in working capital: (331,699) (394,510)
Decrease in trade and other payables 81,889 80,656
Increase in trade and other receivables 9,331 3,042
--------- ---------
Cash used in operations (240,479) (310,812)
--------- ---------
Net cash used in operating activities (240,479) (310,812)
--------- ---------
Investing activities
Payments for exploration and evaluation assets (1,200) -
Receipts for exploration and evaluation assets - 450
--------- ---------
Net cash (used in) / generated from investing activities (1,200) 450
--------- ---------
Financing activities
Shares issued - 281,108
--------- ---------
Net cash generated from financing activities - 281,108
--------- ---------
Net cash decrease in cash and cash equivalents (241,679) (29,254)
Cash and cash equivalents at the beginning of year 333,900 367,777
Exchange gains / (loss) on cash and cash equivalents 9,622 (4,623)
--------- ---------
Cash and cash equivalents at the end of the year 101,843 333,900
--------- ---------
NOTES:
1. ACCOUNTING POLICIES
There were no changes in accounting policies from those used to
prepare the Group's Annual Report for financial year ended 31
December 2020. The financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRSs)
as adopted by the European Union and in accordance with the
provisions of the Companies Act 2014.
2. LOSS PER SHARE
(i) Loss per share
Basic loss per share is computed by dividing the loss after
taxation for the year attributable to ordinary shareholders by the
weighted average number of ordinary shares in issue and ranking for
dividend during the year. Diluted loss per share is computed by
dividing the loss after taxation for the year by the weighted
average number of ordinary shares in issue, adjusted for the effect
of all dilutive potential ordinary shares that were outstanding
during the year.
The following tables set out the computation for basic and
diluted earnings per share (EPS):
2021 2020
Cents Cents
Loss per share - basic and diluted (0.21) (0.29)
(ii) Reconciliation of earnings used in calculating earnings per share
2021 2020
EUR EUR
Loss from continuing operations attributable
to the ordinary equity holders of the Company:
Loss for the year (322,077) (450,685)
(iii) Denominator
2021 2020
Number Number
For basic and diluted EPS 157,038,467 153,961,544
3. GOING CONCERN
The Group incurred a loss for the financial year of EUR322,077
(2020: loss of EUR450,685) and had net current liabilities of
EUR664,924 (2020: EUR341,647) at the balance sheet date. These
conditions as well as those noted below, represent a material
uncertainty that may cast significant doubt on the Group and
Company's ability to continue as a going concern.
Included in current liabilities is an amount of EUR767,531
(2020: EUR677,531) owed to key management personnel in respect of
remuneration due at the balance sheet date. Key management have
confirmed that they will not seek settlement of these amounts in
cash for a period of at least one year after the date of approval
of the financial statements or until the Group has generated
sufficient funds from its operations after paying its third party
creditors.
The Group and Company had a cash balance of EUR101,843 (2020:
EUR333,900) at the balance sheet date. The directors have prepared
cashflow projections for a period of at least twelve months from
the date of approval of these financial statements which indicate
that additional finance may be required to fund working capital
requirements and develop existing projects. As the Group is not
revenue or cash generating it relies on raising capital from the
public market.
These conditions as well as those noted below, represent a
material uncertainty that may cast significant doubt on the Group
and Company's ability to continue as a going concern.
As in previous years the Directors have given careful
consideration to the appropriateness of the going concern basis in
the preparation of the financial statements and believe the going
concern basis is appropriate for these financial statements. The
financial statements do not include the adjustments that would
result if the Group and Company were unable to continue as a going
concern.
4. INTANGIBLE ASSETS
Exploration and evaluation assets
EUR
Cost:
At 1 January 2020 983,969
Disposals (450)
Impairment (51,552)
At 31 December 2020 931,967
Additions 1,200
At 31 December 2021 933,167
Net book value EUR
At 1 January 2020 983,969
At 31 December 2020 931,967
At 31 December 2021 933,167
Segmental Analysis 2021 2020
EUR EUR
Ghana 933,167 931,967
Iraq - -
933,167 931,967
Exploration and evaluation assets relate to expenditure incurred
in exploration in Ghana. The directors are aware that by its nature
there is an inherent uncertainty in Exploration and evaluation
assets and therefore inherent uncertainty in relation to the
carrying value of capitalized exploration and evaluation
assets.
