short term trading - week starting 4th march, page-35

Entry for STT list:

PRL - Petrel Energy

Went into a trading halt today. Received a speeding ticket. PRL responded that it is currently in confidential negotiations with several undisclosed parties re a number of O&G investment opportunities.

Late last year Petrel completed a US$2.5 million investment in 14,000 square kilometres of highly prospective petroleum exploration acreage in Uruguay in South America and an 85% stake in two licences prospective for gas, covering 82,700 hectares, in southern Spain.

The funds will cover the first phase of a three-stage work program, primarily on the acreage in Uruguay.

The Piedra Sola and Salto shale concessions, onshore Uruguay, represent a significant first-mover opportunity for a company of Petrel’s size, in an asset with resource potential normally associated with major oil companies.

French petroleum giant, Total, was granted two concessions to the North of Petrel’s acreage late last year.

Uruguay is substantially underexplored compared to neighbouring Brazil and Argentina.

Petrel had cash reserves of A$2.8 million at the end of December 2012