TIDMPTAL
RNS Number : 2187T
PetroTal Corp.
13 November 2023
PetroTal Announces Q3 2023 Financial and Operating Results
Q3 2023 average sales and production of 11,553 bopd and 10,909
bopd respectively
Q3 2023 unrestricted cash of $94 million
OCP sales pilot commencing shortly with support from Ecuadorian
government
US$0.02 per share dividend to be paid December 15, 2023
Calgary, AB and Houston, TX - November 13, 2023-PetroTal Corp.
("PetroTal" or the "Company") (TSX: TAL, AIM: PTAL and OTCQX:
PTALF) is pleased to report its operating and financial results for
the three and nine months ended September 30, 2023 ("Q3").
Selected financial and operational information is outlined below
and should be read in conjunction with the Company's unaudited
consolidated financial statements and management's discussion and
analysis ("MD&A") for the three and nine months ended September
30, 2023, which are available on SEDAR+ at www.sedarplus.ca and on
the Company's website at www.PetroTal--Corp.com. All amounts herein
are in United States dollars unless otherwise stated.
Selected Highlights
-- Average quarterly sales and production of 11,553 and 10,909
barrels ("bbls") of oil per day ("bopd"), respectively, impacted by
a severe dry season and consequent low river levels that limited
barge transport and tanker unloading capacity at Manaus;
-- Exited the quarter in a strong cash position with $113
million in total cash ($94 million unrestricted), up 22% from the
end of the second quarter ("Q2") of 2023;
-- The Company has declared a cash dividend of $0.02 per common
share that will be paid December 15, 2023, with a record date of
November 30, 2023. This represents a 15% annualized yield based on
the current share price. In addition, the Company will continue to
buy back shares under its normal course issuer bid, at
approximately $1 million per month during the fourth quarter of
2023 ("Q4") ;
-- Completed the latest well, 15H, in early June 2023 averaging
7,203 bopd during its first 30 days online. The well was shut-in in
mid July due to production constraints caused by low river levels,
and was briefly reopened last month for 10 days, averaging 5,000
bopd. The well is expected to be fully reopened the last week of
November as river levels continue to rise;
-- Completed installation of the new west drilling platform ("L2
West Platform") where the Company expects to drill future oil
wells;
-- Generated EBITDA and free funds flow of $42.0 million
($39.55/bbl) and $36.9 million ($34.76/bbl) respectively, compared
to $70.0 million ($41.63/bbl) and $37.7 million ($22.41/bbl) in Q2
2023;
-- Achieved net income of $25.4 million ($0.03/share) in Q3 2023
compared to $46.6 million ($0.05/share) in Q2 2023;
-- Paid a dividend of $0.025/share and repurchased 5.6 million
common shares in Q3 2023, representing a total of $26.1 million of
capital returned to shareholders (5.0% of September 30, 2023,
market capitalization) due to record results in Q2 2023 financial
performance; and,
-- Enhanced the Board of Directors ("Board") by adding two new
independent directors since June 30, 2023. Mr. Felipe Arbelaez
Hoyos and Ms. Emily Morris joined the Board, each bringing
significant breadth and depth in commercial strategy, capital
markets, ESG and M&A to the PetroTal team.
Manuel Pablo Zuniga-Pflucker, President and Chief Executive
Officer, commented:
"Despite a challenging Q3 from an oil sales perspective due to
extremely low river levels, the Company delivered strong cash flows
for the quarter, driven by robust Brent prices and prudent spending
by the management team. This has allowed the Company to declare a
cash dividend of $0.02 per common share. With river levels now
rising we expect to be producing approximately 20,000 bopd
consistently by the last week of November 2023.
Looking ahead to Q4 2023, management is very focused on
optimizing existing logistics and unlocking new commercial sales
routes, starting with our 100,000 barrel oil sales pilot through
the Ecuador pipeline ("OCP"). If successful, and with some added
facilities, we estimate this route could carry up to 5,000 bopd,
significantly limiting the impact of future dry seasons. In
addition, the commercial team has completed a significant Brazilian
export milestone by unloading directly from barge to ship without
requiring a terminal to unload the crude, bypassing that potential
bottleneck.
As we contemplate future sales routes in our 2024 budget
planning, including the route via Yurimaguas that should be ready
next year, we are still expecting an ONP sales option in 2024 as
Petroperu continues to work through their financial and operational
challenges. We will continue to support constructive discussions
with Petroperu in this area."
