PetroTal Announces 2023 Year-End Oil
Reserves
2P reserves value per share
of USD$1.80 (CAD$2.39) (GBP1.41)
2P estimated ultimate
recovery now over 117 million barrels
1P and 2P reserves
replacement ratios of 150% and 167%, respectively
1P and 2P reserve
increases of 6% and 4%, respectively
2P reserve life of 19
years
2P after tax NPV-10 value
increased 9% since year-end 2022 to more than USD$1.6
billion
Calgary, AB and Houston, TX -
February 12, 2024-PetroTal
Corp. ("PetroTal" or the
"Company") (TSX: TAL, AIM:
PTAL and OTCQX: PTALF) is pleased to announce the results of its
2023 year-end reserve evaluation (the "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
equivalent information as at December 31, 2022. All figures
subject to rounding differences.
Highlights:
·
For 1P and 2P (each as defined below) categories
respectively, increases of 13% and 9% to Net Present Value
(discounted at 10% after tax ("NPV-10 AT")), and per share values
to US$0.97/share (CAD$1.29/share) and US$1.80/share
(CAD$2.39/share);
·
Increases in reserve categories:
Category
|
2023
reserves
|
2023 NPV-10 after
tax
|
2023 NPV-10 after
tax/bbl
|
|
mmbbls
|
$
billion
|
$/bbl
|
Proved ("1P")
|
48
(+6%)
|
$0.9
|
$18.50
|
Probable ("2P")
|
100
(+4%)
|
$1.6
|
$16.39
|
Possible ("3P")
|
200
(+19%)
|
$2.5
|
$12.54
|
·
Strong results for various key year-end 2023
reserve-based metrics:
o 2023
reserves life index for 1P and 2P reserves, is approximately 9 and
19 years, respectively, using the average 2023 production run rate
of 14,248 barrels ("bbls") of oil per day
("bopd");
o Robust
2023 production reserves replacement ratios of 150% and 167% for 1P
and 2P reserves, respectively;
o Original
Oil in Place ("OOIP") largely flat from 2022 levels. Now at
326, 442, and 595 million bbls ("mmbbls"), respectively, for the
1P, 2P and 3P cases;
o Increased
1P and 2P total booked well counts in 2023 by 2 and 3 wells, to 23
and 32 wells, respectively. Total 3P well count remains at
36; and,
o 2P
recovery factor continued to increase in 2023 to 26% (from 24% at
year-end 2022).
·
2023 Proved Developed Producing ("PDP") reserves
increased 18% to 29 mmbbls, representing 60% of 1P reserves,
reflecting an attractive ratio of base production to low risk
drilling proved undeveloped ("PUD") targets;
·
2P Future Development Capital ("FDC") increased
36% to $551 million from year-end 2022 reflecting an additional 3
wells booked at year-end 2023, erosion control costs, and
associated water disposal capacity and facilities needed to
accommodate anticipated flush and run rate production volumes;
and,
·
For the first time since the Company's inception,
operating costs, in the current 2023 year ended reserve report do
not include any diluent, reflecting the Company's commercial
efforts to find new ways to reduce operating costs.
Manuel Pablo Zuniga-Pflucker,
President and Chief Executive Officer, commented:
"The PetroTal team is committed to increasing value for all
stakeholders from Bretana's oil recovery
enhancement.
It is noteworthy
that our market capitalization is currently at a discount to our
PDP after tax NPV-10 valuation even as the Company continues to
make significant shareholder distributions and remains debt
free.
Reserves attributed to the Bretana oil field have grown
tremendously since 2017. Our drilling success combined with
the field's strong natural aquifer
support that allows for recovery factors beyond 30% has underpinned
a world class oil operation that is expected to deliver material
free cash flow for the next 20 years. The
field's 2P and 3P reserves of 100 and 200 million barrels,
respectively, will be extracted with one of the smallest
operational footprints in the world, sustainable for years to
come."
2023 Year-end Reserves Summary
The summary below sets forth
PetroTal's reserves as at December 31, 2023, 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, 2023 (the "AIF") to be filed on SEDAR+
(www.sedarplus.ca)
and posted on PetroTal's website (www.petrotal-corp.com) in March
2024.
Five
Year Crude Oil Price Forecast - NSAI
Report
Year-End
Forecast:
|
|
2024
|
2025
|
2026
|
2027
|
2028
|
5 Yr Avg
|
Brent (USD$/bbl) - January 1,
2024
|
|
$78.00
|
$79.18
|
$80.36
|
$81.79
|
$83.41
|
$80.55
|
Brent (USD$/bbl) - January 1,
2023
|
|
$82.69
|
$81.03
|
$81.39
|
$82.65
|
$84.29
|
$82.41
|
The oil price projections used by
NSAI are based upon an average of December 31, 2023 and 2022
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 five year average for the NSAI Report reflects an average Brent
oil price of $80.55, which as at the time of this press release, is
approximately $2/bbl higher than current market Brent
prices.
