TIDMPTAL
RNS Number : 5470O
PetroTal Corp.
01 February 2023
PetroTal Announces Significant Increases in 2022 Year-End Oil
Reserves
46% increase in 2P reserves value per share to USD$1.75
(CAD$2.29) (GBP1.39)
2P estimated ultimate recovery now over 108 million barrels
Strong 1P and 2P reserves replacement ratios of 179% and 418%,
respectively
24% increase in 2P reserves to 96.7 million barrels
21% increase in 1P Reserves to 45.4 million barrels
Added 7 2P well locations, a 32% increase, extending the 2P
reserve life to 22 years
2P after tax NPV-10 value increased 48% since year end 2021 to
more than $1.5 billion
Calgary, AB and Houston, TX - February 1, 2023-PetroTal Corp.
("PetroTal" or the "Company") (TSX-V: TAL, AIM: PTAL and OTCQX:
PTALF) is pleased to announce the results of its 2022 year-end
reserve evaluation ("NSAI Report") by Netherland, Sewell &
Associates, Inc. ("NSAI") for the Bretana oil field, operated 100%
by PetroTal. All currency amounts are in United States dollars
(unless otherwise stated) and comparisons refer to December 31,
2021.
Highlights:
-- Increases to Net Present Value (discounted at 10% ("NPV-10"))
after tax, per share values to US$0.90/share (CAD$1.23/share),
US$1.75/share (CAD$2.29/share), and US$2.86/share (CAD$3.47/share)
for 1P, 2P, and 3P categories, respectively;
-- Significant increases in all reserve categories:
o Proved ("1P") reserves increased by 21% to 45.4 million
barrels. NPV-10, after tax is $0.8 billion ($17.27/bbl);
o Proved plus Probable ("2P") reserves increased by 24% to 96.7
million barrels. NPV-10, after tax is $1.5 billion ($15.60/bbl);
and,
o Proved plus Probable plus Possible ("3P") reserves increased
by 14% to 168 million barrels. NPV-10, after tax is $2.5 billion
($14.69/bbl).
-- Strong results for various key year-end 2022 reserve-based metrics:
o 2022 reserves life index for 1P and 2P reserves, are
approximately 10 and 22 years, respectively, using a much higher
assumed production run rate of 12,200 barrels of oil per day
("bopd") compared to approximately 7,300 bopd in the prior
year;
o Robust 2021 production reserves replacement ratios of 179% and
418% for 1P and 2P reserves, respectively;
o Original Oil in Place ("OOIP"): Increases of 33%, 14%, and 2%
to 329, 445, and 632 million barrels, respectively, for the 1P, 2P
and 3P cases;
o Increased 1P, 2P and 3P total booked well counts in 2022 by 4,
7, and 7 wells to 21, 29, and 36 wells, respectively; and,
o 2P recovery factor continued to increase in 2022 to 24% (from
22% at year-end 2021) even after the 2P OOIP increased by 14%.
-- 2022 Proved Developed Producing ("PDP") reserves increased
49% to 24.1 million barrels, representing 53% of 1P reserves,
reflecting an attractive ratio of base production to low risk
drilling proved undeveloped ("PUD") targets; and,
-- 2P Future Development Capital ("FDC") increased 40% to $404
million from year-end 2021 reflecting an additional 7 wells booked
at year-end 2022 and associated water disposal capacity and
facilities needed to accommodate higher anticipated flush and run
rate production volumes.
Manuel Pablo Zuniga-Pflucker, President and Chief Executive
Officer, commented:
"Bretana's reserves have grown tremendously since 2017. Our
drilling success combined with the field's strong natural aquifer
support that allow for recovery factors beyond 30% has underpinned
a world class oil operation that is expected to deliver immense
free cash flow for the next 20 years. The field's initial 2017 2P
estimated ultimate recovery was 37.5 million barrels which we have
now almost tripled to 108.2 million barrels. The PetroTal team is
committed to increasing value for all stakeholders from the oil
field's ultimate oil recovery enhancement. Noteworthy that our PDP
after tax NPV-10 valuation is similar to our current market
capitalization. We see significant upside with respect to PUD,
Probable, and Possible reserve values that are not reflected in our
current market valuation.
