TIDMPTAL
RNS Number : 4879Z
PetroTal Corp.
16 May 2023
Commencement of Share Buyback and Dividend Timetable
Calgary, AB and Houston, TX - May 16, 2023-PetroTal Corp.
("PetroTal" or the "Company") (TSX: TAL, AIM: PTAL and OTCQX:
PTALF) is pleased to announce the commencement of its previously
announced share buyback plan, following approval by the Toronto
Stock Exchange ("TSX") of its normal course issuer bid
("NCIB").
PetroTal further announces today that the Q1 2023 dividend of
US$0.015/share will be paid on June 15, 2023.
Q1 2023 Dividend Timetable
PetroTal is pleased to confirm that its cash dividend of
US$0.015 per common share in respect of Q1 2023 operations will
paid according to the following timetable:
- Ex-dividend date: May 30, 2023
- Record date: May 31, 2023
- Payment date: June 15, 2023
The dividend is an eligible dividend for the purposes of the
Income Tax Act (Canada). Shareholders outside of Canada should
contact their respective brokers or registar agents for the
appropriate tax election forms regarding this dividend.
Commencement of the Share Buyback Plan
PetroTal is pleased to commence a share buyback plan of
approximately US$3 million per quarter (up to a maximum of US$12
million in the current program), following approval by the TSX of
the Company's NCIB program ("Program"). The Company has entered
into a buyback agreement with Stifel Nicolaus Europe Limited
("Stifel"), who will conduct the Program on PetroTal's behalf.
PetroTal expects that the NCIB will provide an additional tool
to enhance total long-term shareholder returns. The Company
believes that, at times, the prevailing share price does not
reflect the underlying value of the common shares and the
repurchase of its common shares for cancellation represents an
attractive opportunity to improve PetroTal's per share metrics and
thereby increase the value of the common shares.
The NCIB allows PetroTal to purchase up to 44,230,205 common
shares, representing approximately 5% of its issued and outstanding
common shares as at May 12, 2023, over a 12-month period commencing
on May 18, 2023 and ending no later than May 17, 2024. Under the
NCIB, purchases of common shares may be made through the facilities
of the TSX, alternative trading systems in Canada (if eligible),
and AIM, a market operated by the London Stock Exchange in
accordance with applicable regulatory requirements. Purchases under
the NCIB will be made through open market transactions at market
price, as well as by other means as may be permitted under
applicable securities laws. The actual number of common shares that
may be purchased under the NCIB and the timing of any such
purchases will be determined by the PetroTal's management. All
common shares purchased under the NCIB will be cancelled.
Under the TSX rules, the total number of common shares PetroTal
is permitted to purchase on the TSX is subject to a daily purchase
limit of 190,542 common shares (representing 25% of the average
daily trading volume of 762,168 common shares on the TSX,
calculated from the initial date of listing on the TSX, being
February 16, 2023 to the calender month ended April 30, 2023);
provided that PetroTal may make one block purchase per calendar
week that exceeds such limits.
In connection with the NCIB, PetroTal will enter into an
automatic purchase plan ("ASPP") with Stifel. The ASPP is intended
to allow for the purchase of common shares under the NCIB at times
when PetroTal would ordinarily not be permitted to purchase common
shares due to regulatory restrictions and self-imposed blackout
periods. Under the ASPP, before entering into a blackout period,
PetroTal may, but is not required to, instruct Stifel to make
purchases under the NCIB within specified parameters. Such
purchases would be at the discretion of Stifel based on parameters
provided by the Company prior to the blackout period in accordance
with the terms of the ASPP and in compliance with the rules and
regulations of the TSX, AIM and applicable securities laws. Any
purchase of common shares on the TSX or alternate trading systems
in Canada will be completed by Stifel Nicolaus Canada Inc. acting
as agent for Stifel . The ASPP has been pre-cleared by the TSX and
will be implemented concurrently with the commencement of the NCIB.
All purchases made pursuant to the terms of the ASPP will be
included in computing the number of common shares purchased under
the NCIB. Outside any blackout period, common shares may be
purchased under the NCIB based on the discretion of the Company's
management in compliance with applicable exchange rules and
securities laws.
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 relating to the
NCIB and the ASPP, including, but not limited to: the duration of
the NCIB and potential purchases thereunder (including those made
under the ASPP); anticipated advantages of the NCIB to the
Company's shareholders including in respect of the Company's
expectations of enhanced total long-term shareholder returns,
increased common shares value correlating with improved per share
metrics and positive impact on shareholder sentiment. 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", "intend" and
similar expressions. The forward-looking statements provided in
this press release are based on management's current belief, based
on currently available information, as to the outcome and timing of
future events.
PetroTal cautions that its intention to proceed with the NCIB
and other forward-looking statements relating to PetroTal are
subject to all of the risks, uncertainties and other factors, which
may cause the actual results, performance, capital expenditures or
achievements of the Company to differ materially from anticipated
future results, performance, capital expenditures or achievement
expressed or implied by such forward-looking statements, including
the Company's intentions regarding the NCIB and its ability to
achieve related anticipated benefits. Factors that could cause
actual results to differ materially from those set forth in the
forward-looking statements include, but are not limited to,
business performance, legal and legislative developments including
changes in tax laws and legislation affecting the oil and gas
industry, credit ratings and risks, fluctuations in interest rates
and currency values, changes in the financial landscape both
domestically and abroad, including volatility in the stock market
and financial system, wars (including Russia's war in Ukraine),
regulatory developments, 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 and the occurrence of weather-related and other natural
catastrophes. Readers are cautioned that the foregoing list of
factors is not exhaustive. Please refer to the annual information
form for the year ended December 31, 2022 and the management's
discussion and analysis for the year ended December 31, 2022 for
additional risk factors relating to PetroTal, which can be accessed
either on PetroTal's website at www.petrotal-corp.com or under the
Company's profile on 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.
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END
MSCFLFFAEFIELIV
(END) Dow Jones Newswires
May 16, 2023 02:00 ET (06:00 GMT)
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