TIDMPTAL
RNS Number : 0429L
PetroTal Corp.
28 December 2022
PetroTal Announces Initial Production for Well 12H and Other
Corporate Updates
Naturally flowing production of 3,650 bopd (off pump)
Social Trust Addendum approved
Production restored to 20,000 bopd
Calgary, AB and Houston, TX - December 28, 2022 - PetroTal Corp.
("PetroTal" or the "Company") (TSX-V: TAL, AIM: PTAL and OTCQX:
PTALF) is pleased to announce the successful testing results of
well 12H, the Company's fourteenth producing well at the Bretana
oil field.
Well 12H highlights
-- Well 12H has tested naturally, off pump, at approximately
2,900 barrels of oil per day ("bopd") over its first 10 days of
production since December 16, 2022;
-- Current production of well 12H, under natural flow, has
increased to approximately 3,650 bopd as at December 27, 2022,
indicating the well continues to clean out completion fluid;
-- With the field currently producing at approximately 20,000
bopd limited by export capacity, the technical team has delayed
starting the already installed electro-submersible pump ("ESP") on
well 12H to gather data under natural flow conditions and to
prevent production constraints on other wells;
-- Once the ESP is activated, the 12H well is expected to
produce similarly to the neighboring 13H well, which averaged 6,451
bopd during its first 30 days online, and has averaged
approximately 4,000 bopd during the past 10 days;
-- The 12H well confirms the possibility of drilling another
line of wells south of the 12H and 13H wells; and,
-- The total cost of the 12H well is estimated at $15.2 million,
slightly higher than budget due to directional drilling tool
complications.
Social Trust Addendum Update
PetroTal is pleased to announce that on December 20, 2022, it
received board approval to incorporate the 2.5% social trust
addendum into the Block 95 License Contract. Perupetro's board have
also approved the social trust addendum on December 22, 2022. Now
the proposed addendum will go through the process of receiving
approval from the Ministry of Energy & Mines and the Economy
and Finance Ministry before Peru's President can sign the Supreme
Decree authorising Perupetro to amend the Block 95 License
Contract. This is expected to be completed by the end of the second
quarter 2023. PetroTal will continue to set aside funds in a
separate bank account as per the agreed social trust addenda.
Current Production Now At 20,000 bopd
The Company has averaged approximately 20,000 bopd since
December 16, 2022, with an estimated production capacity of over
24,000 bopd. With export capacity now reestablished, most of the
Brazilian barges are now arriving in Bretana, allowing the Company
to increase production. Once filled, they will travel to Manaus,
Brazil to unload. It is possible that this travel schedule may
create export constraints for the Company early in 2023 while the
barging fleet returns to optimal route travel times.
2023 Guidance Release
PetroTal expects to release its 2023 production and capital
budget in mid January, 2023, and will present at the Pareto
Securities 18(th) Annual E&P Independents Conference in London
on January 18, 2023.
Manuel Pablo Zuniga-Pflucker, President and Chief Executive
Officer, commented:
"We are finishing 2022 with 20,000 bopd of production and 24,000
bopd of production capacity, including 12H rates flowing naturally
with the ESP yet to be activated. With the Social Trust Fund in its
final setup stage, the PetroTal team will focus on enhancing our
export capabilities to produce at full capacity."
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 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
OIL REFERENCES: All references to "oil" or "crude oil"
production, revenue or sales in this press release mean "heavy
crude oil" as defined inNI 51-101. All references to Brent indicate
Intercontinental Exchange ("ICE") Brent.
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; drilling, completions, workovers and other activities
and the anticipated costs and results of such activities;
PetroTal's revised 2022 guidance and budget including, but not
limited to, estimated or anticipated production levels, capital
expenditures and drilling plans; the intention to redeem the
outstanding bonds; PetroTal plans to deliver strong operational
performance and to generate free cash flow and growth; capital
requirements and the Company's ability to access capital on
desirable terms and within required timelines; the ability of the
Company to achieve drilling success consistent with management's
expectations; the ability of the Company to achieve near term
production targets and operate at unrestricted levels; anticipated
future production and revenue; drilling plans including the timing
of drilling, commissioning, and startup and the impact of delays
thereon; oil production levels, including average and exit
production in 2022; sales expansion through alternative exports
routes, including barging and trucking; the Company's proposals for
collaboration with local communities; and future development and
growth prospects. 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, the ability
of the Ministry of Energy to effectively achieve its objectives in
respect of reducing social conflict and collaborating towards
continued investment in the energy sector, reservoir
characteristics, recovery factor, exploration upside, prevailing
commodity prices and the actual prices received for PetroTal's
products, including pursuant to hedging arrangements, the
availability and performance of drilling rigs, facilities,
pipelines, other oilfield services and skilled labour, royalty
regimes and exchange rates, impact of inflation on costs, 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 volatility, price
differentials and the actual prices received for products, exchange
rate fluctuations, legal, political and economic instability in
Peru, wars (including Russia's war in Ukraine), 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. The ongoing war between Russia and Ukraine has the
potential to threaten the supply of oil and gas from the region.
The long-term impacts of the war between these nations remains
uncertain. In addition,
the Company cautions that current global uncertainty with
respect to the spread of the COVID-19 virus and its effect on the
broader global economy may have a significant negative effect on
the Company. While the precise impact of the COVID-19 virus on the
Company remains unknown, rapid spread of the COVID-19 virus may
continue to have a material adverse effect on global economic
activity, and may continue to result in volatility and disruption
to global supply chains, operations, mobility of people and the
financial markets, which could affect interest rates, credit
ratings, credit risk, increased operating and capital costs due to
inflationary pressures, business, financial conditions, results of
operations and other factors relevant to the Company. Please refer
to the risk factors identified in the Corporation's annual
information form (filed April 28, 2022) and MD&A (filed August
25, 2022) (the "MD&A"), 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.
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END
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