TIDMPTAL
RNS Number : 2330M
PetroTal Corp.
20 May 2022
PetroTal to release Q1 2022 results on May 26, 2022, along with
an Investor Webcast
Well 11H Drilling Commenced on May 7, 2022
Calgary, AB and Houston, TX - May 20, 2022- PetroTal Corp.
("PetroTal" or the "Company") (TSX-V: TAL, AIM: PTAL and OTCQX:
PTALF) is pleased to announce that Q1 2022 results will be released
on May 26, 2022, along with an extended investor webcast.
Additionally, the Company commenced drilling the 11H well on May 7,
2022.
Commenced drilling well 11H. On May 7, 2022, PetroTal commenced
drilling well 11H, which has an approximate cost of $13.5 million,
a total depth of around 4,300 meters, and includes a synthetic mud
system. The estimated completion date will be in late June 2022
with flush production expected to contribute to July 2022 operating
results.
Extended investor webcast. PetroTal is pleased to announce it
will be hosting an extended virtual investor meeting commencing at
9:00 am CT (3:00 pm BST) on May 26, 2022 following release of Q1
2022 results. The webcast is expected to last approximately two
hours and will include presentation of the Q1 2022 results, an
investor Q&A session and additional management commentary on a
number of PetroTal's operational and financial aspects as well as
the Company's short and long term strategy.
Link to PetroTal investor morning webcast
https://stream.brrmedia.co.uk/broadcast/6274f7b58eb4f178d1ef9592
New technically focused presentation available on website.
PetroTal's technical team is presenting an in-depth technical view
of the Bretana asset at the FEX Energia conference in Quito,
Ecuador on May 19, 2022. The technical presentation is now
available on the Company's website.
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
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.
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; the impact of social disruption on the Company's
operations; drilling, completions, workovers and other activities
and the anticipated costs and results of such activities;
PetroTal's anticipated operational results for 2022 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; 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. 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. Without limitation of the
foregoing, 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 cash 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, 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 military actions 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. Ongoing military actions between Russia and Ukraine
have the potential to threaten the supply of oil and gas from the
region. The long-term impacts of the actions 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 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
STRPPUWCAUPPUCU
(END) Dow Jones Newswires
May 20, 2022 02:01 ET (06:01 GMT)
Petrotal (LSE:PTAL)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
Petrotal (LSE:PTAL)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024