Successes and Failures are Parts of Trading. They are Not Permanent.

image host
Petroenergy Resources Corporation
#1
BUSINESS PROFILE

PetroEnergy Resources Corporation (PERC), formerly Petrotech Consultants, Inc., was organized on September 29, 1994 to provide specialized technical services to companies exploring for oil in the Philippines. On June 25, 1999, the Department of Energy (DOE) authorized the assumption by PERC of Philippine oil exploration contracts. The Ministry of Energy of Gabon, Africa had also been duly notified of the transfer to PERC of a Production Sharing Contract covering the Etame discovery block in the Atlantic shelf.

On September 23, 2009, the Securities and Exchange Commission approved the Company's proposed amendment to its articles of incorporation to include the business of generating power from conventional sources such as coal, fossil fuel, natural gas, nuclear and other viable sources of power and from renewable sources such as biomass, hydro, solar, wind, geothermal and ocean. PERC was awarded by the DOE two WESC covering the areas of Sual, Pangasinan and Nabas, Aklan pursuant to Republic Act 9513, otherwise known as the Renewable Energy Act of 2008.

The principal properties of PERC consist of various oil areas located in the Philippines and in Gabon, Africa. PERC's local Service Contracts are located in Northwest Palawan, Offshore Mindoro and East Visayan Sea. PERC derives its revenues from its Gabon operations. The Philippine contracts are in the exploration stage and some contracts are being farmed out to reduce risk inherent to the business.

Source: SEC Form 17-A (2009)


Attached Files Thumbnail(s)
   
Kung walang drama walang saya Tongue
Reply
image host
#2
The Company generated net income amounting to $1.346 million or $0.00492 earnings per share (EPS) and $0.333 million or $0.00244 EPS for the year ending March 31, 2011 and March 31, 2010, respectively.

The Company generated total oil revenues amounting to $3.419 million and $2.200 million for the 1st quarter of 2011 and 2010, respectively. The 55.42% increase was due to higher number of barrels produced at a higher price from 1,739,735 barrels at an average price of $73.95/barrels for the first quarter of 2010 to 2,087,561 barrels at an average price of $104.59/bbls for the same quarter in 2011.

P/E Ratio:

EPS (PSE Site in PHP) = 0.2133
Annualized EPS = 0.2133 x 4 = 0.8532

Fundamental Target Price (FTP) based on PE Ratio:

7% = 5.97
10% = 8.53
12% = 10.24
15% = 12.80
20% = 17.06

PE Ratio based on June 16, 2011 Closing Price:

PE Annualized = 6.84/0.8533
PE Annualized = 8.02%

Notes:

1. FTP can be subject to change depending on increase/decrease on EPS by next reporting quarter.
2. FTP may or may not be achieved depending on price action/movement.

http://www.pse.com.ph/html/ListedCompani...ar2011.pdf


DEVELOPMENT AND PRODUCTION

The Etame Field was discovered with the drilling of the first exploratory well ET 1V in 1998. It is located approximately 40 kilometers offshore of Gabon in 75 meters of water.

The field was developed with three sub-sea completed production wells and supported by an FPSO (Petroleo Nautipa). Commercial production commenced in September 2002 with daily output of 15,000 barrels of 36 deg. API crude from two horizontal wells (ET 3H, ET 4H) and one vertical well (ET 1V).

Additional wells were drilled, ET 5H in 2004 and ET 6H in 2005, which brought the total field production to over 20,000 BOPD.

As of August 31, 2006, the field has produced 24,492,890 barrels out of estimated 58 million barrels of proved and developed reserves.

http://www.petroenergy.com.ph/devtprod/default.asp

The production and sharing agreement expires on 2014 where PERC has participating interest for 2.525% Gabon Offshore.

Page 20 Q12011 Financial Report where the above is located at Gabon, West Africa.
GALOC [SC 14c]

Following the signing of the farm-out agreement in 2004 and assumption of Galoc Production Company [GPC] (a subsidiary of VITOL), as the new Operator, the pre-development activities have been initiated in accordance with the Galoc Plan of Development (POD) committed to and approved by the Philippine Dept. of Energy.

Galoc was discovered by Cities Service with the drilling of exploratory well Galoc 1 in 1981. In 1988 some 380,000 barrels of oil were produced from a six months extended production test conducted utilizing a floating storage facility. However, because of the perennially low price of crude (ave. of $15/bbl), it was deemed marginally viable to warrant further development at that time. Galoc has an estimated 23 Million barrels of recoverable oil based on a study conducted by Unocal in 2003.

