TIDMPTAL
RNS Number : 5551V
PetroTal Corp.
06 April 2023
PetroTal Announces 2023 Grant of Performance Share Units,
Common Shares issued and Total Voting Rights
Calgary, AB and Houston, TX - April 6, 2023-PetroTal Corp.
("PetroTal" or the "Company") (TSX: TAL, AIM: PTAL and OTCQX:
PTALF) announces the annual grant of performance share units
("PSUs") to employees and officers of the Company, in accordance
with the Company's performance and restricted share unit plan, and
the issue of new Common Shares pursuant to the Company's 2022 PSU
grants .
2023 PSU grants
PetroTal has granted an aggregate of 5,884,250 PSUs, of which
3,523,786 PSUs are to Officers. The PSUs issued to the Officers
will vest three years from the date of grant and each PSU will
entitle the holder to acquire, for nil cost, between zero and two
common shares of the Company ("Shares"), subject to achievement, as
evaluated by the Corporate Governance and Compensation Committee,
of 2023 Key Performance Indicators ("KPIs") relating to the
Company's total shareholder return, net asset value and certain
production and operational milestones. The remaining 2,360,464 PSUs
are issued to employees, and vest annually, on an equal basis, over
the next three years.
Manuel Pablo Zuniga-Pflucker President and CEO 2,290,200
Douglas Urch Executive Vice President and CFO 635,011
---------------------------------- ----------
Vice President, Exploration and
Dewi Jones Development 598,575
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Shares issued for vested 2022 PSUs
In recognition of 2022 KPIs achievement, the Company has issued
an aggregate of 803,737 Common Shares to employees (none of which
were issued to Officers) pursuant to the obligation to annually
issue vested PSUs to acquire Common Shares.
Further details regarding the PSU plan are set out in the
management information circular for the Company dated August 3,
2022, which is available on SEDAR at www.sedar.com . The Corporate
Governance and Compensation Committee of the Board is charged with
overseeing the PSU plan.
Following this grant, the Company has a total of 24,945,966 PSUs
outstanding.
Admission to Trading and TVR
For the above issuances, application will be made to the London
Stock Exchange for the admission of, in aggregate, 803,737 Common
Shares to trading on AIM ("Admission"). It is expected that
Admission will become effective at 8:00 am London time on or around
April 13, 2023.
Following Admission, the Company will have 884,604,105 Common
Shares issued and there are no shares held in treasury. For
purposes of the Disclosure Guidance and Transparency Rules, the
total number of voting rights in the Company is 884,604,105 Common
Shares. This figure may be used by shareholders as the denominator
for the calculations by which they determine if they are required
to notify their interest in, or a change of their interest in, the
Company under the FCA's Disclosure Guidance and Transparency
Rules.
ABOUT PETROTAL
PetroTal is a publicly traded, tri--quoted (TSX: 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 capital program and 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
funds 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
Company's return of capital strategy including regular dividends
and share buybacks under an NCIB. All statements other than
statements of historical fact may be forward-looking statements. In
addition, statements relating to expected production, reserves,
recovery, replacement, 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. More particularly, this press
release contains statements concerning the future declaration and
payment of dividends and the timing and amount thereof. Future
dividend payments, if any, and the level thereof, is uncertain, as
the Company's dividend policy and the funds available for the
payment of dividends from time to time is dependent upon, among
other things, free funds flow financial requirements for the
Company's operations and the execution of its growth strategy,
fluctuations in working capital and the timing and amount of
capital expenditures, debt service requirements and other factors
beyond the Company's control. Further, the ability of PetroTal to
pay dividends will be subject to applicable laws (including the
satisfaction of the solvency test contained in applicable corporate
legislation) and contractual restrictions contained in the
instruments governing its indebtedness. 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 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, future river
water levels, 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;
changes in the financial landscape both domestically and abroad,
including volatility in the stock market and financial system; and
wars (including Russia's war in Ukraine). 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 AIF and 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.
Neither the TSX Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Exchange)
accepts responsibility for the adequacy or accuracy of this press
release.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended.
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END
MSCUVVBROUUSRAR
(END) Dow Jones Newswires
April 06, 2023 02:00 ET (06:00 GMT)
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