TIDMPTAL
RNS Number : 5575Z
PetroTal Corp.
13 January 2020
PetroTal announces 2019 year-end Oil Production of 13,300
bopd
New 5H horizontal well produced 240,000 barrels of oil over last
30 days
Calgary and Houston - January 13, 2020-PetroTal Corp.
("PetroTal" or the "Company") (TSX-V: TAL and AIM: PTAL), the
Peruvian focused E&P company, is pleased to announce 2019
year-end production of 13,300 barrels of oil per day ("bopd") from
the Bretaña oil field, operated 100% by PetroTal.
2019 OIL PRODUCTION
The Company achieved 2019 exit rate production of 13,300 bopd
and has averaged 12,500 bopd for the first eleven days of 2020.
Average oil production from the Bretaña oil field for the fourth
quarter was 7,757 bopd, a 77% uplift on the 4,382 bopd achieved
during the third quarter of 2019. In 2019, PetroTal produced just
over 1.5 million barrels of oil, representing average oil
production of 4,131 bopd, an increase of over 330% from the average
production of 958 bopd realized in 2018.
The 5H well continues to perform above expectations and has now
produced 240,000 barrels of oil in its first 30 days of operation
and is currently producing 6,500 bopd.
Commissioning of the central production facility ("CPF")
commenced on December 22, 2019 with the successful hydrostatic test
of the new 20,000 barrel oil storage tank. Commissioning will
continue for another 30 days while all components are flow tested.
During this period, overall oil production at the field is expected
to fluctuate.
YEAR END CASH
At December 31, 2019, PetroTal had cash of approximately US$21
million, inclusive of US$15 million received for oil delivered to
the ONP pipeline from December 1 to 15 through the previously
announced oil sales contract with PetroPeru. Going forward, the
Company will receive monthly revenue payments under the terms of
this oil sales agreement.
2020 CAPITAL BUDGET AND OUTLOOK
Within a week, the Company intends to announce its 2020 capital
budget, which aims at replicating last year's success by more than
tripling annual production and achieving a 2020 exit rate of 20,000
bopd. PetroTal plans to achieve this by accelerating commissioning
of the next phase of facilities to late August this year instead of
year-end 2020.
Manolo Zuniga, President and Chief Executive Officer,
commented:
"We're pleased that we were able to exit 2019 at the upper end
of the previously announced guidance, a new record oil production
level for PetroTal. The entire PetroTal team worked extremely hard
to accommodate the strong oil production of the 5H well during the
CPF commissioning phase. Additionally, the implementation of the
PetroPeru oil sales contract, enables the Company to receive
regular monthly revenues for its oil production."
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, and within 18 months has exceeded the initial
10,000 bopd goal. Additionally, the Company has large exploration
prospects and is actively engaged to find 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
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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