PetroTal Announces Dividend
Declaration
USD$0.02/share dividend
payable March 15, 2024
Calgary, AB and Houston, TX -
February 14,
2024 - PetroTal Corp.
("PetroTal" or the
"Company") (TSX: TAL, AIM:
PTAL and OTCQX: PTALF) is pleased to announce a dividend
declaration of USD$0.02/share payable on March 15, 2024 based on Q4
2023 results and January 2024 liquidity test.
Q4
2023 dividend declaration.
Based on the Company's current liquidity exceeding USD$60 million,
PetroTal confirms that a cash dividend of USD$0.02 per common share
will be declared and paid in Q1 2024. This represents a 15%
annualized yield based on current share price and includes the
recurring USD$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 USD$0.02 per common share will be paid
according to the following timetable:
·
Ex dividend date: February 28, 2024
·
Record date: February 29, 2024
·
Payment date: March 15, 2024
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.
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.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 / 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.
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.".