TIDMPTAL
RNS Number : 6809C
PetroTal Corp.
19 June 2019
PetroTal Corp Provides Operations Update
PetroTal brings third Bretaña oilwell, BN 95-3D, online;
Total field production rises to over 5,000 bopd
Calgary and Houston - June 18, 2019-PetroTal Corp ("PetroTal" or
the "Company") (TSX-V: TAL and AIM: PTAL) is pleased to announce
the third oil well in the Bretaña field is online, bringing total
field current production to over 5,000 barrels of oil per day
("BOPD").
HIGHLIGHTS
-- BN 95-3D well had initial production of 3,500 BOPD
-- Full field Bretaña production is now over 5,000 BOPD, in line with guidance
-- Deviated completion to optimize cash flow, with option to sidetrack horizontally in 2020
-- BN 95-3D is Company's first well completed with an electric submersible pump
-- BN 95-3D expected to come in under budget
-- Company will immediately begin drilling BN 95-2WD water disposal well
-- Following the 2WD, recompletion of the existing water
disposal well as an oil producer will commence
The Company's third oil well, which reached total depth in early
June, was completed as an oil producer in the Vivian formation in
the northern portion of the Bretaña structure. The well was brought
online at an initial rate of approximately 3,500 BOPD. This is an
early production rate and more detailed production data will be
announced in due course. The well has an electric submersible pump
("ESP") that will optimize future well productivity. The well,
which originally scheduled to be completed horizontally, was
brought online through a deviated completion. While drilling the
section above the target Vivian formation, the service provider's
directional drilling tools, needed to drill the horizontal section,
had a mechanical failure that resulted in the need to sidetrack the
well and complete it directionally. Even with the sidetrack, the
well is expected to come in under the estimated US$13 million
pre-drill budget.
The Company will now move forward to drill the BN 95-2WD, a
water disposal well. The Company's water wells are expected to be
able to handle reinjection rates of 30,000 barrels of water per
day. Following the 2WD water injection well, management intends to
undertake a workover of the existing 1WD water disposal well and
complete it as an oil producer; the current 1WD water disposal
well, drilled by the previous operator, was completed with
limitations on injection capacity, and was drilled at the crest of
the structure making it a candidate to become an oil producer.
Estimated cost of the workover of this well is $2 million, and
management believes this is the most effective use of capital. If
successful, payout of the well could be faster than any other oil
well in the field. The Company's future water wells will be drilled
on the flanks of the field to optimize production.
Production from the Bretaña field, currently restricted to
between 5,000 and 6,000 BOPD with existing processing facilities,
is now over 5,000 BOPD, consistent with management's projections.
The Company's second oil producer the 2XD, is producing at 2,400
BOPD, slightly ahead of rates announced at the end of May 2019. The
two wells drilled by the Company, the 2XD and 3D, are supplying the
field's oil capacity, and the 1XD discovery well, drilled by a
previous operator, has been shut in to manage constraints in the
field. The drilling and recompletion work addressed above are
designed to ready the field for production to increase up to 10,000
BOPD later in the year, once phase two of oil processing equipment
is installed and commissioned, and the BN 95-4H well (the next new
well in the campaign) is drilled and completed.
Manolo Zuniga, President and Chief Executive Officer,
commented:
"The mid-year objective of reaching total field production of
over 5,000 BOPD is yet another key milestone that has been reached
by the team. The BN 95-3D well came online at impressive rates, and
although in its early days, is producing 3,500 BOPD. The team made
a decision to complete the well vertically and deliver key cash
flow, knowing that we can sidetrack the well into a horizontal
completion at a later date, likely in 2020. We will now drill a
water disposal well that will allow us to follow that work with a
recompletion of the existing water well, turning it into an oil
producer. The reservoir team believes the productive sands in the
water well are as good, if not better, than the wells drilled to
date. Our water disposal wells will be drilled on the flanks of the
field rather than at the crest, where logs of the Vivian formation
in the existing water disposal well look impressive."
