PetroTal Corp. Reduced Production Level Due to Social Unrest (5851D)
04 3월 2022 - 1:31AM
UK Regulatory
TIDMPTAL
RNS Number : 5851D
PetroTal Corp.
03 March 2022
PetroTal Advises of Reduced Production Level Due to Social
Unrest
Calgary, AB and Houston, TX - March 3, 2022 - PetroTal Corp.
("PetroTal" or the "Company") (TSX-V: TAL, AIM: PTAL and OTCQX:
PTALF) advises that it has reduced production to ensure field
safety and manage storage levels due to social protests at
PetroTal's loading dock.
On February 28, 2022 a small group from the Asociación Indígena
de Desarrollo y Conservación de Bajo Puinahua ("AIDECOBAP")
commenced gathering outside the Bretana oilfield that led to access
to the Company's loading dock being blocked. To ensure employee /
contractor safety and minimize environmental risk, the Company has
constrained its production level to approximately 4,000 barrels of
oil per day, accumulating into field storage facilities, while
aiding in protest negotiations.
AIDECOBAP continues to push for fulfillment of their demands
from the government. AIDECOBAP claims they are being persecuted by
the government for protesting their requests. They are also
requesting the establishment of an indigenous trust to allow them
to execute projects whose funding was approved by the government in
late 2020 to reduce the basic needs gap in local communities.
Lastly, AIDECOBAP is also requesting that the government expedite
the formalization of the Breta na 2.5% social fund, offered by
PetroTal, into the Block 95 license contract.
For the second fortnight of January and all of February 2022,
PetroTal had been segregating the 2.5% social fund into a separate
bank account, but due to the current protests and resulting
production curtailment, no funds will be allocated for the upcoming
fortnight as per the guidelines of the social trust.
The Company is also monitoring the progress of necessary
maintenance repairs to the Northern Peruvian Pipeline ("ONP").
While the repairs have been ongoing, PetroTal has been selling oil
through the Brazil export route. Last month the Company completed a
240,000 barrel oil sale through Brazil, for the first time without
diluent blending, which will have a positive impact on diluent
costs in Q1 2022.
ABOUT PETROTAL
PetroTal is a publicly traded, tri--quoted (TSXV: TAL, AIM: PTAL
and OTCQX: 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
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END
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(END) Dow Jones Newswires
March 03, 2022 11:31 ET (16:31 GMT)
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