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Petrel Energy attracts further funds in share placement

Petrel Energy attracts further funds in share placement

Petrel Energy (ASX:PRL) has now raised $750,000 through a share placement at $0.02 per share after an additional raising this week to sophisticated investors.

There was also one unlisted option, for no additional consideration, for every 2 shares held.

Managing director David Casey participated in the placement.

The funds will be used to finalise permitting for a four well exploration programme in Uruguay ,as well as continuing discussions with international oil and gas corporations on exploration opportunities.

Petrel has completed one of the largest onshore exploration program in Uruguay and has defined an active hydrocarbon system in an entirely new basin and geological setting.

Independent consultant, Netherland Sewell certified Uruguay’s first ever hydrocarbon resource in May 2015. The initial size of the unrisked gross prospective resource was 403 MMBBL oil and 1,472 BCF gas (206 MMBBL and 751 BCF, net to PRL) on a P50 basis.


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Petrel Energy Ltd Timeline

December 27 2013
December 20 2013

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The broker's back of the envelope calculations indicate an immediate US$2.4mln of savings on the company's 2016 capital expenditure program.

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