TIDMPTAL
RNS Number : 5150R
PetroTal Corp.
01 March 2019
PetroTal Announces Spud of Second Bretaña Oil Well
Calgary, Alberta and Houston, Texas - March 1, 2019-PetroTal
Corp. ("PetroTal" or the "Company") (TSX-V: TAL and AIM: PTAL) is
pleased to announce that the BN 95-2-2-2XD oil development well
(the "well") commenced drilling operations on February 26,
2019.
The well is to be completed as a producer in the Vivian
formation in the northern portion of the Bretaña structure,
progressing the first phase of development of the Bretaña oilfield.
The well will be directionally drilled to 3,040 meters total depth
and will take up to 45 days to drill and complete. The well is the
first in a program of three new producers designed to boost
production to over 5,000 barrels of oil per day by mid-year
2019.
In addition to the primary objective of completing the well as
an oil producer in the Vivian Formation, the drilling plan includes
a deeper exploration section to test a secondary objective in the
underlying Chonta formation. The Chonta formation has been a
secondary producer of oil in the fields north of Bretaña.
Subsequent to the evaluation of the Chonta formation, the well
will be completed as a vertical producer in the Vivian formation
and later sidetracked as a horizontal producer when appropriate.
This will also allow us to compare this well's performance with the
existing horizontal producer and the two remaining horizontal
completions to be drilled in 2019.
Manolo Zuniga, President and Chief Executive Officer,
commented:
"Drilling the second oil producer at the Bretaña oil field is an
important step forward as the field development gathers momentum.
The main focus of the drilling campaign is the Vivian formation,
which has a gross thickness of approximately 300 feet with 100 feet
of oil column at the crest of the structure. The production and
pressure data from the initial vertical completion, complemented
with the follow up two horizontal oil wells planned for the field
in 2019, will aid Netherland Sewell & Associates, Inc., our
independent reserves evaluators, to properly determine the size of
the oil pool and potential recovery factor. While the Chonta
formation is a deeper pool exploration target, any commercial
discovery there will be impactful to the Company. The Chonta
formation has produced commercial quantities of light oil from
fields to the north of Bretaña, and a discovery would add
synergistic reserves to the Bretaña field."
For further information, please contact:
Greg Smith
Executive Vice President and Chief Financial Officer
Gsmith@Petrotal-Corp.com
T: (713) 609-9101
Manolo Zuniga
President and Chief Executive Officer
Mzuniga@Petrotal-Corp.com
T: (713) 609-9101
Mark Antelme / Henry Lerwill
Celicourt Communications (Financial PR)
petrotal@celicourt.uk
T: 44 (0) 207 520 9261
James Spinney / Ritchie Balmer / Eric Allan
Strand Hanson Limited (Nominated & Financial Adviser)
T: 44 (0) 207 409 3494
John Prior / Emily Morris / George Price
Numis Securities Limited (Joint Broker)
T: +44 (0) 207 260 1000
Jonathan Wright / Hugh R. Sanderson
GMP FirstEnergy (Joint Broker)
T: +44 (0) 20 7448 0200
READER ADVISORIES
FORWARD-LOOKING STATEMENTS: This press release may contain
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; drilling and completion activities
and the results of such activities; the ability of the Company to
achieve drilling success consistent with management's expectations;
anticipated future production and revenue; and future development
and growth prospects. 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. 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, reservoir characteristics, recovery factor,
exploration upside, prevailing commodity prices and the actual
prices received for PetroTal's products, the availability and
performance of drilling rigs, facilities, pipelines, other oilfield
services and skilled labour, royalty regimes and exchange rates,
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 and 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. Please refer to the risk factors
identified in the Company's annual information form for the year
ended December 31, 2017 and management's discussion and analysis
for the three and nine months ended September 30, 2018 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.
OIL AND GAS INFORMATION: Estimates of production included in
this press release are based upon an independent assessment
completed by Netherland Sewell & Associates, Inc., a qualified
independent reserves evaluator as defined in Canadian Securities
Administrators' National Instrument 51--101 - Standards of
Disclosure for Oil and Gas Activities ("NI 51-101"), with an
effective date of June 30, 2018 and prepared in accordance with the
Canadian Oil and Gas Evaluation Handbook and the standards
established by NI 51-101.
FOFI DISCLOSURE: This press release contains future-oriented
financial information and financial outlook information
(collectively, "FOFI") about PetroTal's prospective results of
operations, production, 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 made as of the date of this press release
and was provided 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.
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.
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.
END
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