2022 Year-end Reserves Summary
The summary below sets forth PetroTal's reserves as at December
31, 2022, as presented in the reserves report prepared by NSAI, an
independent qualified reserves evaluator. The figures in the
following tables have been prepared in accordance with the
standards contained in the most recent publication of the Canadian
Oil and Gas Evaluation Handbook (the "COGEH") and the reserve
definitions contained in National Instrument 51-101 - Standards of
Disclosure for Oil and Gas Activities ("NI 51-101"). In addition to
the summary information disclosed in this announcement, more
detailed information will be included in PetroTal's annual
information form for the year ended December 31, 2022 (the "AIF")
to be filed on SEDAR (www.sedar.com) and posted on PetroTal's
website (www.petrotal-corp.com) in March 2023.
Six Year Crude Oil Price Forecast - NSAI Report
6 Yr
Year-End Forecast: 2023 2024 2025 2026 2027 2028 Avg
------ ------ ------ ------ ------
Brent (USD$/bbl) - January 1,
2023 $84.67 $82.69 $81.03 $81.39 $82.65 $84.29 $82.79
Brent (USD$/bbl) - January 1,
2022 $71.46 $69.62 $71.01 $72.44 $73.88 $75.36 $72.30
------------------------------ ------ ------ ------ ------ ------ ------ ------
The oil price projections used by NSAI are based upon an average
of December 31, 2022 and 2021 forecasts of Brent Crude futures
prices prepared by three qualified reserves evaluators: GLJ
Petroleum Consultants Ltd., McDaniel & Associates Consultants
Ltd. and Sproule Associates Limited. The six year average for the
NSAI Report reflects an average Brent oil price of $82.79, which as
at the time of this press release, is approximately $4/bbl lower
than current market Brent prices.
Year-End Crude Oil Reserves (million barrels)
CATEGORY 2022 2021 Change
Proved
------ ------ -------
Developed Producing 24.1 16.2 +49%
------ ------ -------
Undeveloped 21.4 21.2 +1%
------ ------ -------
Total Proved 45.4 37.4 +21%
---------------------------- ------ ------ -------
Probable 51.3 40.5 +27%
------ ------ -------
Total Proved plus Probable 96.7 77.9 +24%
---------------------------- ------ ------ -------
Possible 71.6 69.1 +4%
------ ------ -------
Total Proved plus Probable
& Possible 168.3 147.1 +14%
---------------------------- ------ ------ -------
Represents gross and net barrels since PetroTal has a 100%
working interest and a 100% net revenue interest in these
properties. Royalties are paid from sales proceeds.
Year-End Net Present Value at 10% - Before Tax ($ millions)
CATEGORY 2022 2021 Change
Proved
------- ------- -------
Developed Producing $635 $250 +154%
------- ------- -------
Undeveloped $529 $474 +12%
------- ------- -------
Total Proved $1,164 $724 +61%
---------------------------- ------- ------- -------
Probable $1,124 $665 +69%
------- ------- -------
Total Proved plus Probable $2,288 $1,389 +65%
---------------------------- ------- ------- -------
Possible $1,485 $932 +59%
------- ------- -------
Total Proved plus Probable
& Possible $3,773 $2,321 +63%
---------------------------- ------- ------- -------
Year-End Net Present Value at 10% - After Tax ($ millions)
CATEGORY 2022 2021 Change
Proved
------- ------- -------
Developed Producing $446 $244 +83%
------- ------- -------
Undeveloped $339 $326 +4%
------- ------- -------
Total Proved $784 $570 +38%
---------------------------- ------- ------- -------
Probable $724 $449 +61%
------- ------- -------
Total Proved plus Probable $1,509 $1,020 +48%
---------------------------- ------- ------- -------
Possible $959 $633 +52%
------- ------- -------
Total Proved plus Probable
& Possible $2,468 $1,653 +49%
---------------------------- ------- ------- -------
Forecast Revenues and Costs(1-5) ($ millions)
Undiscounted Undiscounted Undiscounted Discounted Undiscounted Discounted Discounted
CATEGORY Revenue Royalties OPEX FDC B-Tax B-Tax A-Tax
Net Revenue Net Revenue Net Revenue
------------- ------------- ------------- ----------- ------------- ------------- -------------
Total Proved $3,298 $250 $1,177 $195 $1,643 $1,164 $784
--------------- ------------- ------------- ------------- ----------- ------------- ------------- -------------
Total Proved
plus Probable $7,116 $582 $1,961 $358 $4,168 $2,288 $1,509
--------------- ------------- ------------- ------------- ----------- ------------- ------------- -------------
Total Proved
plus Probable
& Possible $13,473 $1,210 $2,959 $567 $8,680 $3,773 $2,468
--------------- ------------- ------------- ------------- ----------- ------------- ------------- -------------
1) Royalties include the 2.5% social fund for all years.