During 2018 the Group resolved the outstanding issues with the
Ghana National Petroleum Company (GNPC) regarding a contract for
the development of the Tano 2A Block. The Group has signed a
Petroleum Agreement in relation to the block and this agreement
awaits ratification by the Ghanian government.
Relating to the remaining exploration and evaluation assets at
the financial year end, the directors believe there were no facts
or circumstances indicating that the carrying value of the
intangible assets may exceed their recoverable amount and thus no
impairment review was deemed necessary by the directors. The
realisation of these intangible assets is dependent on the
successful discovery and development of economic reserves and is
subject to a number of significant potential risks, as set out
below:
-- licence obligations;
-- exchange rate risks;
-- uncertainty over development and operational costs;
-- political and legal risks, including arrangements with
Governments for licences, profit sharing and taxation;
-- foreign investment risks including increases in taxes,
royalties and renegotiation of contracts;
-- financial risk management; and
-- ability to raise finance.
Directors' remuneration of EURNil (2020: EURNil) and salaries of
EURNil (2020: EURNil) were capitalised as exploration and
evaluation expenditure during the financial year.
5. OTHER PAYABLES
2021 2020
EUR EUR
Amounts due to key personnel 767,531 677,531
Accruals 16,500 25,000
Other payables 8,399 8,010
------- -------
792,430 710,541
======= =======
It is the Group's normal practice to agree terms of
transactions, including payment terms, with suppliers. It is the
Group's policy that payments are made between 30 - 45 days and
suppliers are required to perform in accordance with the agreed
terms. The Group has financial risk management policies in place to
ensure that all payables are paid within the credit timeframe.
Key management personnel have confirmed that they will not seek
settlement in cash of the amounts due to them in relation to
remuneration for a period of at least one year after the date of
approval of the financial statements or until the Group has
generated sufficient funds from its operations after paying its
third party creditors.
6. SHARE CAPITAL
Authorised 2021 2021 2020 2020
Number EUR Number EUR
Shares treated as equity
Ordinary shares of EUR0.0125
each 800,000,000 10,000,000 800,000,000 10,000,000
Issued and fully paid
2021 2021 2021 2020 2020 2020
Number Share Share Number Share Share
Capital Premium Capital Premium
At 1 January and
31 December 157,038,467 1,962,981 21,786,011 157,038,467 1,962,981 21,786,011
7. POST BALANCE SHEET EVENTS
There were no material post balance sheet events affecting the
Company or Group.
8. ANNUAL GENERAL MEETING
The Company's Annual General Meeting will be held on 5 August
2022 in the Hotel Riu Plaza The Gresham, 23 O'Connell Street Upper,
Dublin 1, D01 C3W7 at 12.00 pm.
9. GENERAL INFORMATION
The financial information set out above does not constitute the
Company's financial statements for the year ended 31 December 2021.
The auditors have reported on 2021 financial statements; their
report was unqualified. The financial statements for 2021 will be
delivered to the Companies Registration Office.
The financial information for 2020 is derived from the financial
statements for 2020 which have been delivered to the Companies
Registration Office. The auditors have reported on 2020 statements;
their report was unqualified with an emphasis of matter in respect
of considering the adequacy of the disclosures made in the
financial statements concerning the valuation of intangible assets,
investment in subsidiaries and amounts due by group
undertakings.
A copy of the Company's Annual Report and Accounts for 2021 will
be mailed shortly only to those shareholders who have elected to
receive it. Otherwise shareholders will be notified that the Annual
Report will be available on the website at www.petrelresources.com
. Copies of the Annual Report will also be available for collection
from the Company's registered office, 162 Clontarf Road, Dublin 3,
Ireland.
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