TIDMPTAL
RNS Number : 4394A
PetroTal Corp.
30 May 2019
PetroTal Announces Approval of Environmental Impact Assessment
to Develop the Bretaña Oil Field and Signs Pipeline Contract with
PetroPeru
Calgary and Houston - May 29, 2019-PetroTal Corp. ("PetroTal" or
the "Company") (TSX-V: TAL and AIM: PTAL), a development and
production company focused on oil assets in Peru, is pleased to
announce the Company has received approval of the Environmental
Impact Assessment ("EIA") to fully develop the Bretaña oil field in
Block 95. The Company has also signed a contract with PetroPeru for
access to the existing pipeline for transport of crude oil to
commercial markets.
The approval of the EIA sets the stage for PetroTal to continue
with the full field development of the Bretaña oil field, and
allows the Company to fully develop its reserves, as well as
providing the authorization to drill future development wells and
install needed production equipment and facilities. The EIA also
sets forth the work needed to return the field to its original
condition at the end of the license contract, including the safe
and environmentally responsible removal of facilities and
reforestation of the affected lands.
Additionally, the Company signed a contract with PetroPeru, the
State owned oil company, who operate the Oil Northern Pipeline
("ONP"), to deliver oil to the Pacific coast via the pipeline. The
contract is important to efficiently access commercial markets for
the Company's production. PetroTal currently sends oil to multiple
markets via barges and trucks, however the use of the pipeline
mitigates potential production constraints. The Company plans to
access the ONP once it reaches 5,000 barrels of oil per day
("BOPD") by mid year.
Manolo Zuniga, President and Chief Executive Officer, said:
"I personally congratulate the team in Lima who have worked
diligently over the past year and a half to finalize this permit to
develop the field and execute the ONP contract. It is a testament
to the professional staff we have and the regard for safe and
efficient operations that brought this to the finish line.
Additionally, we want to thank each and every person who reviewed
and commented at various levels of the government along the way. It
is clear that our team here at PetroTal, most of whom are Peruvian,
are working in the best interest of every stakeholder, from the
government to employees, to shareholders, and the communities in
which we work. PetroTal has a commitment to environmentally safe
and efficient development of the assets that we have been tasked to
develop. Furthermore, to sign the contract for use of the pipeline
allows us to continue ramping production for the next several
months. We have been working diligently to sign this agreement
before bringing total Bretaña field production to 5,000 BOPD by
mid-year, both of which are key milestones for PetroTal."
ABOUT PETROTAL
PetroTal is a publicly--traded, dual--listed (TSX--V: TAL and
AIM: PTAL) oil and gas development and production company domiciled
in Calgary, Alberta, focused on the development of oil assets in
Peru. PetroTal's development asset is the Bretaña oil field in
Peru's Block 95 where oil production was initiated in June 2018.
Additionally, the Company has large exploration prospects and is
engaged in finding a partner to drill the Osheki prospect in Block
107. The Company's management team has significant experience in
developing and exploring for oil in Northern Peru and is led by a
Board of Directors that is focused on safely and cost effectively
developing and exploiting the Bretaña oil field. More information
on the Company can be found at www.PetroTal--Corp.com.
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 / Jimmy Lea
Celicourt Communications
petrotal@celicourt.uk
T : 44 207 520 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
http://www.petrotal-corp.com/
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 and the impact of the declaration of commerciality
in respect of the Bretaña oil field. 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. In addition, statements
relating to expected production, reserves, resources, 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 and resources 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, 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, availability of required
equipment and services and prevailing commodity prices. 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.
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
STRUKABRKOAVURR
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