TIDMPTAL
RNS Number : 3604L
PetroTal Corp.
29 April 2020
PetroTal Postpones Release Date for 2019 Year-End Results
Calgary and Houston - April 29, 2020-PetroTal Corp. ("PetroTal"
or the "Company") (TSX--V: TAL and AIM: PTAL) advises that, due to
the impact of the global COVID-19 pandemic, it is necessary to
delay its 2019 year-end corporate filings, as provided for by
Canadian Securities Administrators.
2019 Year-end Filings
The Company, as a result of delays related to access to
information from mandatory stay at home orders in Peru, will
postpone the filing of its audited consolidated financial
statements ("Financial Statements"), management's discussion and
analysis ("MD&A") and annual information form ("AIF") for the
year ended December 31, 2019 (inclusive of the reserves disclosure
required by National Instrument 51-101 - Standards of Disclosure
for Oil and Gas Activities) until no later than June 12, 2020, in
reliance on the exemption provided in ASC Blanket Order 51-517
Temporary Exemption from Certain Corporate Finance Requirements
(and similar exemptions provided by the other Canadian securities
regulators).
Until the Company has filed the Financials Statements, MD&A
and AIF, members of the Company's Board, management and other
insiders are subject to an insider trading black-out policy that
reflects the principles in section 9 of National Policy 11-207 -
Failure-to-File Cease Trade Orders and Revocations in Multiple
Jurisdictions.
An update on material business developments since the filing of
the Company's interim financial statements and accompanying
management's discussion and analysis for the period ended September
30, 2019 is described below, the majority of which have already
been disclosed in prior press releases:
-- Drilled and completed two successful horizontal oil wells as
previously disclosed on announcements dated December 16, 2019 and
April 21, 2020;
-- Completed commissioning of the enhanced central production
facilities, to bring overall oil production capacity to between
16,000 bopd and 18,000 bopd;
-- Announced increases to its 2019 year-end reserves evaluation on February 18, 2020;
-- Oil production updates were announced in press releases dated
January 13, 2020, February 18, 2020, February 27, 2020 and April
21, 2020;
-- On January 21, 2020, PetroTal announced its 2020 Budget which
included $99 million of capital expenditures to drill four
additional development wells, a water well and additional
facilities;
-- Strengthened its Board of Directors by adding two independent
directors, as announced on December 19, 2019;
-- On December 27, 2019, PetroTal announced a new oil sales
contract with PETROPERU S.A. ("Petroperu"), a state-owned company,
for oil production from the Bretana oil field. Pursuant to the
terms of the agreement, all oil sold by PetroTal to Petroperu is
priced based on the monthly average reference price of ICE Brent
minus US$4.00 per barrel when it enters the pipeline at the
Saramuro pump station. When the oil is ultimately sold by Petroperu
at the Bayovar port, PetroTal is subject to a valuation adjustment
based on the actual price achieved by Petroperu, whether higher or
lower as compared to the price received at the time of sale. It can
take six to eight months for the oil to reach the Bayovar port,
where it can be stored by Petroperu before it effects a sale;
-- On March 11, 2020, the World Health Organization
characterized the outbreak of a strain of the novel coronavirus
(COVID-19) as a pandemic which has resulted in a series of public
health and emergency measures that have been put in place to combat
the spread of the virus. The duration and impact of COVID-19 is
unknown at this time and it is not possible to reliably estimate
the impact that the length and severity of these developments will
have on the financial results and condition of the Company in
future periods. Significant declines in crude oil spot prices and
in stock markets have occurred for various reasons linked to the
pandemic and other conditions impacting worldwide oil prices;
-- PetroTal announced on March 10, 2020 and April 21, 2020
initiatives taken to reduce operating and transportation costs and
defer some capex programs to maximize liquidity, and advised of the
net operating income (netback) at varying oil prices;
-- The Company announced its cash position at 2019 year-end and
at March 31, 2020, respectively, on January 13, 2020 and April 21,
2020; and
-- On April 21, 2020, PetroTal announced discussions to
establish a credit facility either based on the increased year-end
2019 reserve valuation, or from the recently completed production
facilities investment.
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 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 see the Company's website at
www.petrotal-corp.com , the Company's filed documents at
www.sedar.com , or contact:
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
Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart / Simon Mensley / Ashton Clanfield
Tel: +44 (0) 20 7710 7600
Numis Securities Limited (Joint Broker)
John Prior / Emily Morris
T: +44 (0) 207 260 1000
READER ADVISORIES
FORWARD--LOOKING STATEMENTS: This press release contains 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; the Company's ability to remain operating in accordance
with developing public health efforts to contain COVID-19; and the
timing of filing the Financial Statements, MD&A and AIF . 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. 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. In addition, the
Company cautions that current global uncertainty with respect to
the spread of the COVID-19 virus and its effect on the broader
global economy may have a significant negative effect on the
Company. While the precise impact of the COVID-19 virus on the
Company remains unknown, rapid spread of the COVID-19 virus may
continue to have a material adverse effect on global economic
activity, and may continue to result in volatility and disruption
to global supply chains, operations, mobility of people and the
financial markets, which could affect interest rates, credit
ratings, credit risk, inflation, business, financial conditions,
results of operations and other factors relevant to the Company.
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 nine months
ended September 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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