2) FDC includes abandonment.
3) Net Revenue is defined as revenue less royalties less
operating costs less FDC.
4) B-tax and A-tax refer to before and after tax.
5) Discounted values are discounted at 10%.
Year-End Reserves Value per Share - After tax
CATEGORY Dec. 31, 2022 Dec. 31, 2021
------------------------ -------------------------- --------------------------
Reserves per share US$/sh CAD$/sh GBP/sh US$/sh CAD$/sh GBP/sh
------- -------- ------- ------- -------- -------
Proved $0.90 $1.23 0.75 $0.69 $0.88 0.51
------- -------- ------- ------- -------- -------
Proved plus Probable $1.75 $2.29 1.45 $1.23 $1.57 0.91
------- -------- ------- ------- -------- -------
Proved plus Probable &
Possible $2.86 $3.47 2.37 $2.00 $2.54 1.48
------- -------- ------- ------- -------- -------
Represents NPV-10 (after tax) divided by the number of common
shares issued as of December 31 of each respective year and
excludes other balance sheet items at the relevant date. Canadian
and GBP share prices are converted at the respective year end
foreign exchange conversion rates. Common share issued at December
31, 2022 total 862.2 million shares and at December 31, 2021 total
828.2 million shares.
Reserve Life Index(1-3)
CATEGORY Dec. 31, 2022 Dec. 31, 2021
-------------------------------- ------------- -------------
Proved 10.1 years 13.8 years
------------- -------------
Proved plus Probable 21.5 years 28.9 years
------------- -------------
Proved plus Probable & Possible 37.4 years 54.5 years
------------- -------------
(1) 2022 values based on 2022 year-end reserves divided by
average 2022 production of approximately 12,200 bopd.
(2) The license for Block 95 expires in 2041.
(3) 2021 values based on 2021 year-end reserves divided by
annualized Q1 2021 production of approximately 7,331 bopd.
Future Development Costs
The following information sets forth development and abandonment
costs deducted in the estimation of PetroTal's future net revenue
attributable to the reserve categories noted below:
CATEGORY ($ million) 2022 2021 Change
---------------------------- ----- ----- -------
Proved
----- ----- -------
Developed Producing $105 $16 +556%
----- ----- -------
Undeveloped $124 $125 -1%
----- ----- -------
Total Proved $229 $141 +62%
---------------------------- ----- ----- -------
Probable $176 $148 +19%
----- ----- -------
Total Proved plus Probable $404 $289 +40%
---------------------------- ----- ----- -------
Possible $220 $215 +2%
----- ----- -------
Total Proved plus Probable
& Possible $624 $504 +24%
---------------------------- ----- ----- -------
Future development costs ($/bbl) 2022 2021 Change
--------------------------------- ------ ----- ------
Proved $10.69 $6.63 +61%
------ ----- ------
Proved plus Probable $5.56 $4.68 +19%
------ ----- ------
Proved plus Probable & Possible $4.33 $3.85 +13%
------ ----- ------
The future development and abandonment costs are estimates of
the future capital expenditures required to convert the
corresponding reserves to PDP reserves. Future development per
barrel is determined using the future development capital divided
by the 1P, 2P, or 3P reserves, less cumulative PDP.
2021 Year-End Gross Reserves Reconciliation (million
barrels)
Proved Proved plus Probable Proved plus Probable
& Possible
--------------------- ------- --------------------- ---------------------
December 31, 2021 37.4 77.9 147.0
------- --------------------- ---------------------
Technical Revisions 11.6 23.2 25.7
------- --------------------- ---------------------
Economic Factors 0.8 - -
------- --------------------- ---------------------
Production (4.4) (4.4) (4.4)
--------------------- ------- --------------------- ---------------------
December 31, 2022 45.4 96.7 168.3
------- --------------------- ---------------------
Reserves Webcast:
A live webcast of the presentation including Q&A will be
held today at 3:00 pm (UK time) & 9:00 am (Houston time) for
investors and analysts and will be available via our website at
https://petrotal-corp.com/ after the event. Please see the link
below.
https://stream.brrmedia.co.uk/broadcast/63d7b8d41874497653f34216
Qualified Person's Statement
Dewi Jones, the Company's Vice President, Exploration and
Development, who has over 35 years of relevant experience in the
oil industry, has approved the technical information contained in
this announcement. Mr. Jones received a Bachelor of Science degree
in Geology from Louisiana State University in Baton Rouge and is
registered on the Texas and Louisiana Board of Professional
Geoscientists.