The proposed program of development, will entail drilling two sub-sea-completed wells which are to be tied back to an FPSO. All costs to bring the field into commercial production shall be borne by the Farmee on a 100% for 75% interest earned arrangement.

PetroEnergy has a residual 1.034% interest for a full carried position.

WEST LINAPACAN [SC 14C]

Farm-in proposals from several foreign groups are currently under review by the consortium partners.

The West Linapacan "A" field which was discovered in 1991 by Alcorn Petroleum was put on production with three (3) sub-sea-completed wells tied back to a FPSO. The field was producing at a rate of 17,000 BOPD until it was saddled with severe water incursion starting on the second year of operation. The field had produced a total of 6.8 Million barrels of oil at the time when a decision to suspend the production operation was made in January 1996.

With proven reserves in the order of 20 to 30 MMBO, and prevailing high crude prices, the West Linapacan Block which cover the West Linapacan "A" field and another undeveloped discovery West Linapacan "B", remains as a promising area thus drawing interest from various foreign operators.

PetroEnergy holds 4.137% interest in the Block.

OCTON MALAJON [SC 6A]

The SC 6A includes the Octon discovery in the south [referred to as Octon Block] and the Malajon Block in the north.

The SC 6A area is the subject of a farm-in offer by Vitol which is currently under review by the consortium partners. Vitol offers to conduct an engineering feasibility of developing Octon as a satellite of the Galoc Field.

Equally promising is the Malajon Block where large untested seismic anomalies were identified to be correlative to the Galoc Sandstones in Malajon 1, Saddle Rock 1 and Esperanza 1, which recorded significant oil shows.

Seismic re-mapping of the Malajon Block identified sizeable structural closures involving the Galoc sand at various levels notably, the Barselisa, Malajon and West Malajon anomalies.

PetroEnergy has 16.67% interest in the SC 6A contract area.

EAST VISAYAS [SC 51]

NorAsia, an Australian independent, assumed the operatorship of the contract area by virtue of a farm-in agreement signed in August 2005 whereby NorAsia assumed 80% interest by carrying out an exploration program which includes the drilling of an exploratory well at their sole cost.

The East Visayas contract area covers two separate blocks, the Cebu-Bohol Strait and the Leyte Block which includes the onshore NW Leyte Peninsula.

PetroEnergy has residual interest of 4.012%.


Source: http://www.petroenergy.com.ph/exploration/galoc.asp
Reply
#3
Appreciate so much the comprehensive details of PERC Ms Ruach.
In addition, last dec, Perc was granted by BOI tax incemtives for their Renewable energy venture... details of which can be found in their disclosures. The savings could easily be translated into revenue..Idea....Heart
"The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius."
-Alan Greenspan-
Reply
#4
Consortium abandons oil well in Leyte

TACLOBAN CITY -- The consortium drilling a potential oil well that initially showed promise of reserves for liquefied petroleum gas (LPG) in offshore San Isidro, Leyte has abandoned the site after failing to penetrate the area’s sturdy rock formations.

Bert Garcia, engineering manager of consortium member NorAsian Energy Philippines, Inc., yesterday told members of the Leyte provincial board that repeated attempts to penetrate over-pressured rock formation at a depth of 250 meters failed.

“After reviewing the situation, the company decided to quit for this season and prepare for another campaign later,” Mr. Garcia said.

“We encountered a very high pressure even on a shallow depth. The contour is very difficult and there were weak zones at shallow 224 meters depth. There is a high gas and water flow that we cannot control. It might cause an underground blowout,” Mr. Garcia added.

Meanwhile, the firm also reported to the provincial board that it has begun its three-dimensional (3D) survey of the Camotes seabed between Cebu and Leyte.

The said seabed is covered by Service Contract 69. The survey will check whether drilling for oil in the area will be viable.

Mr. Garcia said they will complete the survey of the 150-square-kilometer area in 18 days.

“The 3D seismic survey is designed to elevate prospects previously delineated in a seismic survey [last year],” Mr. Garcia said.

NorAsian, along with Trans-Asia, Alcorn Gold Resources Corp., and PetroEnergy Resources Corp. started drilling the Duhat-1 and Duhat-1A wells off the coast of San Isidro town in May this year. “When we were drilling the first hole, we were able to detect C3 and C4 gases,” he said.

