REG - Petrel Resources PLC - Audited Results for the Year Ended 31st Dec 2021
28/06/2022 07:01
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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 (http://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.
ENDS
For further information please visit http://www.petrelresources.com/
(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 +44 (0) 020 7628 3396
Roland Cornish
Felicity Geidt
Novum Securities Limited - Broker
Colin Rowbury
+44 (0) 20 399 9400
Financial PR +44 (0) 207 138 3206
BlytheRay
Tim Blythe/Megan Ray
Teneo +353 (0) 1 661 4055
Luke Hogg
Alan Tyrrell
Ciara Wylie
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 YEAR ENDED 31 DECEMBER 2021
2021 2020
€ €
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 (450,685)
(322,077)
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
2021 2020
€ €
Assets
Non-current assets
Intangible assets 933,167 931,967
933,167 931,967
Current assets
Trade and other receivables 25,663 34,994
Cash and cash equivalents 101,843 333,900
127,506 368,894
Liabilities
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 YEAR ENDED 31 DECEMBER 2021
Share Share Capital Capital Share Translation Retained Total
Capital Premium Redemption Conversion Based Reserve Deficit €
€ € Reserve Reserve Payment € €
fund Reserve
€ € €
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 €0.0126774 each
to €0.0125 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 YEAR ENDED 31 DECEMBER 2021
2021 2020
€ €
Cash flows from operating activities
Loss for the year (322,077) (450,685)
Impairment charge - 51,552
Foreign exchange (9,622) 4,623
(331,699) (394,510)
Operating cashflow before movements in working capital:
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
€ €
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 €322,077 (2020: loss of
€450,685) and had net current liabilities of €664,924 (2020: €341,647)
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 €767,531 (2020: €677,531)
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 €101,843 (2020: €333,900) 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
€
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 €
At 1 January 2020 983,969
At 31 December 2020 931,967
At 31 December 2021 933,167
Segmental Analysis 2021 2020
€ €
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 €Nil (2020: €Nil) and salaries of €Nil (2020:
€Nil) were capitalised as exploration and evaluation expenditure during the
financial year.
5. OTHER PAYABLES
2021 2020
€ €
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 € Number €
Shares treated as equity
Ordinary shares of €0.0125 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 (http://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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