Selected Financial Highlights
The table below summarizes PetroTal's comparative financial
position.
Three Months Ended Nine Months Ended September 30
Q3-2023 Q2-2023 2023 2022
($ thousands US) $/bbl $ 000 $/bbl $ 000 $/bbl $ 000 $/bbl $ 000
--------- ---------- --------- ---------- --------- ---------- --------- ----------
Average Production (bopd) 10,909 19,031 14,040 12,816
Average sales (bopd) 11,553 18,483 14,214 14,095
Total sales (bbls)(1) 1,062,851 1,681,962 3,880,424 3,847,807
-------------------------- --------- ---------- --------- ---------- --------- ---------- --------- ----------
Average Brent price $84.65 $77.29 $81.88 $102.39
Contracted sales price,
gross $84.31 $77.88 $80.45 $98.78
Tariffs, fees and
differentials ($19.25) ($21.26) ($20.34) ($22.03)
Realized sales price,
net $65.05 $56.61 $60.01 $76.75
-------------------------- --------- ---------- --------- ---------- --------- ---------- --------- ----------
Oil revenue(1) $65.05 $69,142 $56.61 $95,229 $60.01 $232,865 $76.75 $295,350
Royalties (2) $5.49 $5,835 $5.29 $8,899 $5.40 $20,972 $6.80 $26,166
Operating expense $8.45 $8,982 $4.22 $7,100 $5.78 $22,436 $6.72 $25,839
-------------------------- --------- ---------- --------- ---------- --------- ---------- --------- ----------
Direct Transportation:
Diluent $1.72 $1,829 $0.98 $1,641 $1.25 $4,838 $2.12 $8,167
Barging $0.80 $845 $0.53 $896 $0.68 $2,647 $1.46 $5,608
Diesel $0.13 $141 $0.07 $120 $0.10 $374 $0.24 $938
Storage $1.99 $2,114 $0.00 $0 $0.54 $2,114 $0.91 $3,517
-------------------------- --------- ---------- --------- ---------- --------- ---------- --------- ----------
Total Transportation $4.64 $4,929 $1.58 $2,657 $2.57 $9,973 $4.73 $18,230
Net Operating Income(3,4) $46.47 $49,396 $45.53 $76,573 $46.26 $179,484 $58.50 $225,114
--------- --------- --------- ---------- --------- ----------
G&A $6.92 $7,355 $3.89 $6,548 $5.02 $19,462 $3.78 $14,549
EBITDA(3) $39.55 $42,041 $41.63 $70,025 $41.24 $160,021 $54.72 $210,565
--------- --------- --------- ---------- --------- ----------
Adjusted EBITDA(3,5) $50.76 $53,953 $38.09 $64,064 $40.93 $158,842 $57.11 $219,684
Net Income $23.86 $25,359 $27.73 $46,635 $22.93 $88,975 $39.33 $151,351
-------------------------- --------- ---------- --------- ---------- --------- ---------- --------- ----------
Basic Shares Outstanding 916,700 922,306 916,700 859,324
Market Capitalization(6) $522,519 $433,484 $522,519 $360,916
Net Income/Share $0.03 $0.051 $0.10 $0.176
Capex $17,011 $26,367 $76,296 $62,178
Free Funds Flow(3) (7) $34.76 $36,944 $22.41 $37,697 $21.27 $82,547 $40.93 $157,506
--------- --------- --------- ---------- --------- ----------
% of Market
Capitalization(6) 7.1% 8.7% 15.8% 43.6%
Total Cash(8) $112,827 $92,552 $112,827 $93,018
Net Surplus (Debt) (3)
(9) $86,545 $97,523 $86,545 $75,505
--------- ---------- --------- ---------- --------- ---------- --------- ----------
1. Approximately 82% of Q3 2023 sales were through the Brazilian
route vs 91% in Q2 2023.
2. Royalties at year to date September 30, 2023 and September
30, 2022 include the impact of the 2.5% community social trust.
3. Non-GAAP (defined below) measure that does not have any
standardized meaning prescribed by GAAP and therefore may not be
comparable with the calculation of similar measures presented by
other entities. See "Selected Financial Measures" section.
4. Net operating income represents revenues less royalties,
operating expenses, and direct transportation. See "Selected
Financial Measures" section.