The recovery and reserve estimates provided in this news release
are estimates only, and there is no guarantee that the estimated
reserves will be recovered. Actual reserves may eventually prove to
be greater than, or less than, the estimates provided herein. In
certain of the tables set forth below, the columns may not add due
to rounding.
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 2022, 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
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 anticipated operational results for 2023 including, but
not limited to, estimated or anticipated production levels, capital
expenditures and drilling plans; plans to deliver strong
operational performance and to generate free cash flow and growth;
capital requirements; the ability of the Company to achieve
drilling success consistent with management's expectations;
anticipated future production and revenue; drilling plans including
the timing of drilling, commissioning, and startup and the impact
of delays thereon; oil production levels; and the timing of filing
the AIF. All statements other than statements of historical fact
may be forward-looking statements. In addition, statements relating
to expected production, reserves, recovery, costs and valuation are
deemed to be forward-looking statements as they involve the implied
assessment, based on certain estimates and assumptions that the
reserves described can be profitably produced in the future.
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, 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, 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. In addition, the Company cautions
that current global uncertainty with respect to the spread and
evolution 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 Company's annual information
form for the year ended December 31, 2021 and management's
discussion and analysis for the three and nine months ended
September 30, 2022 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 REFERENCES: All references to "oil" or "crude oil"
production, revenue or sales in this press release mean "heavy
crude oil" as defined in NI 51-101. All references to Brent
indicate Intercontinental Exchange ("ICE") Brent. Recovery factor
percentages include historical production.
RESERVES DISCLOSURE: PetroTal's Statement of Reserves Data and
Other Oil and Gas Information on Form 51-101F1 dated effective as
at December 31, 2022, which will include further disclosure of
PetroTal's oil and gas reserves and other oil and gas information
in accordance with NI 51-101 and COGEH forming the basis of this
press release, will be included in the AIF, which will be available
on SEDAR at www.sedar.com in March 2023. All reserves values,
future net revenue and ancillary information contained in this
press release are derived from the NSAI Report unless otherwise
noted. Estimates of reserves and future net revenue for individual
properties may not reflect the same level of confidence as
estimates of reserves and future net revenue for all properties,
due to the effect of aggregation. There is no assurance that the
forecast price and cost assumptions applied by NSAI in evaluating
PetroTal's reserves will be attained and variances could be
material. It should not be assumed that the estimates of future net
revenues presented in the tables below represent the fair market
value of the reserves. The recovery and reserve estimates of
PetroTal's oil reserves provided herein are estimates only and
there is no guarantee that the estimated reserves will be
recovered. Actual oil reserves may be greater than or less than the
estimates provided herein. There are numerous uncertainties
inherent in estimating quantities of crude oil, reserves and the
future cash flows attributed to such reserves. The reserve and
associated cash flow information set forth herein are estimates
only. Proved reserves are those reserves that can be estimated with
a high degree of certainty to be recoverable. It is likely that the
actual remaining quantities recovered will exceed the estimated
proved reserves. Probable reserves are those additional reserves
that are less certain to be recovered than proved reserves. It is
equally likely that the actual remaining quantities recovered will
be greater or less than the sum of the estimated proved plus
probable reserves. Proved developed producing reserves are those
reserves that are expected to be recovered from completion
intervals open at the time of the estimate. These reserves may be
currently producing or, if shut-in, they must have previously been
on production, and the date of resumption of production must be
known with reasonable certainty. Possible reserves are those
reserves expected to be recovered from known accumulations where a
significant expenditure (e.g., when compared to the cost of
drilling a well) is required to render them capable of production.
