TIDMPTAL
RNS Number : 9684J
PetroTal Corp.
29 December 2020
PetroTal Recommences Oil Sales into the Pipeline
Peruvian government and Indigenous communities reach agreement
ending pipeline disruption
Calgary, AB and Houston, TX - December 29, 2020-PetroTal Corp.
("PetroTal" or the "Company") (TSX--V: TAL and AIM: PTAL) is
pleased to announce that social issues affecting the Northern Oil
Pipeline ("ONP"), operated by Petroperu, have now been resolved. As
a result, PetroTal has now recommenced oil deliveries at Saramuro
(Pump Station #1), for sales into the ONP.
The social disruption had impacted the ONP's operations for 85
days and, as a result of continued dialogue between the indigenous
communities and the Peruvian government, an agreement was reached
that addresses the community's concerns. Petroperu and PetroTal
offered support to all parties to help facilitate the
settlement.
Petroperu has commenced pumping oil from Pump Station #1 to Pump
Station #5, thereby allowing the awaiting barges to start unloading
PetroTal's oil. Petroperu is inspecting a section of the pipeline
beyond Pump Station #5 for possible repairs resulting from heavy
rains and landslides in that area.
In the interim, PetroTal will continue to control output of oil
production to manage sales availability through the ONP storage,
Iquitos refinery and other options. Upon full commencement of the
ONP operations, expected by mid-January 2021, the Company will
again increase oil production to approximately 10,000 barrels of
oil per day.
Manuel Pablo Zuniga-Pflucker, President and Chief Executive
Officer, commented:
"We are pleased that the Peruvian government and indigenous
communities have reached resolution on the social concerns, and
that PetroTal will be able to again rely on continued availability
of the ONP by Petroperu. The ONP serves an important role for all
oil producers in the jungle area of Peru and having continuous,
reliable operations is a necessity for continued production,
development and expansion of Peru's oil resources."
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. 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 Bretana oil field.
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, the members of the board of directors of the
Company and the termination of the Relationship Agreement. 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.
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END
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