PetroTal Corp. Oil Sales Contract with PETROPERU S.A. - Replace (1702Y)
27 Diciembre 2019 - 9:19AM
UK Regulatory
TIDMPTAL
RNS Number : 1702Y
PetroTal Corp.
27 December 2019
A number of amendments have been made to the 'Oil Sales Contract
with PETROPERU S.A.' announcement released on 27/12/2019 at 12:33
under RNS No 1584Y.
The changes are identified with an asterisk (*).
All other details remain unchanged.
The full amended text is shown below.
PetroTal Announces Oil Sales Contract with PETROPERU S.A.
Calgary and Houston - December 27, 2019-PetroTal Corp.
("PetroTal" or the "Company") (TSX-V: TAL and AIM: PTAL), the
Peruvian focused E&P company, is pleased to announce an oil
sales contract* with PETROPERU S.A. ("Petroperu"), a state owned
company, for oil production from the Bretaña oil field, operated
100% by PetroTal.
Commissioning of the central production facility is underway,
and oil production has surpassed 10,000 barrels of oil per day
("bopd")* from the Bretaña oil field in Peru. This* oil sales
contract* enables PetroTal to ship all oil in excess of its
existing 1,200 bopd* sales agreement with the Iquitos refinery,
through the 854 kilometer North Peruvian Oil Pipeline, owned and
operated by Petroperu. Petroperu has agreed to purchase the oil at
pump station No. 1 located at Saramuro, approximately 460
kilometers from the Bretaña oil field. The Company will barge the
oil to Saramuro at an estimated average cost of US$4.25 per barrel.
The oil delivered at Saramuro will be sold based on the monthly
average reference price of ICE Brent minus US$4.00 per barrel. When
the oil is ultimately sold by Petroperu at Bayovar, PetroTal will
receive a valuation adjustment based on the actual price achieved
by Petroperu, whether higher or lower.
This sales contract* will allow PetroTal to receive oil sales
revenue earlier, allowing PetroTal to maintain strong liquidity.
The oil sales contract allows us to submit monthly invoices, rather
than having to wait for the ultimate sale at Bayovar after
sufficient oil volumes have been achieved for a tanker to take the
oil to its final market. This oil sales contract is initially for
one year and can be extended with the agreement of both parties.
For Petroperu, the increased oil volumes through the pipeline will
enhance economics since Petroperu will earn the previously
published pipeline tariffs along with a commercialisation fee.
Manolo Zuniga, President and Chief Executive Officer,
commented:
"We're pleased that Petroperu has exhibited such confidence in
oil production from the Bretaña oil field as our good quality oil
output increases. This will ensure that Petroperu has the ability
to manage Peru's expanding oil production and an adequate supply of
oil for the Talara refinery expansion when complete".
ABOUT PETROTAL
PetroTal is a publicly--traded, dual--quoted (TSXV: 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 and other leads in Block 107. The Company's management
team has significant experience in developing and exploring for oil
in all of Peru's oil producing basins 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 see the Company's website at
www.petrotal-corp.com, the Company's filed documents at
www.sedar.com, 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
Celicourt Communications
Mark Antelme / Jimmy Lea
petrotal@celicourt.uk
T : 44 (0) 208 434 2643
Strand Hanson Limited (Nominated & Financial Adviser)
James Spinney / Ritchie Balmer / Eric Allan
T: 44 (0) 207 409 3494
Numis Securities Limited (Joint Broker)
John Prior / Emily Morris
T: +44 (0) 207 260 1000
Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Nicholas Rhodes / Ashton Clanfield
Tel: +44 (0) 20 7710 7600
READER ADVISORIES
FORWARD-LOOKING STATEMENTS: This news release contains
forward-looking statements. More particularly, and without
limitation, this news release contains statements concerning
PetroTal's assessment of future plans and operations and the
appointment of new directors of the Company. When used in this
document, the words "will," "anticipate," "believe," "estimate,"
"expect," "intent," "may," "project," "should," and similar
expressions are intended to be among the statements that identify
forward-looking statements. The forward-looking statements are
founded on the basis of expectations and assumptions made by
PetroTal. Although PetroTal believes that the expectations
represented by such forward-looking statements are reasonable,
there can be no assurance that such expectations will be realized.
Any number of important factors could cause actual results to
differ materially from those in the forward-looking statements
including, but not limited to: PetroTal may not obtain the required
approvals from the TSX Venture Exchange and other factors more
fully described from time to time in the reports and filings made
by PetroTal with securities regulatory authorities. Please refer to
the risk factors identified in the Company's annual information
form for the year ended December 31, 2018 and management's
discussion and analysis for the three and six months ended June 30,
2019 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
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