5. Adjusted EBITDA is net operating income less general and
administrative ("G&A") and plus/minus realized derivative
impacts. See "Selected Financial Measures" section.
6. Market capitalization for Q3 2023, Q2 2023, and Q3 2022
assume share prices of $0.57, $0.47, and $0.42, respectively.
7. Free funds flow is defined as adjusted EBITDA less capital
expenditures. See "Selected Financial Measures" section.
8. Includes restricted cash balances.
9. Net Surplus (Debt) = Total cash + all trade and VAT
receivables + short and long term net derivative balances - total
current liabilities - long term debt - non current lease
liabilities - net deferred tax - other long term obligations. See
"Selected Financial Measures" section.
Q3 2023 Financial Variance Summary
Three Months Ended Nine Months Ended September 30
US$/bbl Variance Summary Q3 2023 Q2 2023 Variance 2023 2022 Variance
------------------------------- -------- -------- --------- ---------- --------- ------------
Oil Sales (bopd) 11,553 18,483 (693) 14,214 14,095 119
------------------------------- -------- -------- --------- ---------- --------- ------------
Contracted Brent Price $84.31 $77.88 $6.43 $80.45 $98.78 ($18.33)
Realized Sales Price $65.05 $56.61 $8.44 $60.01 $76.75 ($16.74)
------------------------------- -------- -------- --------- ---------- --------- ------------
Royalties $5.49 $5.29 $0.20 $5.40 $6.80 ($1.40)
Total Opex and Transportation $13.09 $5.80 $7.29 $8.35 $11.45 ($3.10)
Net Operating Income(1,2) $46.47 $45.53 $0.94 $46.26 $58.50 ($12.25)
G&A $6.92 $3.89 $3.03 $5.02 $3.78 $1.24
EBITDA $39.55 $41.63 ($2.08) $41.24 $54.72 ($13.48)
Net Income $23.86 $27.73 ($3.87) $22.93 $39.33 ($16.41)
Free Funds Flow(3) $34.76 $22.41 $12.35 $21.27 $40.93 ($19.66)
------------------------------- -------- -------- --------- ---------- --------- ------------
Q3 2023 Financial Variance Commentary
-- Strong contracted Brent price of $84.31/bbl compared to the
preceding quarter of $77.88/bbl, resulting in a higher realized
price by 15%;
-- Higher operating expenses per barrel resulting from lower
sales volumes in Q3 2023 compared to Q2 2023 and the inclusion of
approximately $2 million in well servicing and erosion control
costs in the quarter. Higher transportation costs were driven by an
increase in floating storage costs caused by longer than usual
barge travel times during the dry season;
-- Capital spending in the quarter was $17 million compared to
$26.4 million in Q2 2023 driven by lower rig activity. This
generated a flat Q3 2023 free funds flow (1,3) dollar figure of
approximately $37 million compared to Q2 2023, which increased 64%
on a per barrel basis;
-- Enhanced liquidity in Q3 2023 compared to Q2 2023, with total
cash growing by $10 million to $112.8 million driven by timely AR
collections, strong Brent prices and lower rig activity in the
quarter; and,
-- Strong balance sheet position in Q3 2023 with no debt and a net surplus (4) of $87 million.
1. See "Selected Financial Measures"
2. Net operating income represents revenues less royalties,
operating expenses, and direct transportation; See "Selected
Financial Measures" section.
3. Free funds flow is defined as adjusted EBITDA less capital
expenditures. See "Selected Financial Measures" section.
4. Net Surplus (Debt) = Total cash + all trade and VAT
receivables + short and long term net derivative balances - total
current liabilities - long term debt - non current lease
liabilities - net deferred tax - other long term obligations. See
"Selected Financial Measures" section.
Financial and Operating Updates Subsequent to September 30,
2023
Current oil production. With river levels gradually increasing,
production is ramping up. Production for October 2023 averaged
11,808 bopd, but increased to 13,420 bopd for the period October
17, 2023, to November 9, 2023 . The Company expects to achieve an
average of approximately 14,500 bopd for Q4 2023 and over 14,000
bopd for the 2023 full year.
OCP pilot project. PetroTal continues with plans to sell 100,000
barrels of crude oil into the OCP Ecuador pipeline for eventual
arrival at Esmeralda's port. Subject to logistical optimization,
facility additions and completion of the pilot, the Company
estimates an eventual reliable oil sales route of up to 5,000 bopd.
