TIDMPTAL
RNS Number : 8682V
PetroTal Corp.
16 December 2021
PetroTal provides Operational Update; Oil production reaches
20,000 bopd
Pipeline Settlement Framework for Pump Station 5
Calgary, AB and Houston, TX - December 16, 2021- PetroTal Corp.
("PetroTal" or the "Company") (TSX-V: TAL, AIM: PTAL and OTC:
PTALF) is pleased to provide the following updates:
Achieved 20,000 bopd Production Level
PetroTal has achieved a trailing 5-day unconstrained production
rate ending December 15, 2021, of approximately 20,200 barrels of
oil per day ("bopd"). With wells 8H and 9H producing over 6,300
bopd and 8,200 bopd respectively, PetroTal was able to achieve its
long-standing goal of exceeding 20,000 bopd much earlier than
anticipated and previously guided. PetroTal has reached this
milestone only four years after commencing operations at the
Bretana oil field in early 2018, an indication of operational
excellence, perseverance and teamwork.
Robust Production from Well 9H
Well 9H is delivering a strong initial production profile having
averaged approximately 8,200 bopd over the last 10 days, and
trending very close to the performance of well 8H.
Well 10H Commences Drilling
PetroTal commenced drilling well 10H on December 11, 2021. This
long-reach horizontal well is similarly located to well 9H and is
estimated to cost $13.9 million with a targeted completion date in
early February 2022.
Settlement Framework Reached at Pump Station 5
PetroTal advises that a joint framework was reached between the
communities, Ministry of Energy and Mines, and Petroperu, that
demonstrates trust and a commitment to ongoing dialogue, which has
resulted in the expected return of Pump Station 5 back to Petroperu
on December 16, 2021, as a gesture of goodwill toward longer term
solutions. Once Petroperu restarts operations at Pump Station 5, it
will take approximately one week to complete the required
inspections needed to fully recommence oil throughput in the
Northern Peruvian Pipeline ("ONP"). Based on this forecast, it is
still likely PetroTal will have to constrain production after
December 16, 2021, for up to two weeks, to manage storage capacity,
at which time it expects to go back to levels near 20,000 bopd.
Brazilian Export Update
In November and December, PetroTal will export nearly 320,000
barrels of oil through the Brazil sales route. Commencing in
January 2022, estimated Brazilian oil exports will be approximately
240,000 barrels monthly and expected to increase further in Q2
2022.
Manuel Pablo Zuniga-Pflucker, President and Chief Executive
Officer, commented
"We are very pleased at the progress made at Pump Station 5 and
the demonstration of trust and goodwill shown by the communities.
This, together with the initiatives PetroTal is pursuing, is
expected to lead to long term stability for the region at a
critical time for the new Talara refinery that is expected to start
operation in 2022, Peruvian producers, the local communities, and
Petroperu. I would also like to thank our team for their dedication
and perseverance over the past four years enabling PetroTal to
achieve our original 20,000 bopd goal. I am humbled by the
expertise and drive our team continues to demonstrate through
unprecedented operating conditions. Additionally, I'd like to thank
our shareholders for their ongoing support, patience and confidence
as we continue development of the prolific Bretana oil field."
ABOUT PETROTAL
PetroTal is a publicly traded, tri--quoted (TSXV: TAL, AIM: PTAL
and OTC: PTALF) oil and gas development and production Company
domiciled in Calgary, Alberta, focused on the development of oil
assets in Peru. PetroTal's flagship asset is its 100% working
interest in Bretana oil field in Peru's Block 95 where oil
production was initiated in June 2018. In early 2020, Petrotal
became the second largest crude oil producer in Peru. The Company's
management team has significant experience in developing and
exploring for oil in Peru and is led by a Board of Directors that
is focused on safely and cost effectively developing the Bretana
oil field. It is actively building new initiatives to champion
community sensitive energy production, benefiting all
stakeholders.
For further information, please see the Company's website at
www.petrotal-corp.com , the Company's filed documents at
www.sedar.com , or below:
Douglas Urch
Executive Vice President and Chief Financial Officer
Durch@PetroTal-Corp.com
T: (713) 609-9101
Manolo Zuniga
President and Chief Executive Officer
Mzuniga@PetroTal-Corp.com
T: (713) 609-9101
PetroTal Investor Relations
InvestorRelations@PetroTal-Corp.com
Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
T : 44 (0) 208 434 2643
Strand Hanson Limited (Nominated & Financial Adviser)
Ritchie Balmer / James Spinney / Robert Collins
T: 44 (0) 207 409 3494
Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Simon Mensley / Ashton Clanfield
Tel: +44 (0) 20 7710 7600
Auctus Advisors LLP (Joint Broker)
Jonathan Wright
T: +44 (0) 7711 627449
READER ADVISORIES
FORWARD-LOOKING STATEMENTS: This press release contains 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; and the impact of social disruption on the Company's
operations, including a potential field shutdown at Bretana. 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. 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. Please
refer to the risk factors identified in the Company's annual
information form for the year ended December 31, 2020 and
management's discussion and analysis for the three and nine months
ended September 30, 2021 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.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDDKABNABDKABD
(END) Dow Jones Newswires
December 16, 2021 02:00 ET (07:00 GMT)
Petrotal (LSE:PTAL)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Petrotal (LSE:PTAL)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024