TIDMPTAL
RNS Number : 4937U
PetroTal Corp.
25 November 2019
PetroTal Provides Increased 2019 Exit Oil Production Rate of
11,000 - 13,000 BOPD
Calgary, Alberta and Houston, Texas - November 25, 2019-PetroTal
Corp. ("PetroTal" or the "Company") (TSX-V: TAL and AIM: PTAL) is
pleased to announce that drilling of the Company's second
horizontal well ("5H"), located on the Bretaña field, Peru, is
progressing according to budget and timeline. The well reached the
target Vivian formation at the prognosed vertical depth of 2,696
meters and 700 meters of the planned 870 meters horizontal section
have been drilled, which is inside the main productive oil
reservoir. Completion of the well, tie-in, and initial production
tests are expected to commence on or before December 15, 2019.
The Company also expects to complete commissioning of the
Central Production Facilities ("CPF-1") during the week of December
22, 2019, increasing the nominal production facility capacity to
10,000 barrels of oil per day ("BOPD") and 40,000 barrels of water
per day ("BWPD"). Based on our recent field production experience
of being able to produce 8,000 BOPD with a facility having 5,000
BOPD nominal capacity, management similarly expects that CPF-1 will
be able to handle in the order of 15,000 BOPD.
In light of management's confidence that the 5H will behave
similarly to the 4H well, which produced 200,000 barrels of oil in
just 35 days, and that the CPF-1 will handle more than its nominal
oil processing capacity, the Company is pleased to increase its
year-end production guidance from 10,000 BOPD to 11,000 - 13,000
BOPD.
Manolo Zuniga, President and Chief Executive Officer stated:
"We are delighted with the progress made on the 5H well and the
commissioning of the CPF-1 facilities. We set ourselves an
ambitious target of achieving 10,000 BOPD by year-end 2019, so to
exceed this is of great testament to the team we have assembled. I
would like to congratulate our operations and drilling team for
executing at an extremely high level since we started operations
two years ago, and showcasing that we can handle more oil than the
equipment's nominal capacity which is now allowing us to forecast
higher 2019 exit oil rates and, importantly, a strong production
base as we enter 2020."
Qualified Person's Statement
Estuardo Alvarez-Calderon, the Company's Vice President,
Operations, 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.
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 flagship asset is the Bretaña oil field in Peru's
Block 95 where oil production was initiated in June 2018, six
months after acquisition. 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 the Bretaña oil field. More
information on the Company can be found at
www.PetroTal--Corp.com.
For further information, please contact:
Doug 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
http://www.petrotal-corp.com
Mark Antelme / Jimmy Lea
Celicourt Communications
petrotal@celicourt.uk
T : 44 (0) 208 434 2643
James Spinney / Ritchie Balmer / Eric Allan
Strand Hanson Limited (Nominated & Financial Adviser)
T: 44 (0) 207 409 3494
John Prior / Emily Morris
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 the Company's objectives; the
Company's proposed drilling, completions and other activities and
the anticipated results of such activities; cost controls and
savings; anticipated future production and revenue; future
development and growth prospects. 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. 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, 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 MD&A and annual information form
for the year ended December 31, 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: The NSAI Report was prepared by NSAI,
an independent qualified reserves evaluator, in accordance with the
standards contained in the Canadian Oil and Gas Evaluation Handbook
(the "COGE Handbook") and the reserve definitions contained in
National Instrument 51--101 - Standards of Disclosure for Oil and
Gas Activities ("NI 51--101").
References in this press release to production test rates,
initial test 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. A
pressure transient analysis or well-test interpretation has not
been carried out in respect of all wells. Accordingly, the Company
cautions that the test results should be considered to be
preliminary.
FOFI DISCLOSURE: This press release contains future-oriented
financial information and financial outlook information
(collectively, "FOFI") about PetroTal's prospective results of
operations, production, NPV10 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 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
DRLQELBLKFFLFBL
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November 25, 2019 02:01 ET (07:01 GMT)
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