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35.5¢ warrego energy limited

Another damning report. If it is true management never has the...

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Fast&furious

615 Posts.

128

11/04/18

22:18

Post #: 32391481
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Originally posted by HoraceMich ↑

I found this link:

Here is the automatic translation of the above link:

THE COMPANY PETREL ENERGY LIMITED SOLD PIPES TO ARGENTINA.

The Petrel company sold 900 meters of 4 1/2 "diameter pipes to Patagonia Argentina in December 2017.

As we were able to conclude a few days ago, the Australian company Petrel Energy Limited, hired international cargo carrier of our city (located around the roundabout of the "seagull") to move 900 meters of pipes of 4 and a half inches of diameter towards Argentina.

The trip was made at the end of the year from the site they call "Cerro de Chaga" (located in our Department of Salto about 60 kilometers from our city taking east on route 31 and turning south for Cuchilla del Salto) where The company was carrying out part of its second exploratory drilling in search of hydrocarbons. The tasks had to be abandoned because there was a collapse in the subsoil inside the well, reaching a geological fault in the basalt that prevented him from continuing.

According to testimonies of the transporters that made the trip, the pipes were sold to Argentina to an oil company of Vaca Muerta, in the Northwest of Patagonia.

In the aerial images that we could obtain in these days in the well, it can be seen that there were only about 1000 meters of pipes of 7 inches in diameter (70 units of 14.3 meters each), but not so the missing 900 meters 4 inches in diameter that were moved in December to Argentina.

On the other hand, as proof of our assertions, we could see that Petrel initially acquired from the Argentine company Tenaris (located in Campana, Province of Buenos Aires) 1922.27 meters of 4.5-inch pipes (among others) of the that used only 845 meters in the pipeline of the first well drilled in Cerro Padilla (Department of Paysandú) and a remainder of about 12 pipes (about 170 meters) in this second well of Cerro de Chaga would have been left unselled, as can also be seen in the Aerial photo.

In total Petrel Energy (through its partner Schuepbach Energy Uruguay S.R.L.) made the following imports from Argentina in 3 stages:
- On 05/25/2017 imported:
* 152.98 meters of 9 5/8 inch pipes
* 939.29 meters of 7-inch pipes
- On 06/01/2017 imported:
* 1922.27 meters of 4 1/2 inch pipes
- On 09/05/2017 imported:
* 111.36 meters of 9 5/8 inch pipes
* 1030.33 meters of 7-inch pipes

In the open-air site that Petrel rented in Salto (as a logistic center of distribution to the different wells), we could also see in these days that the 900 meters of missing pipes of 4 1/2 inches in diameter were not found ( which are appreciated to be in that same place in the photos of September that we attached before the tasks were started in the second well of Cerro de Chaga and that were then taken there when the drilling tasks began).

This clearly shows the delicate financial situation of the company Petrel Energy (whose partner Schuepbach Energy Uruguay SRL has not continued to finance its part of the project), who has begun to divest himself of some assets necessary to carry out his project. four wells, project that has been paralyzed for 4 long months.

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Another damning report. If it is true management never has the intention to continue drilling well2 if the pipes are already moved to Argentina. I’m just so sick of this company. It’s all bad news every time I check into it. My 4million options bought at 1c dropped to nothing. 40k gone not to mentioned my 3million shares sitting at .3c precariously. F$&@en DC. He better come up with some good news. Total piece of shit.

PRL Price at posting: 0.4¢ Sentiment: Buy Disclosure: Held
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