Year-End Crude Oil Reserves (mmbbls)
CATEGORY
|
2023
|
2022
|
Change
|
Proved
|
|
|
|
Developed Producing
|
28.5
|
24.1
|
+18%
|
Undeveloped
|
19.5
|
21.4
|
-9%
|
Total Proved
|
48.0
|
45.4
|
+6%
|
Probable
|
52.2
|
51.3
|
+2%
|
Total Proved plus Probable
|
100.2
|
96.7
|
+4%
|
Possible
|
99.4
|
71.6
|
+39%
|
Total Proved plus Probable & Possible
|
199.6
|
168.3
|
+19%
|
Represents gross and net bbls since
PetroTal has a 100% working interest and a 100% net revenue
interest in these properties. Royalties are paid from sales
proceeds.
Year-End Net Present Value at 10% - Before Tax ($
millions)
CATEGORY
|
2023
|
2022
|
Change
|
Proved
|
|
|
|
Developed
Producing
|
$748
|
$635
|
+18%
|
Undeveloped
|
$623
|
$529
|
+18%
|
Total Proved
|
$1,371
|
$1,164
|
+18%
|
Probable
|
$1,169
|
$1,124
|
+4%
|
Total Proved plus Probable
|
$2,540
|
$2,288
|
+11%
|
Possible
|
$1,346
|
$1,485
|
-9%
|
Total Proved plus Probable & Possible
|
$3,886
|
$3,773
|
+3%
|
Year-End Net Present Value at 10% - After Tax ($
millions)
CATEGORY
|
2023
|
2022
|
Change
|
Proved
|
|
|
|
Developed
Producing
|
$487
|
$446
|
+9%
|
Undeveloped
|
$401
|
$339
|
+18%
|
Total Proved
|
$888
|
$784
|
+13%
|
Probable
|
$751
|
$724
|
+4%
|
Total Proved plus Probable
|
$1,639
|
$1,509
|
+9%
|
Possible
|
$869
|
$959
|
-9%
|
Total Proved plus Probable & Possible
|
$2,508
|
$2,468
|
+2%
|
Forecast Revenues and Costs(1-5) ($
millions)
|
Undiscounted
|
Undiscounted
|
Undiscounted
|
Undiscounted
|
Undiscounted
|
Discounted
|
Discounted
|
CATEGORY
|
Revenue
|
Royalties
|
OPEX
|
FDC
|
B-Tax Net
Revenue
|
B-Tax Net
Revenue
|
A-Tax Net
Revenue
|
Total Proved
|
$3,729
|
$289
|
$1,188
|
$125
|
$2,127
|
$1,371
|
$888
|
Total Proved plus Probable
|
$8,146
|
$703
|
$1,884
|
$551
|
$5,009
|
$2,540
|
$1,639
|
Total Proved plus Probable & Possible
|
$18,017
|
$1,597
|
$4,286
|
$768
|
$11.367
|
$3,886
|
$2,508
|
1) Royalties include the 2.5%
social fund for all years.
2) Future Development Capital
("FDC") includes abandonment.
3) Net Revenue is defined as
revenue less royalties less operating costs less FDC.
4) B-tax and A-tax refer to
before and after tax.
5) Discounted values are
discounted at 10%.
Year-End Reserves Value per Share - After
tax
CATEGORY
|
Dec. 31,
2023
|
Dec. 31,
2022
|
Reserves per share
|
US$/sh
|
CAD$/sh
|
GBP/sh
|
US$/sh
|
CAD$/sh
|
GBP/sh
|
Proved
|
$0.97
|
$1.29
|
0.76
|
$0.90
|
$1.23
|
0.75
|
Proved plus Probable
|
$1.80
|
$2.39
|
1.41
|
$1.75
|
$2.29
|
1.45
|
Proved plus Probable & Possible
|
$2.75
|
$3.65
|
2.16
|
$2.86
|
$3.47
|
2.37
|
Represents NPV-10 (after tax)
divided by the number of common shares issued as of December 31 of
each respective year and excludes other balance sheet items at the
relevant date. Canadian and GBP share prices are converted at
the respective year end foreign exchange conversion rates.
Common shares issued at December 31, 2023 total 912.3 million
shares and at December 31, 2022 total 862.2 million
shares.
