TIDMPTAL
RNS Number : 5717B
PetroTal Corp.
09 October 2020
PetroTal Issues Equity vested through PSU Plan
Calgary, AB and Houston, TX - October 9, 2020-PetroTal Corp.
("PetroTal" or the "Company") announces that the Company has issued
an aggregate of 1,611,678 Common Shares to employees (not
designated as officers or directors ("Insiders") or persons
discharging managerial responsibilities ("PDMR's") pursuant to the
obligation to annually issue vested performance share units
("PSUs") to acquire Common Shares under the Company's performance
and restricted share unit plan, as approved by the TSX Venture
Exchange on December 12, 2019.
Further details regarding the PSU plan are set out in the
management information circular of the Company dated July 9, 2020
which is available on SEDAR at www.sedar.com.
Admission to Trading on AIM/TSXV and Total Voting Rights
Application will be made to the London Stock Exchange for the
admission of 1,611,678 Common Shares to trading on AIM
("Admission") and to the TSXV for listing of 1,611,678 Common
Shares for trading on the facilities of the TSXV. It is expected
that Admission will become effective at 8.00 a.m. on October 16,
2020.
Following Admission, the Company will have 816,167,379 Common
Shares issued and there are no shares held in treasury. For
purposes of the Disclosure Guidance and Transparency Rules, the
total number of voting rights in the Company is calculated as the
number of outstanding Common Shares, less the Common Shares not
able to be voted due to restrictions applicable to certain holders
which results in a total voting rights figure of 814,917,593 Common
Shares. This figure may be used by shareholders as the denominator
for the calculations by which they determine if they are required
to notify their interest in, or a change of their interest in, the
Company under the FCA's Disclosure Guidance and Transparency
Rules.
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 its 100% working interest in Bretana
oil field in Peru's Block 95 where oil production was initiated in
June 2018, and in early 2020 became the second largest crude oil
producer in Peru with more than 10,000 bopd of production.
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 oilfield.
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
Manuel Pablo Zuniga-Pflucker
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
Auctus Advisors LLP (Joint Broker)
Jonathan Wright / Rupert Holdsworth Hunt / Harry Baker
T: +44 (0) 7711 627449
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; increased oil production volumes due to the reopening of
the Bretana oil field and resumption of oil production therefrom;
the effects and duration of the Funding Agreement; PetroTal's plans
regarding community support, the environmental and corporate
governance; and the ongoing effects of Covid-19 on the Company and
its employees. 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 reopening of existing
infrastructure, its ability to deliver production and the
anticipated capital expenditures associated therewith; successful
implementation of the Decree; prevailing commodity prices and
actual prices received for PetroTal's products; the availability
and performance of drilling rigs, facilities, pipelines, inventory
and barge storage capacity, other oilfield services and skilled
labour; royalty regimes; exchange rates; the application of
regulatory and licensing requirements; current legislation; the
success of future drilling and development activities; and general
economic conditions. 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. Please refer to
the risk factors identified in the Company's annual information
form for the year ended December 31, 2019 and management's
discussion and analysis for the three and six months ended June 30,
2020 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.
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Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
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END
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