They must fully meet the requirements of the reserves category
(proved, probable, possible) to which they are assigned. Certain
terms used in this press release but not defined are defined in NI
51-101, CSA Staff Notice 51-324 - Revised Glossary to NI 51-101,
Revised Glossary to NI 51-101, Standards of Disclosure for Oil and
Gas Activities ("CSA Staff Notice 51-324") and/or the COGEH and,
unless the context otherwise requires, shall have the same meanings
herein as in NI 51-101, CSA Staff Notice 51-324 and the COGEH, as
the case may be.
DRILLING LOCATIONS: This press release discloses drilling
inventory in three categories: (a) proved locations; (b) probable
locations; and (c) possible locations, all of which are derived
from the NSAI Report and account for drilling locations that have
associated proved, probable and/or possible reserves, as
applicable. There is no certainty that PetroTal will drill all
booked drilling locations and if drilled there is no certainty that
such locations will result in additional oil reserves or
production. The drilling locations considered for future
development will ultimately depend upon the availability of
capital, regulatory approvals, seasonal restrictions, oil prices,
costs, actual drilling results, additional reservoir information
that is obtained and other factors. While certain of the possible
drilling locations have been de-risked by drilling existing wells
in relative close proximity to such drilling locations, other
possible drilling locations are farther away from existing wells
where management has less information about the characteristics of
the
reservoir and therefore there is more uncertainty whether wells
will be drilled in such locations and if drilled there is more
uncertainty that such wells will result in additional oil reserves
or production.
OIL AND GAS MEASURES: This press release contains metrics
commonly used in the oil and natural gas industry which have been
prepared by management, such as "OOIP", "development capital",
"F&D costs", "net asset value" and "reserves life index". These
terms do not have a standardized meaning and may not be comparable
to similar measures presented by other companies, and therefore
should not be used to make such comparisons. "OOIP" is equivalent
to total petroleum initially-in-place ("TPIIP"). TPIIP, as defined
in the COGEH, is that quantity of petroleum that is estimated to
exist in naturally occurring accumulations. It includes that
quantity of petroleum that is estimated, as of a given date, to be
contained in known accumulations, prior to production, plus those
estimated quantities in accumulations yet to be discovered. A
portion of the TPIIP is considered undiscovered and there is no
certainty that any portion of such undiscovered resources will be
discovered. If discovered, there is no certainty that it will be
commercially viable to produce any portion of such undiscovered
resources. With respect to the portion of the TPIIP that is
considered discovered resources, there is no certainty that it will
be commercially viable to produce any portion of such discovered
resources. A significant portion of the estimated volumes of TPIIP
will never be recovered. "Development capital" means the aggregate
exploration and development costs incurred in the financial year on
reserves that are categorized as development. Development capital
excludes capitalized administration costs. "Finding and development
costs" or "F&D costs" are calculated as the sum of field
capital plus the change in future development costs for the period
divided by the change in reserves that are characterized as
development for the period. Finding and development costs take into
account reserves revisions during the year on a per bbl basis. The
aggregate of the exploration and development costs incurred in the
financial year and changes during that year in estimated future
development costs generally will not reflect total finding and
development costs related to reserves additions for that year. "Net
asset value" is based on present value of future net revenues
discounted at 10% before tax on reserves, net of estimated net debt
at year end divided by the basic shares outstanding at year end.
"Reserve life index" is calculated as total Company interest
reserves divided by annual production. These terms have been
calculated by management and do not have a standardized meaning and
may not be comparable to similar measures presented by other
companies, and therefore should not be used to make such
comparisons. Management uses these oil and gas metrics for its own
performance measurements and to provide shareholders with measures
to compare PetroTal's operations over time. Readers are cautioned
that the information provided by these metrics, or that can be
derived from the metrics presented in this press release, should
not be relied upon for investment or other purposes.
FOFI DISCLOSURE: This press release contains future-oriented
financial information and financial outlook information
(collectively, "FOFI") about NPV-10, future development and
abandonment costs, prospective results of operations, production
and production capacity, free cash flow, revenue, NOI, shareholder
returns 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 approved by management as of the date of this press
release and was included 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 NI 51-101. Changes in
forecast commodity prices, differences in the timing of capital
expenditures, and variances in average production estimates can
have a significant impact on the key performance measures included
in PetroTal's guidance. The Company's actual results may differ
materially from these estimates.
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.
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END
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February 01, 2023 02:00 ET (07:00 GMT)
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