Petrel Energy Limited will now be named as “Warrego Energy Limited”, and its ASX code will be changed from PRL to “WGO”, with effect from 29 March 2019. The new look to the company will be accompanied by the new executives, and managerial structure to the merged group of Petrel and Warrego as approved by Petrel majority shareholders at the Extraordinary Meeting (EGM) held on 15 March 2019.
This news came after the Warrego Energy Limited completed its due diligence of Petrel for merging with Petrel Energy Limited via a reverse takeover (RTO) method which was subsequently approved by the shareholders of both the companies.
Today, in the announcement dated 22 March 2019, Petrel Energy Limited (ASX: PRL) came up with the New Board which will no longer see David Casey and Alex Sundich as they have resigned from their respective position of Managing Director and Non-executive Director of the company.
The new list of leaders look like this:
? Greg Columbus - Non-executive Chairman
? Dennis Donald - Managing Director, Chief Executive Officer
? Duncan MacNiven - Executive Director - Approvals, H&S, Environmental
? Owain Franks - Executive Director - Finance, Strategy & Delivery
? Mark Routh - Non-executive Director
? David Biggs - Non-executive Director
? Ian Kirkham - Company Secretary
Dennis Donald, Managing Director, said: “The new board is focused on the immanent West Erregulla-2 which has been added to the Company’s portfolio as a result of the RTO along with $5m from the recently completed Warrego Convertible Note issue. With Strike funding the first A$11,000,000 of expenditure on West Erregulla-2 and drilling to commence in about 10 weeks’ time, this is an exciting time for the Company.”
The change in the company’s name is waiting for share consolidation deferred settlement procedures to end. It takes us to the company’s recent share consolidation announcement as per which every 20 shares of PRL would be consolidated into 1 with fractions rounded up to the next whole number. The company has announced that consolidated shares will begin trading on a normal T+2 basis from Thursday 28 March 2019.
Petrel Energy stated that the new Board would prioritise development of a detailed strategy for 2019 and 2020, focused on building ‘excellent’ International asset portfolio. The company currently aims to leverage position in Perth Basin and ensure that Warrego is prepared for EP 469 well and development program.
The company informed that drill site preparations at West Erregulla-2 are currently underway for what is potentially the most significant well drilled onshore Australia this year and a near identical analogue to AWE’s Waitsia Field.
In today’s trading session, PRL stock traded flat with the daily volume change of 557,050 shares. The stock last traded at $0.110 as at 22 March 2019. Over the past 12 months, PRL has returned an attractive yield of 83.33% with as massive as 175% improvement in just past six months.
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