For further information, please contact:
Greg Smith
Executive Vice President and Chief Financial Officer
Gsmith@Petrotal-Corp.com
T: (713) 609-9101
Manolo Zuniga
President and Chief Executive Officer
Mzuniga@Petrotal-Corp.com
T: (713) 609-9101
Mark Antelme / Jimmy Lea
Celicourt Communications (Financial PR)
petrotal@celicourt.uk
T: 44 (0) 207 520 9261
James Spinney / Ritchie Balmer / Eric Allan
Strand Hanson Limited (Nominated & Financial Adviser)
T: 44 (0) 207 409 3494
John Prior / Emily Morris / George Price
Numis Securities Limited (Joint Broker)
T: +44 (0) 207 260 1000
Jonathan Wright / Hugh R. Sanderson
GMP FirstEnergy (Joint Broker)
T: +44 (0) 20 7448 0200
READER ADVISORIES
FORWARD-LOOKING STATEMENTS: This press release may contain
certain statements that may be deemed to be forward-looking
statements. Such statements relate to possible future events,
including, but not limited to: PetroTal's business strategy,
objectives, strength and focus; drilling, completion, and workover
activities of oil producing and water disposal wells and the
results and timing of such activities; the ability of the Company
to achieve drilling success consistent with management's
expectations; anticipated future production, revenue and cash flow;
exit production in 2019; and future development and growth
prospects. All statements other than statements of historical fact
may be forward-looking statements. Forward-looking statements are
often, but not always, identified by the use of words such as
"anticipate", "believe", "expect", "plan", "estimate", "potential",
"will", "should", "continue", "may", "objective" and similar
expressions. The forward-looking statements are based on certain
key expectations and assumptions made by the Company, including,
but not limited to, expectations and assumptions concerning the
ability of existing infrastructure to deliver production and the
anticipated capital expenditures associated therewith, reservoir
characteristics, recovery factor, exploration upside, prevailing
commodity prices and the actual prices received for PetroTal's
products, the availability and performance of drilling rigs,
facilities, pipelines, other oilfield services and skilled labour,
royalty regimes and exchange rates, the application of regulatory
and licensing requirements, the accuracy of PetroTal's geological
interpretation of its drilling and land opportunities, current
legislation, receipt of required regulatory approval, the success
of future drilling and development activities, the performance of
new wells, the Company's growth strategy, general economic
conditions and availability of required equipment and services.
Although the Company believes that the expectations and assumptions
on which the forward-looking statements are based are reasonable,
undue reliance should not be placed on the forward-looking
statements because the Company can give no assurance that they will
prove to be correct. Since forward-looking statements address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. Actual results could differ
materially from those currently anticipated due to a number of
factors and risks. These include, but are not limited to, risks
associated with the oil and gas industry in general (e.g.,
operational risks in development, exploration and production;
delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty of estimates and projections
relating to production, costs and expenses; and health, safety and
environmental risks), commodity price and exchange rate
fluctuations, legal, political and economic instability in Peru,
access to transportation routes and markets for the Company's
production, changes in legislation affecting the oil and gas
industry and uncertainties resulting from potential delays or
changes in plans with respect to exploration or development
projects or capital expenditures. Please refer to the risk factors
identified in the Company's annual information form for the year
ended December 31, 2018 and management's discussion and analysis
for the three months ended March 31, 2019 which are available on
SEDAR at www.sedar.com. The forward-looking statements contained in
this press release are made as of the date hereof and the Company
undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws.
OIL AND GAS INFORMATION: References in this press release to
production test rates, initial test production rates, and other
short-term production rates are useful in confirming the presence
of hydrocarbons, however such rates are not determinative of the
rates at which such wells will commence production and decline
thereafter and are not indicative of long term performance or of
ultimate recovery. While encouraging, readers are cautioned not to
place reliance on such rates in calculating the aggregate
production for PetroTal. A pressure transient analysis or well-test
interpretation has not been carried out in respect of all wells.
Accordingly, the Company cautions that the test results should be
considered to be preliminary.
FOFI DISCLOSURE: This press release contains future-oriented
financial information and financial outlook information
(collectively, "FOFI") about PetroTal's prospective results of
operations, production, payout, cash flow, budget and components
thereof, all of which are subject to the same assumptions, risk
factors, limitations and qualifications as set forth in the above
paragraphs. FOFI contained in this press release was made as of the
date of this press release and was provided for the purpose of
providing further information about PetroTal's anticipated future
business operations. PetroTal disclaims any intention or obligation
to update or revise any FOFI contained in this press release,
whether as a result of new information, future events or otherwise,
unless required pursuant to applicable law. Readers are cautioned
that the FOFI contained in this press release should not be used
for purposes other than for which it is disclosed herein. All FOFI
contained in this press release complies with the requirements of
Canadian securities legislation, including Canadian Securities
Administrators' National Instrument 51-101 Standards of Disclosure
for Oil and Gas Activities.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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June 19, 2019 02:00 ET (06:00 GMT)
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