Notably, this route is expected to be less impacted by the lower
water levels in dry seasons. PetroTal has secured the required
barging and trucking service to support the route logistics and are
now finalizing commercial terms for payment with an internationally
recognized oil trading company.
Upcoming operations. The L2 West Platform has been completed on
time and on budget. This will allow the Company to drill new
locations. PetroTal will commence drilling its 17(th) well (16H)
shortly, at an estimated cost of approximately $15 million, with
production expected to begin early 2024.
Brazilian route optimization. PetroTal is pleased to announce a
barge-to-ship arrangement recently approved by Transpetro, a
Brazilian infrastructure and maritime transportation company.
PetroTal will unload crude oil directly from barges to tanker,
considerably reducing barge waiting times currently caused by
terminal availability thereby allowing increased sales through the
Brazilian route.
Q3 2023 dividend declaration . Based on the Company's current
liquidity exceeding $60 million, PetroTal confirms that a cash
dividend of $0.02 per common share will be declared and paid in Q4
2023. This represents a 15% annualized yield based on current share
price and includes the recurring US$0.015 per common share amount
plus an amount for a minimum liquidity sweep equal to US$0.005 per
common share. The total dividend of $0.02 per common share will be
paid according to the following timetable:
-- Ex dividend date: November 29, 2023
-- Record date: November 30, 2023
-- Payment date: December 15, 2023
The dividend is an eligible dividend for the purposes of the
Income Tax Act (Canada) and investors should note that the excess
liquidity sweep portion of all future dividends may be subject to
fluctuations up or down in accordance with the Company's return of
capital policy. Shareholders outside of Canada should contact their
respective brokers or registrar agents for the appropriate tax
election forms regarding this dividend.
Canon distribution update. On October 20, 2023, Peruvian
congress voted in favour of the new proposed canon distribution
law, which was approved by Peruvian congress on November 9, 2023.
The new law will reallocate 40% of the canon (payment from the
government to the communities generated by oil and gas royalties)
to the producing province encompassing municipalities and districts
near the Bretana oil field. This should result in a smoother
process for the Company to carry out exploration activities in
Block 95, creating alignment between the Company, government and
communities.
Corporate presentation update. The Company has updated its
Corporate Presentation, which is available for download or viewing
at www.petrotal-corp.com
Q3 2023 webcast link for November 13, 2023
Please join the Company for its' Q3 2023 webcast on November 13,
2023 at 9am CT (Houston).
https://stream.brrmedia.co.uk/broadcast/650d4b6b39ad9f961be9caad
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) 20 7770 6424
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
T: +44 (0) 20 7710 7600
Peel Hunt LLP (Joint Broker)
Richard Crichton / David McKeown / Georgia Langoulant
T: +44 (0) 20 7418 8900
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, oil production levels and guidance, including the
ramp up and resumption of shut-in production. 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" and similar expressions. Without
limitation, this press release contains forward-looking statements
pertaining to: PetroTal's drilling, completions, workovers and
other activities; the Company's plans and expectations with respect
to its barge-to-ship commercial arrangement approved by Transpetro,
including its effects on barge queue time and monthly sales in the
Brazilian route moving forward; anticipated future production and
revenue; drilling plans including the timing of drilling,
commissioning, and startup (including in respect of well 16H and
the L2 West Platform); expectations surrounding disrupted barge
logistics and the consequences in respect thereof, including in
relation to the Company's production guidance; expectations
surrounding the L2 West Platform including the number of wells to
be drilled at the location and the timing thereof; expectations
surrounding oil production rates throughout the remainder of 2023;
the Company's plans to declare and distribute a cash dividend of
$0.015 per common share and buy back its own shares in Q4 2023
including in respect of the amounts and timing thereof; plans with
respect to well 16H including in respect of anticipated costs,
completion and timing thereof including the Company's plans to
begin production at well 16H in early 2024; intentions with respect
to return of capital, including quarterly eligible dividend
payments equal to the sum of $0.015 per share per quarter and share
buybacks of approximately $1 million per month; the Company's Q4
2023 declaration of cash dividends and timing thereof; and the
Company's plans to announce its 2024 budget and timing thereof. 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. 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 government groups
to effectively achieve 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 and the Israeli-Palestinian conflict). Please refer to
the risk factors identified in the Company's most recent annual
information form and MD&A which are available on SEDAR+ at
www.sedarplus.ca . 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.