Reserve Life Index(1-3)
CATEGORY
|
Dec. 31,
2023
|
Dec. 31,
2022
|
Proved
|
9.2 years
|
10.1 years
|
Proved plus Probable
|
19.3 years
|
21.5 years
|
Proved plus Probable & Possible
|
38.4 years
|
37.4 years
|
(1) 2023
values based on 2023 year-end reserves divided by average 2023
production of 14,248 bopd.
(2) The
license for Block 95 expires in 2041.
(3) 2022
values based on 2022 year-end reserves divided by average 2022
production of 12,200 bopd.
Future Development Costs
The following information sets forth
development and abandonment costs deducted in the estimation of
PetroTal's future net revenue attributable to the reserve
categories noted below:
CATEGORY ($
million)
|
2023
|
2022
|
Change
|
Proved
|
|
|
|
Developed
Producing
|
$25
|
$105
|
-76%
|
Undeveloped
|
$99
|
$124
|
-20%
|
Total Proved
|
$125
|
$229
|
-45%
|
Probable
|
$426
|
$176
|
+142%
|
Total Proved plus Probable
|
$551
|
$404
|
+36%
|
Possible
|
$217
|
$220
|
-1%
|
Total Proved plus Probable & Possible
|
$768
|
$624
|
+23%
|
Future development costs
($/bbl)
|
2023
|
2022
|
Change
|
Proved
|
$6.40
|
$10.69
|
-40%
|
Proved plus Probable
|
$7.69
|
$5.56
|
+38%
|
Proved plus Probable & Possible
|
$4.49
|
$4.33
|
+4%
|
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 bbl is determined using the
future development capital divided by the 1P, 2P, or 3P reserves,
less cumulative PDP.
2023 Year-End Gross Reserves Reconciliation
(mmbbls)
|
Proved
|
Proved plus
Probable
|
Proved plus Probable &
Possible
|
December 31, 2022
|
45.4
|
96.7
|
168.3
|
Technical Revisions
|
8.0
|
8.7
|
36.5
|
Economic Factors
|
(0.2)
|
-
|
-
|
Production
|
(5.2)
|
(5.2)
|
(5.2)
|
December 31, 2023
|
48.0
|
100.2
|
199.6
|
Well 16H and Corporate Production Update
January 2024 average production was
20,450 bopd with an associated Brent price of $80/bbl, ahead of
Company guidance on a production and revenue basis.
Well 16H continues to produce at
above expected level rates with a 26 day production average of
approximately 4,850 bopd as at February 11, 2024 and an estimated
investment payback in Q2 2024.
Qualified Person's Statement
Estuardo Alvarez-Calderon, a
consultant to the Company, who has over 35 years of relevant
experience in the oil industry, has approved the technical
information contained in this announcement. Mr.
Alvarez-Calderon received a Bachelor of Science degree in Geology
from the University of Texas at Austin and is registered on the
Texas 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.
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. Since
early 2022, PetroTal has been 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.sedarplus.ca,
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.comT: (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 / Bhavesh Patel / 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. 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 business
strategy, objectives, and focus; drilling, completions, and other
activities and the anticipated costs and results of such
activities; PetroTal's anticipated operational results for 2024
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;
estimated 2P ultimate recovery to over 117 million bbls; 2023
reserve life index of approximately 9 and 10 years for 1P and 2P,
respectively; anticipated future production and revenue; Well 16H
expected investment payback and the timing thereof; drilling plans
including the timing of drilling, commissioning, and startup and
the impact of delays thereon; PetroTal's commitment to increasing
shareholder value; five year crude oil price forecast; forecast
revenues and costs; 2024 dividends and the timing thereof; the
implications of PetroTal's PDP after tax NPV-10 valuation including
that it will result in new shareholders receiving a significant
quarterly dividend and value from the Company's PUD (and the extent
of such value); oil production levels; and the timing of filing the
AIF. 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. 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 to obtain and
maintain necessary permits and licenses, 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, the Israeli- Hamas conflict and the Houthi attacks in
the Red Sea). Please refer to the risk factors identified in the
Company's annual information form for the year ended December 31,
2022 and management's discussion and analysis for the three and
nine months ended September 30, 2023 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.
SHORT-TERM RESULTS: References in
this press release to peak production rates, current production
rates, average 30-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 for
PetroTal. The Company cautions that such results should be
considered to be preliminary.
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 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, 2023, 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.sedarplus.ca
in March 2024. 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.
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 and the components thereof,
prospective results of operations, production and production
capacity, free cash flow, revenue, forecast revenues and costs and
the components thereof, five year crude oil Price forecast,
shareholder returns (including that shareholders of PetroTal will
continue to receive a significant quarterly dividend), and tax
rates, 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 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.".