“In ordinary parlance, these gases compose the LPG. So we are very optimistic of this prospect,” Mr. Garcia added.

He said they were evaluating the results of their initial drilling operations, and preparing the budget for another drilling campaign early next year.

The consortium was awarded Service Contract 51, which encompasses around 332,000 hectares over the northwest Leyte basin and is estimated to produce two million to 18 million barrels of oil. -- Reyan L. Arinto

http://www.bworld.com.ph/content.php?sec...e&id=33496
Reply
#5
Senrice Contract 6A-Octon Block

Please be informed that the Farm In Agreement (FIA) and Deed of Assignment covering Petroleum Service Contract 6A (Octon Block) were signed on July 11, 2011.

Under the said above contracts, Pitkin commit itself to acquire at its own cost and risk, 500 square kilometers of 3D seismic data at a cost of about US$5 Million, among others in exchange for 70%, participating interest from the Octon Block partners. Moreover, Pitkin should it exercise its options, would drill up to two (2) wells in the Block at no cost to the farming out parties.

The Farm-in Agreement and Deed of Assignment are subject to the approval of the Department of Energy (DOE).

http://www.pse.com.ph/html/disclosure/pd...1_PERC.pdf

Note: Once approved by DOE, PERC interest will be reduced from 16.67% to 5.001%.
Reply
#6
Hello Boss,

As a newbee, I guess all the information which were seriously consolidated gives positive signs for upward development of the company. Really thankful to the admin for providing such an efacility as like this. With little savings I have, I want to consider positioning some of it for a long term basis. Thanks.
Reply
#7
Wind contract awarded


THE ENERGY department has granted a wind service contract to listed PetroEnergy Resources Corp., the company disclosed to the bourse yesterday. PetroEnergy’s subsidiary PetroGreen Energy Corp. is expected to build a 50-megawatt wind farm in the towns of Nabas, Buruanga and Malay in Aklan. The firm is expected to commission the wind farm “by mid-2014 or earlier assuming a viable feed-in tariff is granted by the Energy Regulatory Commission (ERC)’.

http://www.bworldonline.com/content.php?...s&id=42218
the key to trading success is to focus on how much money is at risk, not how much money you can make.

trading is simple, but it's not easy. if you want to stay in the business, leave hope at the door, focus on specific setups, and stick to your stops.
Reply
#8
Posted on January 27, 2012 07:16:17 PM

Galoc output dwindles in Q4

PRODUCTION AT the Galoc oil field continued to weaken in the fourth quarter with less barrels of petroleum extracted from the roughly three-year old operation in northwest Palawan.

http://www.bworldonline.com/content.php?...4&id=45778
the key to trading success is to focus on how much money is at risk, not how much money you can make.

trading is simple, but it's not easy. if you want to stay in the business, leave hope at the door, focus on specific setups, and stick to your stops.
Reply
#9
pagka alam ko PERC has no more interest in Galoc.. they sold it a last year or the other year.. Wink
Reply
#10
Permits bagged


PETROENERGY RESOURCES Corp. is closer to getting the required licenses to operate two of its renewable energy projects, the firm disclosed to the bourse yesterday. PetroEnergy said it has received a certificate of endorsement from the Energy department for the Maibarara geothermal power plant. The endorsement is a required document before a certificate of compliance can be granted by the Energy Regulatory Commission. The 20-megawatt (MW) Maibarara geothermal power project is located in Laguna and Batangas. It is estimated to cost P3.22 billion. Maibarara’s steam field located west of Mt. Makiling is currently being developed. PetroEnergy said it was also able to get a certificate of non-overlap from the National Commission on Indigenous Peoples for its 50-MW Nabas wind farm project in Aklan. The certificate is required before the Energy department can declare the project for commercial operation. For the nine-month period ending September 2011, PetroEnergy’s net income rose by 9.49% to $1.96 million from $1.79 million in the same period in 2010. Shares of PetroEnergy closed at P6.20, up 1.6% from P6.10 apiece.

http://www.bworldonline.com/content.php?...s&id=47075
the key to trading success is to focus on how much money is at risk, not how much money you can make.

trading is simple, but it's not easy. if you want to stay in the business, leave hope at the door, focus on specific setups, and stick to your stops.
Reply


Forum Jump:


Users browsing this thread: 1 Guest(s)
image host