SHORT TERM RESULTS: References in this press release to peak
rates, production rates since inception, current production rates,
initial 12 day production rates and other short-term production
rates are useful in confirming the presence of hydrocarbons,
however such rates are not determinative of the rates at which such
wells will commence production and decline thereafter and are not
indicative of long-term performance or of ultimate recovery. While
encouraging, readers are cautioned not to place reliance on such
rates in calculating the aggregate production of PetroTal.
SPECIFIED FINANCIAL MEASURES: This press release includes
various specified financial measures, including non-GAAP financial
measures, non-GAAP financial ratios and capital management measures
as further described herein. These measures do not have a
standardized meaning prescribed by generally accepted accounting
principles ("GAAP") and, therefore, may not be comparable with the
calculation of similar measures by other companies. Management uses
these non- GAAP measures for its own performance measurement and to
provide shareholders and investors with additional measurements of
the Company's efficiency and its ability to fund a portion of its
future capital expenditures. "Adjusted EBITDA" (non-GAAP financial
measure) is calculated as consolidated net income (loss) before
interest and financing expenses, income taxes, depletion,
depreciation and amortization and adjusted for G&A impacts and
certain non-cash, extraordinary and non-recurring items primarily
relating to unrealized gains and losses on financial instruments
and impairment losses, including derivative true-up settlements.
PetroTal utilizes adjusted EBITDA as a measure of operational
performance and cash flow generating capability. Adjusted EBITDA
impacts the level and extent of funding for capital projects
investments. Reference to EBITDA is calculated as net operating
income less G&A. "Net Operating Income" (non-GAAP financial
measure) is calculated as revenues less royalties, operating
expenses, and direct transportation. The Company considers Net
Operating Income measure as they demonstrate Company's
profitability relative to current commodity prices. "Net surplus
(debt)" (non-GAAP financial measure) is calculated by adding
together total cash, trade and VAT receivables, and short and
long-term net derivative balances less total current liabilities,
long-term debt, non-current lease liabilities, deferred tax, and
other long-term obligations. Net surplus (debt) is used by
management to provide a more complete understanding of the
Company's capital structure and provides a key measure to assess
the Company's liquidity. "Free funds flow" (non-GAAP financial
measure) is calculated as net operating income less G&A less
exploration and development capital expenditures less realized
derivative gains/losses and is calculated prior to all debt
service, taxes, lease payments, hedge costs, factoring, and lease
payments. Management uses free funds flow to determine the amount
of funds available to the Company for future capital allocation
decisions. Please refer to the MD&A for additional information
relating to specified financial measures. "Free cash flow"
(non-GAAP financial measure) is calculated as EBITDA less G&A
less Capex prior to the realization of any derivative impacts.
Eligible Dividend: An eligible dividend is one which is
characterized as such by the dividend-paying corporation for
Canadian residents. The primary benefit of an eligible dividend is
that it benefits from an enhanced gross-up and credit regime at the
shareholder level (i.e., the shareholder pays less tax on eligible
dividends than non-eligible dividends). This is meant to compensate
for the higher general corporate tax rate paid by non-CCPC's on
their income and generally preserve integration of Canada's tax
rates. As an example, for federal income tax purposes the gross-up
rate for eligible dividends is 38% (as compared to 15% for
non-eligible dividends) such that the amount of the dividend is
multiplied by 1.38 to determine the taxable income to the
shareholder. The dividend tax credit for eligible dividends is
additionally increased to 6/11 (or 15.02%), as compared to 9/13
(9%) for non-eligible dividends, to offset the greater income
inclusion to the taxpayer. Each province provides similar relief on
the tax they would otherwise levy on the dividends, although the
effective gross-up and credit differs by province.
FOFI DISCLOSURE: This press release contains future-oriented
financial information and financial outlook information
(collectively, "FOFI") about PetroTal's prospective results of
operations and production results, free funds flow, balance sheet
strength, 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 and its management believe that FOFI has been
prepared on a reasonable basis, reflecting management's best
estimates and judgments, and represent, to the best of management's
knowledge and opinion, the Company's expected course of action.
However, because this information is highly subjective, it should
not be relied on as necessarily indicative of future results.
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.
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END
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